RRBDLAW: July FINRA Cases

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Aug 6, 2008 12:21 pm

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From: http://rrbdlaw.com<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


http://BrokeAndBroker.com


 


July FINRA cases analyzed by nationally known regulatory lawyer Bill Singer.


http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm


One of the first of what will likely be a number of CMO/CDO cases from FINRA.  This one involves a Principal with violations for suitability, material misstatements, and unauthorized discretion by another RR.  Note the unusual agreement to voluntarily cooperate with ongoing prosecutions without requiring the service of a Rule 8210 Demand.  (John David Webberly)


http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm


Then there is the clever Associated Person who helps himself to the huge sum of $550 in cash that was left on his bank’s counter. (Charles Thomas Popenoe)


http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm


July seems to have uncovered a rash of cases in which folks are abusing their fiduciary obligations to various clubs with which they are affiliated. In one such matter, the unauthorized writing of over $50,000 in checks from a sailing club (Kevin Howard Gavigan).  In another case, the treasurer of an association wrote out over $30,000 in unauthorized checks. (Robert Frederick Glessner Jr.)


http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm


We also have a family affair in which stock loan/borrow is going on between different firms where family members have jobs.  Unfortunately, doesn’t look like the firm always got the better prices.  (William Brian Butler)


http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm


If you thought you should hold on to your ID before, this one will cause chills to run up your spine.  One inventive soul stole a customer’s identity from a driver’s license, and used that information to open up a bank account in the customer’s name with a debit card.  Then the Associated Person stole a money order intended for a customer and deposited the proceeds into the account.  (Marcelo L. Assis)


http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm


 

Aug 27, 2008 1:10 pm

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