RRBDlaw: FINRA Case Now Analyzed

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Sep 23, 2009 10:41 am

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An irreverent Wall Street Blog
by Bill Singer
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RRBDlaw.com: New FINRA cases now online and analyzed by Bill Singer
Written: September 23, 2009



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Sep 25, 2009 11:13 am

I read the Williams case and based on the fact that he altered the sales literature, I believe he should have been barred.  It's fraud, plain and simple.  I found the sanctions to be to lenient.

Sep 25, 2009 1:25 pm

Bill,

 
As a former compliance officer & now an FA, here's what I think:
 
All of the people you highlighted in your post should be thrown out of the business. Everyone of them should be barred from ever being in the brokerage business or a related field.
 
D Abbott - unapproved seminar on reversed mortgagaes to senior citizens---an idiot.
 
Filiep s??? - It's troubling that FA's would use unapproved material - their careers and reputations are on the line. And what is also scary...there are a lot of fa's who don't realize that the compliance dept's approval is actually helping to protect them from using material that could be false or misleading.
 
M. Williams -  makes you wonder what other skeltons are in the closet. What else has he misled clients on? (I know---that's not part of this event)
 
K Washington - Also an idiot---fraudulent bank accounts...? - This guy must live on a different planet. Sooner or later it would be discovered. Extremely dishonest. There should be no place in finance for this guy.
 
P. Runyen - whether the best of intentions or not, this guy should be out of the business. Common sense or good business sense should prevail---never forge any clients signature. Even if a client asks you to sign on their behalf, won't standup. It's your word against theirs. You may as well pull out the checkbook.