RRBDLAW: Regulatory Puzzlers for April

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Apr 21, 2008 10:16 am
Wall Street's Dirty Little Secrets
Uncovered and analyzed at
http://RRBDLAW.com
And irreverently chided at http://BrokeAndBroker.com
 
April 21, 2008
 
Nationally-known securities-industry lawyer Bill Singer analyzes this month’s regulatory docket, and offers his provocative commentary. 
 
http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm

 
AWARD WINNER:
MOST OBTUSE EXPLANATION OF OBFUSCATION WITH OAK CLUSTERS.
John Shim Cho:
This is clearly one for the ages.  You read this case and see if you can even remotely guess what Cho did and what was the violation.  Hint: He did something involving $8,400 and that sum had something to do with an overdraft in his customer’s account.
 
RUNNER-UP AWARD WINNER:
HEAD SCRATCHER WITH GOLDEN PUZZLERS
Ellerd Bruce Tomte:

He did something involving charging an hourly fee…and he may also have gotten commissions…or he may have gotten commissions but not the hourly fee…or who the hell knows.  You read this decision and see if you understand it.
 
 
Just Some Run of the Mill Regulatory Matters
 
The cases of Ibrahim Ziblim and Beatriz Fresquez: 
What’s up with the sudden outbreak of ATM card fraud by RRs?  A lot of folks are cutting cards on customers’ accounts and using them for their personal benefit.
 
Donald Fruehauf Chamberlain Jr:
Among the sanctions imposed upon this Principal is an obligation to inform future member firms that his father and brother are the subjects of SEC bars.
 
Jeffrey Michael Laster: 
He submitted a fake letter requesting a hardship withdrawal from another RR’s account and then forged the endorsing signature on the check.  Not likely the way to make friends and influence people.
 
http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2008.htm



Please visit Bill Singer's online resume at http://rrbdlaw.com/biossinger.html

He can be contacted by phone at 917-520-2836
by e-mail at [email protected]
by fax at 720-559-2800.

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