NASD June Enforcement Cases

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Jun 20, 2005 9:33 am

Wall Street’s Dirty Little Secrets:
  Uncovered and analyzed at
http://RRBDLAW.com<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

http://RRBDLAW.com

<?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />New York, New York
June 20, 2005

 

Every month Wall Street’s regulators issue disciplinary decisions that fine and suspend stockbrokers and their firms --- but many of the more interesting stories get buried among the sheer volume of cases.  Nationally-known regulatory lawyer Bill Singer analyzes the securities industry’s docket and provides insight and provocative commentary.  Here are some of the more unusual NASD items Bill uncovers at http://RRBDLAW.com this month:

 

http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2005.htm

                                           

 

Private Settlements Between Broker and Client

 

Why not just write out a check and silence the complaining public customer?  Doesn’t’ everyone benefit?  After all, the customer is satisfied, the broker gets on with his or her life, and the firm avoids a problem.  But that it were so simple a solution. (Duke, Donnerstag,and Bestine cases)

 

Unlisted Number

 

Broker #1 can’t sell to customers from State X.  Broker #2 can.  The two work out a deal whereby Broker #1’s client in State X is listed as a client of Broker #2.  Oh, my poor, poor, deluded RRs --- it doesn’t work that way.   (Pizzirusso)

 

Threatening Ain’t What It Used to Be

 

The NASD writes up an individual for threatening a public company in an effort to get higher fees.  The regulator actually uses that word --- threatens.  And how many months suspension does the offending respondent get? Not a one.  Yeah, but how many weeks? Not one.  Okay, well, how many days?  Read the case for the disturbing answer. (Awadalla).

 

http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2005.htm

 

RRBDLAW.com is a leading securities-industry legal/regulatory website.  The content is published by Bill Singer, a veteran Wall Street regulatory lawyer who represents both the industry and the public. 

 

CONTACT INFORMATION:
Bill Singer
[email protected]

917-520-2836

http://www.rrbdlaw.com