James I. Black & Company

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
2.
Principal Sanction:
Censure
Other Sanctions: 
MONETARY/FINE $70,000.00
3.
Date Initiated (MM/DD/YYYY): 
10/10/2008
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2006003702701
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity - OTC
Other Product Types: 
LISTED EQUITIES, OPTIONS, AND DEBT SECURITIES.
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FIRM VIOLATED SEC RULES 10B-10 , 10B-16, 17A-3(A)(9), 17A-3(A)(17), 17A-4, SECTIONS 220.4, 220.8 OF REGULATION T, NASD RULES 2110,
3010, 3110, IN THAT JAMES I. BLACK & COMPANY, ACTING THROUGH AN INDIVIDUAL: FAILED TO RETAIN THE FIRM'S INSTANT MESSAGES; AND FAILED
TO ISSUE MARGIN CALLS WITH REGARD TO SECURITY TRANSACTIONS, FAILED TO OBTAIN PAYMENT BY THE REGULATION T DATE, AND TO OBTAIN
REGULATION T EXTENSION REQUESTS, AND REGULATION T EXTENSION REQUESTS WITH REGARD TO TRANSACTIONS IN PUBLIC CUSTOMER CASH
ACCOUNTS. THE FIRM FAILED TO IMPOSE A NINETY DAY FREEZE PERIOD ON SOME PUBLIC CUSTOMER CASH ACCOUNTS AND ALLOWED THESE PUBLIC
CUSTOMERS TO EFFECT A PURCHASE OF SECURITIES. THE FIRM FAILED TO PROVIDE WRITTEN NOTIFICATION TO CUSTOMERS OF THE AMOUNT OF ANY
REMUNERATION RECEIVED OR TO BE RECEIVED BY THE FIRM IN CONNECTION WITH TRANSACTIONS INVOLVING SHARES OF INVESTMENT COMPANIES
AND FAILED TO ENSURE THAT FOR EACH ACCOUNT TO WHICH CREDIT HAD BEEN EXTENDED THAT SUCH ACCOUNT RECEIVED A WRITTEN STATEMENT
DISCLOSING INTEREST PERIOD INFORMATION AND ANNUAL INTEREST RATE OR RATES OF INTEREST CHARGED INFORMATION, AS WELL AS,
INFORMATION ON THE INTEREST CHARGE FOR EACH DIFFERENT ANNUAL RATE OF INTEREST. JAMES I. BLACK & COMPANY FAILED TO ENSURE THAT
PUBLIC CUSTOMER NEW ACCOUNT FORMS CONTAINED ALL OR SOME OF THE NEEDED RELEVANT INFORMATION. THE FIRM FAILED TO ESTABLISH AND
MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN PROCEDURES, REASONABLY DESIGNED TO ENSURE COMPLIANCE WITH THE SEC AND FINRA
RULES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
10/10/2008
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 70,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
AWC - FINE AND EMPLOYEE SUSPENSION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
CASE RESOLVED BY ACCEPTANCE, WAIVER & CONSENT(AWC) ORDER - FINE AND EMPLOYEE SUSPENSION: EMPLOYEE (NON-INVESTMENT
ADVISER AFFILIATE) SUSPENDED AS A SUPERVISOR AND PRINCIPAL FOR THREE MONTHS. JAMES I. BLACK AND JESS TUCKER WERE FINED,
JOINTLY AND SEVERALLY, $70,000.00. FINE PAID IN FULL ON 10/16/2008.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE FINDINGS, JAMES I. BLACK & COMPANY CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF
FINDINGS: THEREFORE THE FIRM IS CENSURED AND FINED $70,000 JOINTLY AND SEVERALLY.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD)
2.
Principal Sanction:
Censure
Other Sanctions: 
MONITARY/FINE $6,000.00
3.
Date Initiated (MM/DD/YYYY): 
10/31/2005
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
20050002631-01
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
UNSPECIFIED SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FIRM VIOLATED NASD MARKETPLACE RULE 6130(B) AND NASD CONDUCT RULE 2110- RESPONDENT FIRM FAILED TO ACCEPT OR DECLINE IN
NASDAQ MARKET CENTER 120 TRANSACTIONS IN ELIGIBLE SECURITIES WITHIN TWENTY MINUTES AFTER EXECUTION.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
10/31/2005
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 6,000.00

 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, RESPONDENT FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF
FINDINGS; THEREFORE, FIRM WAS CENSURED AND PAID $6,000.00 FINE.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
CASE RESOLVED ON 10/31/2005 BY ACCEPTANCE, WAIVER & CONSENT (AWC) ORDER AND MONETARY/FINE OF $6,000.00. WITHOUT ADMITTING OR
DENYING THE ALLEGATIONS, RESPONDENT FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, FIRM IS
CENSURED AND FINED $6,000.00. FAILED TO ACCEPT TRADES THROUGH NASDAQ ACT SYSTEM WITHIN TWENTY MINUTES. THE ORDER DOES NOT
CONSTITUTE A FINAL ORDER BASED ON VIOLATIONS OF ANY LAWS OR REGULATIONS THAT PROHIBIT FRAUDULENT, MANIPULATIVE, OR DECEPTIVE
CONDUCT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.

 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
2.
Principal Sanction:
Censure
Other Sanctions: 
MONETARY/FINE $125,000.00
3.
Date Initiated (MM/DD/YYYY): 
05/09/2008
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2006007424601
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity - OTC
Other Product Types: 
LISTED EQUITIES, OPTIONS, AND DEBT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FIRM VIOLATED NASD RULES 2110, 3011, 3011(A), (B), (C) AND (E), MSRB RULE G-41: THE FIRM PROCEDURES REQUIRED TO LOOK FOR
SUSPICIOUS ACTIVITIES AND RED FLAGS AND TO NOTIFY REGULATORY ORGANIZATIONS AND/OR LAW ENFORCEMENT OF SUSPICIOUS ACTIVITIES BY
FILING SUSPICIOUS ACTIVITY REPORTS. HOWEVER, THE FIRM, ACTING THROUGH AN INDIVIDUAL, FAILED TO ADEQUATELY ENFORCE ITS OWN
PROCEDURES OR OTHERWISE COMPLY WITH THE REQUIREMENTS OF NASD RULE 3011. THE FIRM, ACTING THROUGH AN INDIVIDUAL, FAILED TO
ADEQUATELY IMPLEMENT ITS ANTI-MONEY LAUNDERING COMPLIANCE PROGRAM (AML), IN THAT IT FAILED TO ADEQUATELY DETECT, INVESTIGATE,
ANALYZE OR REPORT POTENTIALLY SUSPICIOUS ACTIVITY; CONDUCT SUFFICIENT INDEPENDENT TESTS OF ITS AML PROGRAM ON AN ANNUAL BASIS
AND CONDUCT ANNUAL AML TRAINING FOR ITS PERSONNEL. BY FAILING TO ADEQUATELY IMPLEMENT ITS AML COMPLIANCE PROGRAM, RESPONDENT
PERMITTED THE STOCK PROMOTERS AND OTHER CUSTOMERS, SOME OF WHOM HAD REGULATORY AND/OR CRIMINAL HISTORIES, TO OPEN ACCOUNTS
AT THE FIRM, IN WHICH THE STOCK CERTIFICATES FOLLOWED BY EITHER THIRD PARTY JOURNALS OR LIQUIDATIONS AND WIRES TO UNRELATED
ACCOUNTS, ACTIVITY WHICH, WITHOUT ADDITIONAL EXPLANATION, MAY BE CONSISTENT WITH THE SALE OF UNREGISTERED SECURITIES OR
POSSIBLY MARKET MANIPULATION.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
05/09/2008
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 125,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
JESS TUCKER (NON-INVESTMENT RELATED AFFILIATE) SUSPENDED AS A SUPERVISOR AND PRINCIPAL FOR THREE MONTHS. EMPLOYEE TRAINING

ON AML PRACTICES.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
JIB AND TUCKER WERE FINED, JOINTLY AND SEVERALLY, $125,000.00. 16 HOURS OF AML EMPLOYEE TRAINING FOR EACH EMPLOYEE TO BE
COMPLETED WITHIN 6 MONTHS OF THE AWC DATE. FINE PAID ON OR ABOUT 6/3/2008 AND AML TRAINING REQUIREMENT HAS SINCE BEEN
COMPLETED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
CASE RESOLVED ON 05/09/2008 BY ACCEPTANCE, WAIVER & CONSENT(AWC) ORDER OF CENSURE AND MONETARY/FINE $125,000.00 WITH
UNDERTAKINGS. THE ORDER DOES NOT CONSTITUTE A FINAL ORDER BASED ON VIOLATIONS OF ANY LAWS OR REGULATIONS THAT PROHIBIT
FRAUDULENT, MANIPULATIVE, OR DECEPTIVE CONDUCT. WITHOUT ADMITTING OR DENYING THE FINDINGS, RESPONDENT MEMBER FIRM CONSENTED
TO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS; THEREFORE, FIRM IS CENSURED AND FINED $125,000 JOINTLY AND SEVERALLY AND
REQUIRED TO HAVE ALL OF ITS PERSONNEL REGISTER FOR, WITHIN 60 DAYS, 16 HOURS OF TRAINING RE: ANTI-MONEY LAUNDERING PROGRAM AND
PROVIDE FINRA WITH EVIDENCE OF THE REGISTRATION WITHIN 10 DAYS OF REGISTRATION. THE FIRM'S PERSONNEL SHALL COMPLETE SUCH TRAINING
WITHIN SIX MONTHS AND PROVIDE FINRA WITH EVIDENCE OF COMPLETION OF THE PROGRAM.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)
2.
Principal Sanction:
Censure
Other Sanctions: 
MONETARY/FINE $70,000.00
3.
Date Initiated (MM/DD/YYYY): 
10/10/2008
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2006003702701
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Equity - OTC
Other Product Types: 
LISTED EQUITIES, OPTIONS, AND DEBT SECURITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FIRM VIOLATED SEC RULES 10B-10 , 10B-16, 17A-3(A)(9), 17A-3(A)(17), 17A-4, SECTIONS 220.4, 220.8 OF REGULATION T, NASD RULES 2110,
3010, 3110, IN THAT JAMES I. BLACK & COMPANY, ACTING THROUGH AN INDIVIDUAL: FAILED TO RETAIN THE FIRM'S INSTANT MESSAGES; AND FAILED
TO ISSUE MARGIN CALLS WITH REGARD TO SECURITY TRANSACTIONS, FAILED TO OBTAIN PAYMENT BY THE REGULATION T DATE, AND TO OBTAIN
REGULATION T EXTENSION REQUESTS, AND REGULATION T EXTENSION REQUESTS WITH REGARD TO TRANSACTIONS IN PUBLIC CUSTOMER CASH
ACCOUNTS. THE FIRM FAILED TO IMPOSE A NINETY DAY FREEZE PERIOD ON SOME PUBLIC CUSTOMER CASH ACCOUNTS AND ALLOWED THESE PUBLIC
CUSTOMERS TO EFFECT A PURCHASE OF SECURITIES. THE FIRM FAILED TO PROVIDE WRITTEN NOTIFICATION TO CUSTOMERS OF THE AMOUNT OF ANY
REMUNERATION RECEIVED OR TO BE RECEIVED BY THE FIRM IN CONNECTION WITH TRANSACTIONS INVOLVING SHARES OF INVESTMENT COMPANIES
AND FAILED TO ENSURE THAT FOR EACH ACCOUNT TO WHICH CREDIT HAD BEEN EXTENDED THAT SUCH ACCOUNT RECEIVED A WRITTEN STATEMENT
DISCLOSING INTEREST PERIOD INFORMATION AND ANNUAL INTEREST RATE OR RATES OF INTEREST CHARGED INFORMATION, AS WELL AS,
INFORMATION ON THE INTEREST CHARGE FOR EACH DIFFERENT ANNUAL RATE OF INTEREST. JAMES I. BLACK & COMPANY FAILED TO ENSURE THAT
PUBLIC CUSTOMER NEW ACCOUNT FORMS CONTAINED ALL OR SOME OF THE NEEDED RELEVANT INFORMATION. THE FIRM FAILED TO ESTABLISH AND
MAINTAIN A SUPERVISORY SYSTEM, INCLUDING WRITTEN PROCEDURES, REASONABLY DESIGNED TO ENSURE COMPLIANCE WITH THE SEC AND FINRA
RULES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
10/10/2008
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 70,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:

AWC - FINE AND EMPLOYEE SUSPENSION
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
CASE RESOLVED BY ACCEPTANCE, WAIVER & CONSENT(AWC) ORDER - FINE AND EMPLOYEE SUSPENSION: EMPLOYEE (NON-INVESTMENT
ADVISER AFFILIATE) SUSPENDED AS A SUPERVISOR AND PRINCIPAL FOR THREE MONTHS. JAMES I. BLACK AND JESS TUCKER WERE FINED,
JOINTLY AND SEVERALLY, $70,000.00. FINE PAID IN FULL ON 10/16/2008.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
CASE RESOLVED BY ACCEPTANCE, WAIVER & CONSENT(AWC) ORDER FOR A MONETARY FINE OF $70,000 ON 10/10/2008. THE ORDER DID NOT
CONSTITUTE FINAL ORDER BASED ON VIOLATIONS OF ANY LAWS OR REGULATIONS THAT PROHIBIT FRAUDULENT, MANIPULATIVE, OR DECEPTIVE
CONDUCT MONETARY/FINE $70,000.00