Bongo was a Regional Vice President of L.C. Wegard & Co., Inc. (L.C. Wegard) with supervisory authority over the Monroeville branch office, and he was a registered agent in Pennsylvania from March 24, 1992 to September 19, 1995.

Bongo violated the 1972 Act by failing to reasonably supervise or provide adequate training for inexperienced sales agents in the Pennsylvania branch offices. The respondent also created and maintained a system of operation which encouraged and induced agents to make sales of L.C. Wegard securities by any means without regard to the suitability of those securities for the customer to whom they were recommended. On October 14, 1998, Bongo pled guilty to one count of conspiracy to commit securities fraud before the U.S. District Court for the District of New Jersey, and on July 25, 2000, he was sentenced to four years probation, 400 hours of community service and ordered to pay a $10,000 fine.

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