Link Financial Corporation

Allegations: JOHN KENNETH LINK "LINK", ON OR ABOUT NOVEMBER 24, 2003, FILED A FORM U-4 WITH THE SECURITIES COMMISSIONER AS AN INVESTMENT ADVISER REPRESENTATIVE OF LINK FINANCIAL CORPORATION ("LFC"). FROM ON OR ABOUT JANUARY 1, 2003 TO JUNE 28, 2004, LINK RENDERED SERVICES AS AN INVESTMENT ADVISER REPRESENTATIVE OF LFC TO THE CUSTOMERS OF LFC. FROM ON OR ABOUT JANUARY 1, 2003 TO JUNE 28, 2004, ADVISORY LINK WAS NOT REGISTERED WITH THE SECURITIES COMMISSIONER AS AN INVESTMENT ADVISER REPRESENTATIVE AS REQUIRED BY SECTION 12.B OF THE TEXAS SECURITIES ACT, OR NOTICED FILED AS PROVIDED BY SECTION 12-1 OF THE TEXAS SECURITIES ACT. LINK AND LFC WERE ISSUED ORDER NO. CEN/SUS-1038 ON OR ABOUT FEBRUARY 6, 1995 FOR CONDUCTING INVESTMENT ADVISORY ACTIVITIES IN TEXAS WITHOUT BEING PROPERLY REGISTERED. DURING THE PERIOD FROM ON OR ABOUT MARCH 26, 2001 TO ON OR ABOUT DECEMBER 31, 2002, LINK REGISTERED WITH THE SECURITIES COMMISSIONER AS THE OFFICE, AGENT AND INVESTMENT ADVISER REPRESENTATIVE FOR LFC. ON OR ABOUT DECEMBER 31, 2002, THE REGISTRATION OF LINK WAS TERMINATED DUE TO NON-RENEWAL. Status: Final Sanction Detail: LINK WAS REPRIMANDED AND WAS SUSPENDED FROM RENDERING INVESTMENT ADVISORY SERVICES, FOR COMPENSATION CONCURRENTLY, DEFERRED OR OTHERWISE, FOR ANY NEW CUSTOMER ACCOUNTS BEGINNING JUNE 28, 2004 FOR FORTY CALENDAR DAYS. LINK WAS ASSESSED AN ADMINISTRATIVE FINE OF $35,000. LINK COOPERATED WITH INQUIRY AND THE REGISTRATIONS WERE REINSTATED. Summary: LINK WAS REPRIMANDED AND WAS SUSPENDED FROM RENDERING INVESTMENT ADVISORY SERVICES, FOR COMPENSATION CONCURRENTLY, DEFERRED OR OTHERWISE, FOR ANY NEW CUSTOMER ACCOUNTS BEGINNING JUNE 28, 2004 FOR FORTY CALENDAR DAYS. LINK WAS ASSESSED AN ADMINISTRATIVE FINE OF $35,000. LINK COOPERATED WITH INQUIRY AND THE REGISTRATIONS WERE REINSTATED.

Allegations: LINK FINANCIAL CORPORATION "APPLICANT" AND JOHN KENNETH LINK "LINK" INADVERTANTLY FAILED TO RENEW ITS REGISTRATION AS AN INVESTMENT ADVISOR WITH THE STATE OF TEXAS. IT VOLUNTARILY DISCLOSED THIS TO THE STAFF OF THE TEXAS STATE SECURITIES BOARD AND TEMPORARY PERMISSION TO CONDUCT BUSINESS AS AN INVESTMENT ADVISOR WAS GRANTED. SUBSEQUENTLY, APPLICANT WAS REPRIMANDED AND SUSPENDED FROM SOLICITING NEW CUSTOMER ACCOUNTS FOR FORTY DAYS AND WAS GRANTED REGISTRATION. Status: Final Sanction Detail: LINK FINANCIAL CORPORATION "APPLICANT" AND JOHN KENNETH LINK "LINK" INADVERTANTLY FAILED TO RENEW ITS REGISTRATION AS AN INVESTMENT ADVISOR WITH THE STATE OF TEXAS. IT VOLUNTARILY DISCLOSED THIS TO THE STAFF OF THE TEXAS STATE SECURITIES BOARD AND TEMPORARY PERMISSION TO CONDUCT BUSINESS AS AN INVESTMENT ADVISOR WAS GRANTED. SUBSEQUENTLY, APPLICANT WAS REPRIMANDED AND SUSPENDED FROM SOLICITING NEW CUSTOMER ACCOUNTS FOR FORTY DAYS AND WAS GRANTED REGISTRATION. Summary: APPLICANT AND LINK WAS SUSPENDED FROM SOLICITING NEW CUSTOMER ACCOUNTS FOR FORTY (40) DAYS AND GRANTED REGISTRATION.