S. 3004 - Small Firm Senate Letter (7/9/18)

July 9, 2018

The Honorable Mike Crapo                                          The Honorable Sherrod Brown
Chairman                                                                      Ranking Member
Comm. on Banking, Housing, and Urban Affairs         Comm. on Banking, Housing, and Urban Affairs
United States Senate                                                     United States Senate
Washington, DC 20510                                                Washington, DC 20510

Dear Chairman Crapo and Ranking Member Brown:

The undersigned 803 people, at a minimum and representing small businesses in 49 of 50 states (there are no small brokerage firms headquartered in Wyoming…YET), strongly urge Congress to pass bipartisan legislation, The Small Business Audit Correction Act of 2018 (S. 3004), co-sponsored by Representatives French Hill (R-AR) and Vicente Gonzalez (D-TX), which would request a very narrow and specific exemption for small businesses which are privately held, non-custodial brokers and dealers in good standing from the Title One of Sarbanes-Oxley requirement to engage a Public Company Accounting Oversight Board (PCAOB)-registered audit firm for their regulatorily-required (federal and state) annual audits.

Small firms in the brokerage industry face disproportionate regulatory compliance and audit costs and we are struggling to survive. Main Street broker-dealers matter because we represent a large portion of the membership of FINRA and we are going out of business at a rate of approximately 10 firms per month which means small firm customers are losing their right to choose local, loyal, sound advice from the people they trust. Additionally, while as small businesses we only employ 10.5% of the Registered Representatives in the industry, that is still 67,271 individuals and families who depend on us for their livelihood and we take that responsibility very seriously. 

Small, privately held, non-custodial firms like ours are required by law to hire an expensive Public Company Accounting Oversight Board (PCAOB)-registered audit firm. In surveys conducted with a portion of the FINRA small business community (590 firms), the average pre-PCAOB audit fee was $9,246 while the average post-PCAOB audit fee has increased every year since inception and in 2017 was $17,487. Keeping in mind our limited sample set, which we believe produced conservative averages, the increase of audit expenses has resulted in at least $27,838,098 additional small business dollars being pulled away from customer-focused initiatives and instead being spent on a Public Company audit when we do not take custody of customer funds or securities and are non-public companies.

In 2012, there were 783 PCAOB-registered audit firms. By 2016, there were only 478 remaining firms. That is nearly a 40% reduction in the number of audit firms eligible to audit thousands of public companies in America, as well as the approximately 3700 broker-dealers. The scarcity of supply, combined with public companies and the investment industry’s demand, has resulted in disproportionate cost increases for small businesses. The PCAOB Interim Program has, without question, been harmful to both small investment and accounting businesses, with empirical evidence relating to customer protection completely lacking. S. 3004 would resolve this issue for small businesses and would result in small businesses being able to deploy that capital toward customer-focused initiatives in the areas of cyber security, technology initiatives to enhance the distribution of market information and market access, job-creation, and more.

Small businesses, by definition, have limited human resources. Our small firm survey asked “roughly how many (wo)man-hours did your staff spend completing your firm’s annual audit pre-PCAOB” (44-hour average) “and post-PCAOB” (82-hour average). Broker-dealers have a mere 60-days from their fiscal year end to the regulatory required filing deadline (ex: 12/31 FY end, 2/28 audited financials filing deadline) and in order for broker-dealers to meet their PCAOB and regulatory obligation most small company staff must work overtime and weekends to compensate for the additional burdens of Public Company audit standards. The weekend/overtime wages add, in aggregate, millions more dollars of expense to the Public Company-like annual audit burden. 

The one-size-fits-all PCAOB audit standards that were designed for significantly more complex companies have been devastating to small businesses around the country. Currently, a 3-person, non-public small business is held to the same standards as Merrill Lynch; this is not right, fair or reasonable. At a time when small firms should be deploying their assets (human and financial) to the benefit and protection of their customers, instead prior statute demands their capital for an audit that does not, in any way, benefit those same investing customers.

Cyber security and the protection of personal customer identification and account information is one of the single most important areas of exposure for small firms and their customers. This is but one of the areas where small firms would deploy the near-$28Million per year funds (and rising) that are, instead, currently going into the hands of large PCAOB audit firms. Our small firm customers deserve both cyber protection and bespoke technology offerings that provide enhanced market information and access to them. If S. 3004 is passed small businesses will be able to deploy resources to these areas, as well as support their local communities and states through the growth of their firms (job-creation).

It has been suggested by some that the PCAOB can exempt classes of broker-dealers from the requirement to use a PCAOB-registered auditor, it is important to note that statement is factually incorrect. Additionally, it has been suggested that any auditor the PCAOB decides to exempt from inspection would not be required to register, again, that is factually incorrect. The SEC, PCAOB and all broker-dealers are bound by statute and the statute says that broker-dealers MUST engage a PCAOB-registered audit firm for purposes of their annual audit. Small non-public, non-custodial broker-dealers are seeking common sense legislative relief from prior statute through the passing of S. 3004.

Additionally, it is worth highlighting that the PCAOB’s mission is “investor protection”. The term “investor” as it relates to the PCAOB, refers to individuals who invest in Public Company stock. The companies that will be eligible for the PCAOB exemption contained in S. 3004 are all Non-Public Companies that, by definition, do not have Public Company investors. The eligible small non-public companies contemplated in S. 3004 do not carry customer funds or securities and are, at all times, subject to required regulatory monthly, quarterly and annual financial reporting obligations. Additionally, the users of the annual audited non-custodial broker dealer financial statements are principally the regulatory bodies NOT “[Public Company] investors”, of which we have none.

The small firm community in the brokerage industry supports the mission of our financial regulators and of the PCAOB, as it relates to public companies that sell their stock to the investing public and carrying/custodial broker-dealer firms that take custody of customer funds and securities. Without appropriate (not one size fits all) regulation, the United States would not have efficient capital markets, however this legislative overreach of Dodd-Frank has created unnecessary and devastating costs and burdens for smaller broker-dealers, negatively affected small accounting firms, and further limits the choices our retail customers have as our small companies buckle under the disproportionate weight of audit and compliance costs.

Our economy is powered by small business. Our future job growth depends on small businesses. Our future economic prosperity and competitiveness depends on the ability of our small businesses to innovate and grow into industry leaders. As small business owners and operators across the country, we are asking for your help with this bipartisan issue of helping small businesses. Please help our firms and our community of small businesses by supporting our efforts to get the Small Business Audit Correction Act supported in Committee, brought to the floor of the House and Senate, and passed. Passing this Act will provide significant and much needed relief for small businesses and our customers around the country. Please support S. 3004, the Small Business Audit Correction Act.

Thank you for your attention to this important issue and our narrowly-tailored legislation that, as one consumer advocacy group has said, presents no systemic risk to investors, customers, or the markets. If you have any questions or would like additional information, please contact Paige Pierce at paige@paige-pierce.com or (801) 733-9909. 

Thank you,

AK    John  Guthrie    Pt Securities, Llc
AL    Gregory L. Smith    G.L.S. & Associates, Inc.
AL    Marc Scott Whitehead    Harbor Financial Services, Llc
AR    Alex Lieblong    Lieblong & Associates, Inc
AR    Mark Wesley Chambers    Thrasher & Chambers, Inc.
AR    Mary Ellen Williams    Lieblong & Associates, Inc.
AR    Robert  Keenan    St. Bernard Financial Services, Inc.
AZ    Blake  Warner    Silicon Valley Partners Llc
AZ    Bruce  Hilby    Hilby Wilson Inc.
AZ    James  Williams    Gogan & Williams
AZ    Justin Matthew Bachman    Capulent Llc
AZ    Mark S. Howells    M. S. Howells & Co.
AZ    Michael Ning       Arque Capital, Ltd
AZ    Nancy Dinan Martinez    Dinan Capital Advisors
AZ    Patrick Anthony Conway    Fairport Capital, Inc.
CA    Alan Richard Carlisle    Sofi Securities Llc
CA    Allen Chi    Mainspring Capital Management, Llc
CA    Anthony Duckworth    Investment Architects, Inc
CA    Audrey  Mcmahon    Ares Investor Services, Llc
CA    Bill Mullally    Alamo Capital
CA    Brian David Buehler    Triton Pacific Securities, Llc
CA    Bruce Edward Neff    Banyan Securities, Llc
CA    Bruce Raabe    Relevant Wealth Advisors
CA    Charles Edward Painter    Painter, Smith And Amberg Inc.
CA    Christopher  Mates    Opus Financial Partners
CA    Christopher Donald Charles    Wulff, Hansen & Co.
CA    Christopher I Mates    Opus Financial Partners, Llc
CA    Clarence  Yee    American Investors Company
CA    Connie Knox       Wescom Credit Union
CA    Corey C Gamble    Hanson Mcclain Securities
CA    Daniel S Conway    First Craft Securities, Llc
CA    Dave Banerjee    Dave Banerjee Cpa
CA    David Joel Iannini    William And Henry Associates
CA    Debasish  Banerjee    Benefit Funding Services, Llc
CA    Deborah Mutispaugh Higgins    Higgins Capital Management, Inc.
CA    Debra Diann Draughan    Top Capital Advisors, Inc.
CA    Dominic Baldini    Emerson Equity, Llc
CA    Don Mahon       Bayridge Securities, Llc
CA    Donald Charles Bertucio    Grandfund Investment Group, Llc
CA    Douglas Brad Callen    B.B. Graham & Company, Inc.
CA    Eduard  Bagdasarian    Intrepid Investment Bankers Llc
CA    Eduardo  Tovar    Private Portfolio, Inc.
CA    Elizabeth Collins    Financial Telesis Inc.
CA    Elizabeth Sarah Collins    Financial Telesis Inc
CA    Gary K Ching      Npb Financial Group, Llc
CA    Gary William Sherwold    G.W. Sherwold Associates, Inc
CA    Gil Mogavero    Jmp Securities Llc
CA    Glen David Haddock    Investment Architects, Inc.
CA    Hank Sanchez       Repower Capital Network, Llc
CA    Holly Hao-Man Lam    Scenic Advisement
CA    Howard  Feigenbaum    Sharemaster
CA    Howard Michael Borris    Greenbrier Diversified, Inc.
CA    James Cephus Harding Fox    James Fox Securities, Inc.
CA    Jeff Joslin       Stock Traders
CA    Jerry Vincent Sanada    Alliance Advisory & Securities, Inc.
CA    Jim Reilly       Stonepine Advisors, Llc
CA    Joel Ravitz       Quincy Cass Associates, Inc
CA    John O'Brien    Penates Group
CA    Jon Clendenen       Intrepid Investment Bankers Llc.
CA    Jose  Portillo    Rh Investment Corporation
CA    Joseph Delaney Delaney    J.V. Delaney & Associates
CA    Joseph Helmer    Caldwell Securities, Incorporated
CA    Kayla Alehaundria Mcdowell    Ra Capital Advisors Llc
CA    Keith  Moore    Boustead Securities, Llc
CA    Keith Richard O'Toole    Divy Equities, Inc.
CA    Kevin Breard Breard    Breard & Associates Inc Cpas
CA    Lisa Roth    Tessera Capital Partners Llc
CA    Lloyd Leanse    Prager & Co., Llc
CA    Maia Mcgehee    Mercury Securities, Llc
CA    Marc Leslie Berman    Berman Capital, Llc
CA    Maria Boyd    Investment Placement Group Llc
CA    Marieanne  Jorajuria    Sharespost Financial Corporation
CA    Mark Allan Bergendahl    Ascendiant Capital Markets, Llc
CA    Mark Rogers    N4 Financial, Inc.
CA    Mark Ryan Ruggles    Cws Investments
CA    Mark Stewart       Accelerated Capital Group
CA    Martha E Soto Aceves     Investment Placement Group
CA    Matthew Miller    Wbb Securities, Llc.
CA    Michael Anthony Sanchez    Banyan Tree Securities, Llc
CA    Michael Kane    Transactiondrivers, Llc
CA    Michelle Thomas    Wbb Securities Llc
CA    Morris Ezra Midkiff    Midkiff & Stone Capital Group, Inc.
CA    Nancy Mullally    Alamo Capital Corp
CA    Neal Nakagiri    Npb Financial Group, Llc.
CA    Nicolette Denney       Financial Company Controls
CA    Nusheen Javadizadeh    Rjj Pasadena Securities, Inc.
CA    Paul Magnuson    Silicon Valley Securities
CA    Randy Cleve Fox    Atel Securities Corporation
CA    Richard Alan Leach    Investment Security Corporation
CA    Richard Horatio Lemmon    Port Securities, Inc.
CA    Richard Steven Levenson    Western Financial Corporation
CA    Robert  Lim    Franklin Templeton Financial Services Corp.
CA    Robert Francisco Santos    Arrowroot Partners, Llc
CA    Robert Jeffery Blum    Robert Blum Municipals, Inc.
CA    Robert Yu Loo      Whitehall-Parker Securities, Inc.
CA    Romeo Portillo       Rh Investment Corp.
CA    Shieva Rajaee    Eqis Capital Management, Inc.
CA    Shirley Coria    Nnpb Financial Group, Llc
CA    Stephen  Perry    Jcp Securities
CA    Stephen Richard Nasser    Coit Capital Securities Llc
CA    Thomas Raymond Korzenecki    Grand Avenue Capital Partners, Llc
CA    Thomas W Courtney    The Courtney Group, Llc
CA    Tom Korzenecki       Grand Avenue Capital Partners, Llc.
CA    Vincent Ellis Mccarley    Backstrom Mccarley Berry & Co., Llc
CA    Weiming  Ho    Integral Financial Llc
CA    William Anthony Oconnor    O'Connor & Company Securities Inc.
CA    William George Rapp    Capital Synergy Partners
CA    William Rance King    Rance King Securities Corp.
CA    Woon Soo Kim      Rance King Properties, Inc
Canada    Peter Notidis       Lakeridge Capital Inc.
CO    Adam Carmel    Larimer Capital Corporation
CO    Angela Jantz       Falkenberg Capital Corporation
CO    Blaine Stahlman    Professional Broker-Dealer Financial Planning, Inc
CO    Caspar Alexander Ooms    Clearcreek Securities, Llc
CO    Chester J Hebert    Colorado Financial Service Corporation
CO    David Wendall Collett    Uat Resources, Llc
CO    Doug Walter Brode    Christian Financial Services Llc
CO    Gordon  Yale    The Yale Group, Inc.
CO    John Vansant    Cascade Financial Management, Inc.
CO    Juris Breikss       Colorado Financial Service Corp
CO    Maxine Johnson    Kessler Company Investments, Inc.
CO    Patricia Ann Kramer    Destiny Capital Securities Corporation
CO    Phil Antico    Withum Smith And Brown
CO    Robert Kessler    Kessler & Company Investments, Inc.
CO    Roberta Babitz    Andrews Partners
CO    Roberta Jeanne Babitz    Andrews Securities, Llc
CO    Stephen Craig Rogers    Rfs Partners
CO    Stephen Kohn       Stephen A. Kohn & Associates, Ltd.
CO    Steven Bienemann       Colorado Financial Service Corporation.
CO    Timothy Taggart       World Capital Brokerage, Inc.
CT    Albert Conrad Weymann    Mallory Capital Group, Llc
CT    Andrew Kurian       Hedgebay Securities, Llc
CT    Christopher  Mcclure    Westport Capital Markets, Llc
CT    David Edward Achzet    Vision Financial Markets Llc
CT    Donna Jeanne Schole    Selalu Partners, Llc
CT    Eugene Mauro    Quattro M Securities Inc.
CT    Joseph  Gritzer    Usi Securities, Inc.
CT    Lisa Snyderman       Peter R. Mack & Co., Inc.
CT    Mark Stephen Buciak    M B Financial Services
CT    Michael James Butler    Cfs Securities, Inc.
CT    Pasquale  Lavecchia    Lavecchia Capital Llc
CT    Peter Eric Ruhlin    Fallline Securities Llc
CT    Ralph Raymond Difiore    Chatsworth Securities Llc
CT    Robert Stephen Malik    Charter Oak Asset Management, Inc.
CT    Susan Fullwood       Usi Consulting Group
CT    Wil Nicholson       Ohanesian / Lecours, Inc.
CT    William  Poon    Casimir Capital L.P.
CT     Chris Berris       Buell Securities Corporation
DC    Elizabeth Avery    Kalorama Capital, Llc
DC    Gregory Bowes    Albright Securities Llc
DC    John Joseph Mckenna    Hamilton Clark Sustainable Capital, Inc.
DC    Larry Scully    Scully Capital Securities Corp.
DC    Timothy Jones       Albright Capital
DC    Wendie L Wachtel      Wachtel & Co., Inc.
DE    Charles Francis Reiling    Coastal Equities, Inc.
DE    David Monahan    Coastal Equities
DE    Stephen Paul Sweeny    Brittingham, Inc.
DE    Thomas Hack       Delaware Board Of Trade Holdings, Inc.
FL    Clark Morris Nobil    Clark Nobil & Co.
FL    Clifton  Morris    Mcduffie/Morris Financial Group, Inc.
FL    Daniel  Cauceglia    Aventura Securities, Llc
FL    David Wilson    Equifinancial Llc
FL    Dennis B. Schroeder    First Florida Securities, Inc.
FL    George Papp Simon    European Family Office Institute Llc.
FL    Ignacio Julio Kleiman    Antarctica Advisors
FL    Jed E Bandes    Mutual Trust Co. Of America Securities
FL    Jim Wells    Valor Financial Securities Llc
FL    Karen Fischer    Bg Strategic Advisors
FL    Laura Crosby-Brown    Stillpoint Capital Llc
FL    M. Seth Greenholtz    Rw Smith & Associates
FL    Mark Bedros Beloyan    Tradespot Markets Inc.
FL    Marlo E Dieguez    Credicorp Capital Securities, Inc.
FL    Michael Cooper Petagna    Amuni Financial, Inc.
FL    Michael Petagna    American Municipal Securities, Inc.
FL    Michael Spencer Meade    Lampost Capital, L.C.
FL    Patricia  Wells    Valor Financial Securities Llc.
FL    Raymond James Madden    Benchmark Securities Llc
FL    Rich Feldman       Maven Strategic, Llc
FL    Robert William Schlitt    Schlitt Investor Services, Inc.
FL    Ruben Dinamarca       Bci Securities, Inc.
FL    S. David  Moche    Cornwall Partners, Llc
FL    Sarah Vegneron    Renaissance Regulatory Services
FL    Susan  Escobio    Southern Trust Securities, Inc.
FL    Ted  Benghiat    Icd Securities Inc.
FL    Victoria Ragland    Equity Investment Services, Inc
FL    William R Sykes    Sykes Financial Services Llc
FL     Daniel Yarbrough       Benchmark Securities, Llc
FL     Indra Campbell       Arca Capital Investments, Inc.
GA    Aaron Nicholas Prisco    Propel Advisory Group, Inc.
GA    Bruce Williamson    Fortress Group, Inc.
GA    Caroline  Wisniewski    Bridge Capital Associates, Inc.
GA    Dominic Charles Mazzone    Mazzone & Associates, Inc.
GA    J. Thomas Sadler      Ifs Securities
GA    Jeffrey Carlton Villwock    Lanier Securities Llc
GA    John  Curran    Fintech Securities
GA    Marion Bellinger Glover    Glover Capital, Inc.
GA    Michael Owen Brown    K Capital Llc
GA    Nathan  Lewis    Security Capital Brokerage, Inc.
GA    Phyllis Johnson    H & L Equities, Llc
GA    Phyllis Johnson       Reit Funding, Llc
GA     Erin Breslin       Invesco Ltd.
GA     Ernie Smith       Dempsey Lord Smith Llc
GA     J Guderyon    Crest Capital Llc
Guam    Sandra  Mckeever    Asia Pacific Financial Management Group, Inc.
HI    Minwon Brad Yang    Sun'S Brothers Securities Inc.
IA    Sheila Ann Tweeton    American Republic Equities Corporation
IA    Timothy J. Weitzel      Weitzel Financial Services, Inc.
IA     Harley Whitfield Jr.      American Equity Capital, Inc.
ID    Christopher  Miller     Allegis Investment Services Llc
ID    Ryan Carlson    American Independent Securities Group, Llc
IL    Alice Jane Judge    Judge & Associates, Inc.
IL    Bradley Charles Drake    Rothschild Investment Corporation
IL    Charles Millington    Millington Investments, Llc
IL    Christopher Wurtzinger    Forest Securities, Inc.
IL    Darrell Butler    Billow Butler & Company, Llc
IL    Denien Rasmussen    Rw Smith & Associates Llc
IL    Donald Holt Despain    Despain Financial Corporation
IL    Donald Walter Grava    Vgl Global Llc
IL    Eric Bederman       Romano Wealth Management
IL    Eric Stark       Administrative Services, Inc.
IL    Frank Augustus Mcgrew    Mcnally Capital Securities, Llc
IL    Frank Chauner    Chauner Securities, Inc.
IL    Frank P. Novel    Metropolitan Capital Investment Banc, Inc.
IL    Frederic Floberg    Tcc Securities, Llc
IL    Gerald Garfield       Black Oak Securities, Inc.
IL    Gregory Blake Taunt    Iasg Alternatives, Llc
IL    Jacqueline Elizabeth Sinker    Calamos Financial Services Llc
IL    James Charles Correll    Correll Co. Investment Services Corp.
IL    James John Papagiannis    Incapital Distributors Llc
IL    Jeffery Keith Hoelzel    Brooklight Place Securities, Inc.
IL    Jeffrey Joseph Heet    Cardinal Investments, Inc.
IL    John W. Butler    Birch Lake Partners, Lp
IL    Joseph Romano    Romano Wealth Management.
IL    Kathy Parks       Nicol Financial Services
IL    Kenneth Earl Sweet    Reliance Worldwide Investments, Llc
IL    Kevin George Nicol    Nicol Investors Corporation
IL    Margaret E Wiermanski    Rapid Execution Services, Llc
IL    Michael Glen Felty    Citadel Clearing Llc
IL    Nicole Correll       Correll Co. Investment Services Corp
IL    Patrick Timothy Murphy    Wolverine Capital Markets Llc
IL    Philip Clarke       The Chicago Corporation
IL    Randy Mitterling       Liccar Securities, Llc
IL    Richard Jay Rice    March Capital Corp.
IL    Richard Sandow       Southcap Brokerage Group, Llc
IL    Ronald Piacentini Bernardi    Bernardi Securities, Inc.
IL    Stephen Walter Mack    Mack Investment Securities, Inc.
IL    Steven E Knoop    First Chicago Advisors, Inc.
IL    Suzanne Linda Bond    Inland Securities Corporation
IL    Tanya Urbach       Paulson Investment Company, Llc
IL    Thomas Edward Dannenberg    Hutchinson, Shockey, Erley & Co.
IL    Tim Ogara    Shannon Advisors Llc
IL     Charles G Millington      Millington Financial Advisors, Llc
IL     Curtis Ellergodt       Sentinus, Llc
IL     Nick        Forest Securities,Inc.
IL     Sarah Cyphers       Chauner Securities, Inc
IN    Edward Opperman    Edward Opperman Cpa
IN    George Don Steel    Planned Investment Co., Inc.
IN    John Evanich       Atis, Inc
IN    John Simmons    Morris Group, Inc.
IN    Mark  Damer    David A. Noyes & Company
IN    Melvin Charles Brewer    Cornerstone Financial Services, Inc
IN    Randall Mitterling    Applied Capital, Llc
IN    Steve Bucksot       Cornerstone Financial Services, Inc.
IN    Tim Peoples       American Capital Management, Inc.
IN    Timothy Eric Peoples    American Equity Investment Corporation
IN    Tom Faust    Edward Opperman, Cpa
Ireland    Heather Nicole Rafferty    Davy Securities
KS    Bob Hamman       First Assset Financial
KS    Dave Miller       General Securities Corp.
KS    George Joseph Mcliney    Mcliney And Company
KS    John Daniel Stepp    Central States Capital Markets, Llc
KS    Kristopher Miller    Tandem Securities, Inc.
KS    Margaret E Hornbeck      Ima Wealth, Inc
KS    Margaret Hornbeck    Truenorth, Inc.
KS    Yolande Cathleen Nichols    Security Distributors
KY    Stanley Scott Kerrick    Lexington Investment Company, Inc.
LA    Brian Marcotte    Johnson Rice & Company Llc
LA    Craig Lewis    Lewis Financial Group, Llc
LA    David Cullen Bordes    Cullen Investment Group, Ltd.
LA    Norbert Alonzo Simmons    First Commonwealth
LA    Raymond Andrew Thompson    Dorsey & Company, Inc.
LA    Thomas Craighead Lewis    Lewis Financial Group, L.C.
MA    Bruce Fox    Advisory Group Equity Services, Ltd
MA    Bruce Fox       Tag Advisory Services Trust Advisory Group, Ltd.
MA    David Grant Oldaker    Northern Capital Securities Corporation
MA    Dayna  Gant    Apple Lane Group Llc
MA    Gilbert Arruda Moreira    Donegal Securities, Inc.
MA    John Mccarty       Charles River Brokerage, Llc
MA    Jonathan  Hodsonwalker    Silverwood Partners
MA    Kristin Hunnibell Kennedy    Wood (Arthur W.) Company, Inc.
MA    Lawrence Martel    O'Neil Securities, Incorporated
MA    Matthew Stumpf       Agc Partners
MA    Michael Andrew O'Hara    Consensus Securities Llc
MA    Peter Francis Flynn    Alira Health
MA    Richard Allen Murphy    North Bridge Capital, Llc
MA    Sherry Horn    North Bridge Capital
MA    Stephen J Oleary    Aeris Partners Llc
MA    Sumner Kaufman    Kaufman & Company, Llc
MA    Tina Maloney       Winslow, Evans & Crocker, Inc.
MA    William H Mccance    Advisory Group Equity Services Ltd.
MA     Eugene O'Neill       North Bridge Capital, Llc.
MA     H. Don Drake      O'Neil Securities, Inc
MD    Carol Schwartz Greenwald    Potomac Investment Company
MD    Craig Guy Fischer    Atlantic Securities, Inc.
MD    David Noble Pringle    Fells Point Research Llc
MD    Elizabeth B. Brennen    Harbor Investment Advisory, Llc
MD    Eric Heywood Pookrum    Innova Securities, Inc.
MD    Ernest Orlando Brittingham    International Money Management Group, Inc.
MD    Frederick David Holloway    Holloway & Associates, Inc.
MD    Thomas Louis Schmidt    Tls Financial Services, Inc.
ME    Nanette King Chern    Foreside Associates, Llc
ME    Randall Jon Richard    Richard Brothers Securities
MI    Craig Maxwell Adams    Confidential Management Financial Services, Inc.
MI    Elizabeth Tsironis    Centennial Securities
MI    Erica Momany    Koehler Financial, Llc
MI    Gregory Bruce Papesh    Dart, Papesh & Company, Incorporated
MI    Jason Matthew Welch    Wwk Investments, Inc.
MI    Jennifer Tyrrell    P&M Corporate Finance, Llc
MI    John Clark Butterfield    Jack V. Butterfield Investment Company
MI    Jordan Powers    Centennial Securities Inc.
MI    Joseph Michael Burke    Strategic Capital Investments, Llc
MI    Laura Powers       Gregory J. Schwartz & Co., Inc.
MI    Mark Allan Cleland    Donnelly Penman & Partners
MI    Randall L Hansen    Centennial Securities Company, Inc.
MI    Thomas Leo Swiat    Olmsted & Mulhall, Inc.
MI     Brian Yarch       Regal Financial Group
MI     John Butterfield       Jack V. Butterfield Investment Company.
MN    Anthony J Pence    Blacktorch Securities, Llc
MN    Basil George Joseph    Van Clemens & Co. Incorporated
MN    Eleni Levitan    Rw Smith & Associates.
MN    Eric John Remjeske    Devenir, Llc
MN    Jeannie Sontegard       Craig-Hallum Capital Group Llc
MN    Kimberly Chapman    Dst Market Services, Llc
MN    Larry Owen Bumgardner    Gardner Financial Services, Inc.
MN    Linda Ingle    Aegis Investments
MN    Michelle Sandberg    Dougherty & Company Llc
MN    Patty Bartholomew    Craig-Hallum Capital Group Llc.
MN    Philip Wright    Brokerbank Securities, Inc.
MN    Thomas James Martinson    Martinson & Company, Ltd.
MN    Todd Campbell Johnson    Cedar Point Capital, Llc
MN    Todd Morgan    Stannard Financial Services, Llc
MN     Todd Stucky       Dst Market Services, Llc.
MO    Alan M. Smith    Trinity Wealth Securities, L.L.C.
MO    Alexander Labrunerie    Labrunerie Financial Services, Inc.
MO    Anton Burch    Burch & Company, Inc
MO    Boyd Atteberry    Financial Planning Consultants, Inc.
MO    Catherine Marshall    Huntleigh Securities Corporation
MO    Cathleen Anne Wrisberg    Moloney Securities Co., Inc.
MO    Dana Bjornson    George K. Baum Capital Advisors, Inc.
MO    David Miller    General Securities Corp
MO    Deborah Marie Castiglioni    Cutter & Company, Inc.
MO    Deborah Mertz    J.A. Glynn Investments Llc
MO    Greg Overschmidt       K. W. Chambers & Co.
MO    Jenifer Burch       Burch & Company, Inc.
MO    John H. Hull    Fg Capital Lc
MO    Karen Thomas       Huntleigh Securities Corporation.
MO    Leann Knuth    Labrunerie Group
MO    Marco  Listrom    Valdes & Moreno, Inc.
MO    Michael A Dardis    Commerce Brokerage Services, Inc.
MO    Norman Conley    J.A. Glynn Investments, Llc
MO    Robert Chambers    Huntleigh Securities Corp
MO    Robert E. Hillard    Arlington Securities, Inc.
MO    Sandra Dershem-Vega       Country Club Financial Services, Inc.
MO    Stephen A Elliott    National Pension & Group Consultants, Inc
MO    Steven Mark Cervantes    Larson Financial Securities, Llc
MO    Susan Mae Evans    First State Financial Management, Inc.
MO    Trinity Lee       Heim, Young & Associates, Inc.
MS    James David Coker    Coker & Palmer
MT    Kimberly  Smith     S.G. Long & Company
NC    Andrew George Burch    Carolina Securities, Inc.
NC    Bennett Scott Cole    Falconbridge Capital Markets, Llc
NC    Brent Eugene Hippert    Cn Roosevelt, Llc
NC    Charles Lucas       Elevation, Llc
NC    Debra Gilboy    P.R. Gilboy & Associates, Inc.
NC    Fredrick William Fisher    Milestone Investments, Inc.
NC    Gregory M. Leneave    Anderson Leneave & Co.
NC    John Fennebresque       Fennebresque & Co., Llc
NC    Justine Tobin       Tobin & Company Securities Llc
NC    Larry Forrest    Smith Point Capital Ltd
NC    Melissa Pendergrass Hoots    Falcon Square Capital, Llc
NC    Robert Lee Abbott    South Atlantic Enterprises, Inc.
NC    Sandy Abbott    Mindspring
NC    Terry Friddle       Pathfinder Capital Advisors, Llc
ND    Brian Harold Kraft    Alerus Securities Corporation
ND    Garry George Pierce    Garry Pierce Financial Services,Llp
ND    Jayson Ralph Menke    Fnc Ag Stock, Llc
ND    Trey Allen Welstad    Integrity Funds Distributor, Llc
NE    Danielle  Hampton    First National Capital Markets
NE    John  Detisch    Weitz Securities, Inc.
NE    Mark  Bell    Cor Clearing Llc
NE    Shirley  Overly    Haley Securities, Inc.
NE    Thomas  Teckmeyer    Teckmeyer Financial Services Llc
NE    Todd  Engle    Kuehl Capital Corporation
NH    Douglas  Drozdowski    Swn Securities Llc
NH    James Tovey    Jlt Capital Partners Llc
NH    John  Clarke    1St Bccw Capital Corp
NH    Julianne Smith       Secure Planning, Inc.
NH    Laura Crosby-Brown    Pronet Financial Partners Llc
NH    Lisa  Durgan    Secure Planning, Inc.
NH    Robert Macleod    Bigelow Capital Securities Llc
NH    Thomas Lewry    Curbstone Financial Management Corporation
NH    William  King    Jsi Transaction Advisors, Llc
NJ    Alan C. Achtel    Aca/Prudent Investors Planning Corporation
NJ    Andrew Michael Macinnes    Brilliquid Llc
NJ    Anthony  Cianci    Fox Chase Capital Partners, Llc
NJ    Arthur Fredrick Powell    Powell Capital Markets, Inc.
NJ    August  Cellitti    Securevest Financial Group
NJ    Bob Kaplon    Kenneth Jerome & Co, Inc.
NJ    Brent Eugene Hippert    Hardcastle Trading Usa L.L.C.
NJ    Brian Xavier Fitzgibbon    Fitzgibbon Toigo & Co. Llc
NJ    Daryl Scott Hersch    Celadon Financial Group Llc
NJ    David Michael Sokolower    Repex & Co., Inc.
NJ    Granville  Ungerleider    Whitemarsh Capital Advisors
NJ    Hailing  Huang    Cit Capital Securities Llc
NJ    John Daniel Frontero    Cross Point Capital Llc
NJ    John Kuhn       Avatar Capital Group Llc
NJ    John Vincent Iannone    Quantex Clearing, Llc
NJ    Juan Diego Espinosa    Apto Partners, Llc
NJ    Kevin Kitt Hull    Robert A. Stanger & Company, Inc.
NJ    Mark Furman    Cvf Securities, Inc.
NJ    Mark Furman       Gb Capital Markets, Inc.
NJ    Randolph Christian Rogers    Merrion Securities, Llc
NJ    Sheldon  Grodsky    Grodsky Associates, Inc.
NJ    Steven  Feldstein    Feldstein Financial Group, Llc
NJ    Steven David Trigili    Garden State Securities, Inc.
NJ    Victor Erol Sandor    Tor Brokerage Llc
NJ    Vincent Charles Priolo    Global Credit Partners, Llc
NJ    Ying  Cui    Univest Securities, Llc
NJ     Michelle Thomas       Wbb Securities, Llc
NM    Randall  Dry    Thornnburg Securities Corp.
NV    Eli  Gabay    Growth Venture Partners, Llc
NV    Felix Danciu    Elmcore Securities Llc
NV    Kim Schmidt    Elmcore Securities
NV    Sean  Deson    Deson & Co.
NY    Alexander Herbert Mack    Middlemarch Securities Llc
NY    Allan Goldstein       Trade Informatics Llc
NY    Andrew Epstein    Gordon, Haskett
NY    Ann-Marie  Baker    Muzinich Capital Llc
NY    Arthur Laurence Loomis    Northeast Capital & Advisory, Inc.
NY    Audun Johannes Hoen    Pareto Securities Inc.
NY    Austin Charles Rybstein    A.C.R. Securities, Inc.
NY    Benjamin  Gray    Prep Securities, Llc
NY    Bishen  Pertab    Icici Securities Inc.
NY    Bradford Charles Burkett    Manor Park Securities Llc
NY    Brent Hippert    Ashton Stewart & Co.
NY    Brian Mullen        Coady Diemar Partners, Llc
NY    Brian P. Lamb    Equilend
NY    Bruce Carver Jackson    Carver Cross Securities Corp.
NY    Bryon Harold Lyons    Sddco Brokerage Advisors Llc
NY    Carl Lanzisera    Federated Securities
NY    Catherine M Corrigan    Rockfleet Financial Services, Inc
NY    Cathy Cucharale       M. Griffith Investment Services Inc.
NY    Charles Waas Gerber    Triumph Global Securities, Ltd.
NY    Christian Leslie Billet    Clsa Americas, Llc
NY    Christopher James Delaura    Fieldpoint Private Securities, Llc
NY    Christopher Michael Setaro    Npm Securities, Llc
NY    Constantine Baris    Longship Alternative Asset Mgmt, Llc
NY    Daniel  Lowen    Quantedge Capital Usa Inc.
NY    David  Deblase    South Street Securities Llc
NY    David  Wong    Colonial Securities, Inc.
NY    David A Harris    David Harris & Co., Inc.
NY    David Leiner    Jh Darbie & Co., Inc.
NY    David Rappaport    Investec Securities (Us). Llc
NY    David V Shields    Wellington Shields & Co., Llc
NY    Dawn Del Haye    Glaucon Capital Partners, L.L.C.
NY    Dennis William Maloney    Sogotrade, Inc.
NY    Diana Hermann    Aquila Investment Management Llc
NY    Dominick Thomas Scianandre    Hudson Heritage Capital Management, Inc.
NY    Donna B Dimaria    Tessera Capital Partners, Llc..
NY    E. Magnus Oppenheim    E. Magnus Oppenheim & Co. Inc.
NY    Edward Gibstein    Cova Capital Partners
NY    Edward Joseph Rappa    R.W.Pressprich & Co.
NY    Erin Elaine Baskett    Autonomous Research Us Lp
NY    Eytan Dov Feldman    Old City Securities Llc
NY    Fredric Michael Obsbaum    Trump Securities, Llc
NY    Fyzul  Khan    Silver Leaf Partners, Llc
NY    Garfield Lankard Miller    Aegis Energy Advisors Corp.
NY    Gary Alan Cutson    A5 Securities Llc
NY    Gary Allen Hoch    Gary Hoch Agency, Inc.
NY    Gary Mitchell Kaplan    Westminster Research Associates Llc
NY    George Christopher Reichle    A. P. Securities, Inc.
NY    George Manuel Ramirez    Mfr Securities, Inc.
NY    George Raymond Schinkel    The Klein Group, Llc
NY    Gerhard  Summerer    Dz Financial Markets Llc
NY    Gloria Scheiman    Tg Private Capital
NY    Grant  Wu    Ivy Securities, Inc.
NY    Greg Dow       Klr Group
NY    Henry Carpenter Marshall    Hunter, Keith, Marshall & Co., Incorporated
NY    Herbert Wilson Moore    Wisebanyan Securities Llc
NY    Howard  Spindel    Cna Investor Services, Inc.
NY    Howard Spindel    Surya Capitale Securities Llc
NY    Hugh Daniel Dunn    The Rockwell Financial Group, Inc.
NY    Ian Joseph Green    Brokerageselect
NY    Ilan  Lessick    Gmp Securities, Llc
NY    Ivy  Fredericks    Transnational Capital Corp.
NY    James Westmacott    Westco Investment Corp.
NY    Janice Parise    Sddco Group
NY    Jason Scott Eveleth    Exane, Inc.
NY    Jay Gettenberg    Accounting & Compliance International
NY    Jerome S Keenan    International Equity Services, Inc.
NY    John  Kiremidjian    Dnb Markets, Inc.
NY    John Andrew Maceranka    The Windmill Group, Inc.
NY    John Kiremidjian    Nb Markets, Inc.
NY    John Parmigiani    Alllied Millenial
NY    John Patrick Ogrady    Laurel Hill Securities Llc
NY    John Thomas Luttenberger    Macro Risk Advisors Llc
NY    John Thomas Pisapia    Chelsea Financial Services
NY    John Wade Loofbourrow    John W. Loofbourrow Associates, Inc.
NY    John Walter Stalanski    Windsor Street Capital, Lp
NY    John William Rogers    Intercoastal Capital Markets, Inc.
NY    Joseph  Lanzisera    Excel Securities & Associates, Inc.
NY    Joshua Richard Hershman    Electronifie Securities Llc
NY    Judith Carole King    Federated Securities, Inc.
NY    Kathy Khatina Efrem    Fing Securities Llc
NY    Kenneth Robert Boyar    Palico Llc
NY    Kevin Hourihan    Ashmore Investment Management (Us) Corporation
NY    Larry Alan Kimmel    Redburn (Usa) Llc
NY    Larry H Weinberg    Amur Advisors Llc
NY    Laura Crosby-Brown       Ncs Regulatory Compliance. 
NY    Lawrence Allan Walther    Maybank Kim Eng Securities Usa Inc.
NY    Lawrence May    May Capital Group, Llc
NY    Leigh Evan Ekstein    Telsey Advisory Group Llc. 
NY    Leonard  Barenboim    Ei Capital Distributors, Llc
NY    Leslie Anne Wheaton    Ambit America Inc.
NY    Leslie Feldman    Eureka Capital Markets, L
NY    Leslie Sue Seinfeld    N.B. Zoullas Securities, Inc.
NY    Margaret Dana Gavlik    Joseph Gunnar & Co. Llc
NY    Mariane Ashley Liebowitz    Mma Securities Llc
NY    Marie Aro    Aquila Distributors Llc
NY    Mark Stewart Brody    Planned Financial Programs, Inc.
NY    Marsha Allison Steiner    Rhone Group Advisors Llc
NY    Martin Pollock    Eurekacap Partners Inc
NY    Michael  Link    Watermark Securities, Inc.
NY    Michael  Steinberg    Ccb International Overseas (Usa) Inc.
NY    Michael Felix       Hapoalim Securities Usa, Inc.
NY    Michael Howard Mangieri    Seven Points Capital, Llc
NY    Michael J Kraus    Ctl Securities Llc
NY    Michael Kraus    Ht Capital Securities, Llc
NY    Michael Sam Cardello    Terra Capital Markets Llc
NY    Michael Scott Lowenberg    White Mountain Capital, Llc
NY    Michelle Obrien       Manning & Napier Investor Services, Inc
NY    Mohandai  Surajballi    T&G Private Capital Llc.
NY    Ned Harris Cohen    Nhcohen Capital Llc
NY    Olaf Neubert       Topcap Partners, Inc
NY    Oliver Cromwell    Bentley Securities Corporation
NY    Oscar Echman       Spencer-Winston Securities Corporation
NY    Parbati  Bhattacharya    Westrock Capital Management, Inc.
NY    Patrick Hosty       Neighborly Securities
NY    Patrick J. Omeara    Profor Advisors
NY    Peter Chapman       Cdk Group Llc
NY    Peter J Formanek    Young America Capital, Llc
NY    Peter M Lawrence    Newcourt Securities, Ltd
NY    Philip  Coombe    Coombe Financial Services, Inc.
NY    Randi Patrice Mason    Bristol Financial Services, Inc
NY    Raymond  Mendez    Brittany Capital Group, Inc.
NY    Raymond Charles Holland    Triad Securities Corp
NY    Richard James Carlesco    Ibn Financial Services, Inc.
NY    Robert  Snider    Omnicap, Llc
NY    Robert  Stearns    Longship Alternative Asset Management
NY    Robert Donald Solomon    Beekman Securities, Inc.
NY    Robert Hackel    R. F. Lafferty & Co., Inc.
NY    Robert James Labick    Cjs Securities, Inc.
NY    Robert Joseph Kent    Morningside Securities, Llc
NY    Robert Keith Aufhauser    Aufhauser Securities, Inc.
NY    Robert Y Rabinowitz    J.H. Darbie & Co., Inc.
NY    Ronald Pasternak    Dbot Ats, Llc
NY    Ruben Brache    Opening Night Capital, Llc
NY    Sam Michael Kopkind    Lwpartners Capital Group Llc
NY    Samantha  Larew    Manning & Napier Investor Services, Inc.
NY    Samuel Frederik Lek    Lek Securities Corporation
NY    Scott Douglas Abrams    Financo Securities, Llc
NY    Scott Zollo    Mutual Funds Associates Inc.
NY    Scott Zollo       Core Alpha Inc.
NY    Seth Daniel Moskowitz    Hcfp/Capital Markets Llc
NY    Stephen Alfred Distante    Vanderbilt Securities, Llc
NY    Stephen Ira Back    Owl Creek Asset Management Marketing, Llc
NY    Stephen Murphy    Ncs Regulatory Compliance
NY    Steve Narov       Investec Securities, Llc
NY    Steven  Jafarzadeh    Stonehaven, Llc
NY    Steven Blecher    Morgan Joseph Triartisan L Llc
NY    Steven Gary Rubenstein    Arrow Investments, Inc.
NY    Steven Perlstein    Mvp Financial, Llc
NY    Teresa O'Leary Davies    Burke & Quick Partners Llc
NY    Thomas Trumeter    Thomas Trumeter, Cpa
NY    Victor Park    Alternative Asset Investment Management Securities
NY    W. Stewart Cahn      Cahn Capital Corp.
NY    Wayne Foster Holly    Sage, Rutty & Co., Inc.
NY    Wendy  Sheftel    Lantern Investments, Inc.
NY    Wendy Lanton    Lantern Investments
NY    Wendy Wei Yin Kong    Bfin Securities Us Llc
NY    Wilbert Dongyoon Shin    Volant Execution, Llc
NY    William Gregory Robertson    Tm Capital Corp.
NY    William Mcalister Hunnicutt    Hunnicutt & Co. Llc
NY     Alex Mack       Mack Compliance Llc
NY     Andrew Epstein       Gordon Haskett Capital Corporation
NY     Barbara Fulcher       Westco Financial Group
NY     Benjamin Gray       Optima Securities Llc
NY     Brent Hippert       Ashton Stewart & Co., Inc.
NY     Charlie Strauzer       Cjs Securities, Inc. 
NY     Christopher Paolino       Glm Securities, Llc
NY     Clarke Gray       T&G Private Capital Llc. 
NY     Constantine Baris       Longship Alternative Asset Management, Llc.
NY     Dan Roberts       Roberts & Ryan Investments Inc.
NY     Derek Wittenberg       Ion Partners Llc
NY     Gil Aikins       Brasil Plural Securities Llc
NY     James Collins       Silver Lane Advisors Llc
NY     Karen Moran       Monness Crespi Hardt & Co., Inc.
NY     Ken George       Topcap Partners, Inc.
NY     Larry May       Strategic Wealth Management Group
NY     Louis Mattielli       Larrainvial Securities, Llc
NY     Margaret Powell       Nebari Securities, Llc
NY     Mark Elenowitz       Tripoint Global Equities, Llc
NY     Maureen O'Brien       Dynamo Consulting, Llc
NY     Micah Taylor       T&G Private Capital Llc
NY     Paul Asaro       Telsey Advisory Group Llc
OH    Audrey Lynn Wheeler    Mcdonald Partners Llc
OH    Bob Dorsey       Ultimus Fund Solutions
OH    Dock Douglas Treece    Treece Financial Services Corp.
OH    Frank Panzeca    Clark Schaefer Hackett Cpas & Advisors
OH    Jeffrey Craig Thomas    American Heritage Securities, Inc.
OH    John Seibert    J. D. Seibert & Company, Inc
OH    Kevin Michael Guerette    Ultimus Fund Distributors, Llc
OH    Kim Lemar Oeder    Inverness Securities, Llc
OH    Martin P. Rizzo    Northcoast Research Partners, Llc.
OH    Melissa Garland       Spoke Real Estate Capital
OH    Melissa Henahan    Baker & Co., Inc
OH    Michael James Menzer    Wobd, Llc
OH    Peter J Nerone    Great American Advisors, Inc.
OH    Robert Thomas Kirkwood    Lancaster Pollard & Co., Llc
OH    Russel Walcher       Ska Securities, Inc.
OH    Salvatore Raffa    Northcoast Research Partners
OH    Scott Seibert       J. D. Seibert & Company, Inc.
OH    Timothy Henahan    Baker & Co., Inc.
OH    Todd Edward Crawford    Capital City Securities, Llc
OK    Edward Franklin Wells    Wells Nelson & Associates, L.L.C.
OK    James J Oplotnik    Access Investments, Inc.
OK    Misty Wells Wrinkle    The Baker Group, Lp
OR    Edward Curiel    Dlx Financial Group, L Llc
OR    Edward Emilio Curiel    Dlx Financial Group, Llc
OR    Richard Blakeney Goud    Hp Securities, Inc.
OR    William Coolidge Campbell    Equilibrium Capital Services, Llc
PA    Andrea Vadas Evancho    E. E. Powell & Company Inc.
PA    Betty Rainier       Beaconsfield Financial Services, Inc
PA    Brian Anderson       Nestlerode & Loy, Inc
PA    Clarence Zantzinger Wurts    Philadelphia Investors, Ltd
PA    Craig A. Wolfanger    Raptor Partners Llc
PA    Dale Pope       Mercap Securities, Llc
PA    Dean Patrick Mcdermott    Mcdermott Investment Services, Llc
PA    Donald Drew Siok    Navaid Financial Services, Inc.
PA    Evan Finkelstein    Philadelphia Investors, Ltd.
PA    Francis G Mitchell    Blv Securities
PA    Henry Robert Dalberto    American Financial Associates, Inc.
PA    James W. Oconnor    Bestvest Investments, Ltd.
PA    Joe Hemphill    Regional Brokers Inc.
PA    John Edward Jones    Bill Few Securities, Inc.
PA    John Joseph Chuff    Ba Securities, Llc
PA    Judy Lynne Loy    Nestlerode & Loy, Inc.
PA    Kevin Kornfield    Kevin Hart Kornfield & Company, Inc.
PA    Leigh Ann  Paich    Mid Atlantic Clearing & Settlement Corporation
PA    Leona D. Robinson      Robinson & Robinson, Inc.
PA    Mark Alan Karbiner    Pm Securities, Llc Dba Phoenix Capital Resources
PA    Mark Cresap    Cresap, Inc.
PA    Patrick Chism       Herald Investment Marketing, Llc
PA    Peter  Engelbach    J. Alden Associates, Inc.
PA    Sandra L. Burry    Westminster Investment Group, Inc.
PA    Steven Segal    Park City Capital, Inc.
PA    Susan Kallai Moscaritolo    Compass Distributors, Llc
PA    William Dean Karrash    Burke, Lawton, Brewer & Burke, Llc
PA     John Marsden       Jrm Securities
PR    John Holman    Esh Capital, Llc
PR    Neville  Golvala    Choicetrade
PR    Ramon Thomas    Rd Capital Group, Inc.
PR    Terry Crikelair       Champlain Advisors, Llc
RI    David Anthony Izzi    Brown, Lisle/Cummings, Inc.
RI    Karen Josephine Bacon    Diversified Resources, Llc
RI    Michelle Noon, Financial Operations Principal    Meridien Benefits Group Inc
RI    Sergio Anthony Decurtis    N.E. Private Client Advisors, Ltd.
RI    Wilson Saville       Barrett & Company
SC    Carolyn Jenkins       Sandlapper Securities Llc
SC    Derrick Grava       Palmetto Advisory Group.
SC    Edward Bernard Dowaschinski    Dunes Securities Corporation
SC    Joan Grava       Palmetto Advisory Group
SC    John Lawrence Jordan    First South Carolina Securities, Inc.
SC    Kenneth Nixon Wilson    Trc Markets Llc.
SC    Michael Ellman   F763    Trc Markets Llc
SC    Nelson Battle Arrington    V. M. Manning & Co., Inc.
SD    Gregory S Wilson      Variable Investment Advisors, Inc.
TN    Brian Joseph Cote    Gpwa, Llc
TN    Dan Mayfield    Sanderlin Securities, Llc
TN    David Morris James    Pnfp Capital Markets, Inc.
TN    David Warren Wiley Iii    Wiley Bros.-Aintree Capital, Llc
TN    George Moody       Taylor Wealth Solutions
TN    Jennifer F Scola    Carty & Company, Inc
TN    Joel Oertling       Avondale Partners, Llc
TN    John Dallosta    Carty & Company, Inc.
TN    Lisa James    Wiley Bros Aintree Capital, Llc
TN    Matthew Denis Mccall    Crowdvest Securities, Llc.
TN    Raymond Wilson Brandon    Brandon Investments, Inc.
TN    Thomas Craig Altfillisch    Western Equity Group, Inc.
TX    Billy Floyd Sims    Brazos Securities, Inc.
TX    Byron Pat Treat    Great Nation Investment Corporation
TX    Cameron Shropshire       Dominion Investor Services, Inc
TX    Christopher Rumsey Allison    M. E. Allison & Co., Inc
TX    Craig England       England & Company
TX    Craig Kilpatrick    First Western Securities
TX    Cynthia Besek    Maplewood Investment Advisors, Inc
TX    Daniel C Dooley    Maplewood Investment Advisors, Inc.
TX    Dante Fichera    Independent Investment Bankers, Corp.
TX    David Dorn Mcnally    Mcnally Financial Services Corporation
TX    Hance Vernon Myers    Heikkinen Energy Securities, Llc
TX    Heather Nelson    M. E. Allison & Co., Inc.
TX    Ilonka  Nobles    Nobles & Richards, Inc.
TX    Iris Mcwilliams       Blue Belle Investment Co., Inc.
TX    James Kevin Davis    Texas Corporate Capital Advisors
TX    Jason  Rivera    Acc Securities, Llc
TX    Jeremy Halpin       Guidestone Financial Services.
TX    Jerry Singleton       Signal Securities, In
TX    John Mauldin    Mauldin Securities, Llc
TX    Joseph Reid Mannes    Samco Capital Markets, Inc.
TX    Katherine Cook    Venovate Marketplace, Inc.
TX    Kevin Patrick Regan    Rhca Securities, Llc
TX    Lee Novikoff    The Tidal Group
TX    Lewis Byron Fisher    L. B. Fisher & Company
TX    Linde Murphy    Me Allison & Co
TX    Mark Allen Coffelt    Empiric Distributors, Inc.
TX    Mark Gregson       Invesco Capital Markets, Inc
TX    Melinda Legaye    Moody Securities, Llc
TX    Milton Clyde Collier    Cnd Financial Ltd.
TX    Mimi Legaye       Mgl Consulting Llc
TX    Miranda O'Keefe       Invesco Capital Markets, Inc.
TX    Patrick Joseph Smetek    Sunbelt Securities, Inc.
TX    Patrick M Mendenhall    Usca Securities Llc
TX    Peggy Elaine Lebert    Avalon Wealth Management Llc
TX    Randal Earl Ferguson    First Western Securities, Inc.
TX    Richard Grear Wilson    Crutchfield Securities, L.L.C.
TX    Richard Sandow    Forte Securities Llc
TX    Rix Carlton Smith    Dominion Investor Services, Inc.
TX    Robbi  Jones    Kipling Jones & Co., Ltd.
TX    Robert Michael Bagley    Bullish Bob Bagley Securities, Inc.
TX    Scott Cook       Guidestone Financial Services
TX    Scott Trezevant Taylor    Scott T. Taylor, Ltd.
TX    Thomas Carl Arnold Boytinck    Allegro Securities Llc
TX    Tiffany Fisher    Cns Securities, Llc
TX    Tim Proffitt       Rock House Capital Advisors, Llc
TX    Timothy Randall Kohn    Investors Brokerage Of Texas, Ltd.
TX    Travis Nick Duren    Crescent Securities Group, Inc.
TX    Valynda Ewton       Broker/Dealer Concepts, Inc.
TX    William Cleveland Hoover    Steward Securities Group Llc
TX    William H Wilson    Sp Securities Llc
TX     Carla Wright       Signal Securities, Inc
UK    Richard  Malpas    Sapeno Inc.
UK     Chris Tsutsui       Ashmore Group, Plc.
UT    Betsy Voter    Michael Best
UT    Carolie Smith    Alamo Capital Inc.
UT    Eric Vos    Moreton Capital Markets Llc
UT    James Dowd    North Capital Private Securities Corporation
UT    James Kruse    Michael Best Friedrich
UT    Paige Pierce    Psp Consulting
UT    Richard Taggart    American Funds & Trusts, Inc.
UT    Sherrie Bakelar       Lefavi Wealth Management
UT    Stephanie Holt    North Capital Private Securities
UT    Zelma Desiree Collazo    Elefant Markets
VA    Donna Arles    Wealthforge Securities
VA    Douglas Hampton Mcgregor    Hampton Hedge Fund Marketing, Llc
VA    Geoff Lyle       Gladstone Securities, Llc.
VA    Jack Dellafiora       Gladstone Securities, Llc
VA    James Zirkle Sowers    Transact Capital Securities, Llc
VA    Jennifer Szaro    Lara, May & Associates, Llc
VA    Joseph Francis Gerdes    Folio Investments, Inc.
VA    Kenneth William Smither    Smither & Company Capital Markets, Llc
VA    Nicole Saunders    Northwest Financial Advisors
VA    Robert Mann    First Georgetown Securities, Inc.
VA    Robert W Moreschi    Eastern Point Securities, Inc.
VA    Shawn Patrick Mclaughlin    Mclaughlin Ryder Investments, Inc.
VA    Sue Mckeown       Spire Securities, Llc
VA    Thomas Eugene Kelso    Mcmg Capital Advisors, Inc.
VA     Bradford Harries    Chessiecap Securities, Inc.
VA     Frank Stiff       Cheval Capital, Inc.
VA     Mark Dempsey       Navy Federal Brokerage Services, Llc
VT    Brian Mckenna    D.B. Mckenna & Co., Inc.
VT    Don Mckenna       D. B. Mckenna & Co., Inc.
WA    Dick Smith    Down Under Enterprises
WA    Gregory John Noone    Bp Securities, Llc
WA    James William Humbard    A&A Securities Llc
WA    Max Brian Kamp    Continental Investors Services, Inc.
WA    Michael Keller       Fsic
WA    Sean Grubb    Northwest Investment Advisors, Inc.
WA    Steven Richard Larson    Richards, Merrill & Peterson, Inc.
WA    Tim Vorpahl    Vorpahl Wing Securities
WI    Daniel Eugene Wright    Sii Investments, Inc.
WI    Frederick Allen Henry    Fimco Securities Group, Inc.
WI    Gennady Bekasov    Hewins Brokerage Services, Llc
WI    Joel  Blumenschein    Kcd Financial, Inc.
WI    Mari Jo Buechner    Coordinated Capital Securities, Inc.
WI    Michael Losse    Willow Cove Investment Group, Inc.
WI    Richard Peterson    Liberty Investment Counsel, Ltd.
WI    Robert Edelman    Edelman & Co, Ltd.
WI    Robert William Landaas    Landaas & Company
WI    Tami K Strang    Buttonwood Partners, Inc.
WV    Ami Shaver    United Brokerage Services, Inc.
WV    Jacob Doyle    Financial West Group
WV    Rose  Wilson     Wesbanco Securities, Inc.
WV    Timothy  Bidwell    Hazlett, Burt & Watson, Inc.