RRBDLaw.com: New FINRA cases online

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Jan 21, 2010 10:26 am
 


An irreverent Wall Street Blog
by Bill Singer




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RRBDLaw.com: New FINRA Cases Analyzed by Bill Singer
Written: January 21, 2010




Regulatory lawyer Bill Singer has analyzed and posted the latest crop of FINRA disciplinary cases.  Frankly, it's not a pretty sight.  As the Great Recession's shocks and aftershocks are felt, many Wall Streeters seem to be feeling a personal financial pinch -- and their means of self-help are often at the expense of others. 


Consider some of these more troubling revelations:



Associated Person Daphne Michelle Easley http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008013474501 converted to her own benefit approximately $6,500 in gift checks, which were used by her member firm to reward employees

Justin C. Sidaway http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008013305801 obtained customer information from a bank affiliate’s systems to forge the customer’s signature and withdraw $11,500 for his personal benefit.

Lawrence Lathan Powell Jr. http://http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008012476501 caused his member firm’s affiliate bank to issue debit cards to elderly customers without their knowledge, and then withdrew $48,780 without their authorization.

Michael Gerald Delano III . http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008013543001 was given Power of Attorney over a deceased friend’s estate by the deceased’s brother and requested to handle $50,000 in life insurance proceeds. Delano deposited the funds into his personal account and used the majority of the funds for personal expenses, but advised the brother that the proceeds were invested in an annuity.

Michael Lewis Axel http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008013543001 initiated the issuance of $624,000 in checks from customers’ accounts, and then forged the customers’ signatures and cashed the checks or deposited the checks into his personal bank account

ABOUT: BrokeAndBroker.com and RRBDLaw.com lambaste the ineffective regulation of Wall Street and advocate for the rights of defrauded investors, independent/regional firms, and individual registered persons. Provocative commentary by veteran regulatory lawyer Bill Singer

Jan 21, 2010 8:24 pm

I don't understand why you post articles without meaningful commentary.

Jan 21, 2010 8:59 pm

I like the improved format - easier to read.

Jan 21, 2010 9:46 pm

Not trying to make a big deal. But I don't see any value in that post. And I've seen others where he just copies and pastes an article from a website.

 
Joe Smith had a complaint from a client... Who cares?
 
How did he get punished?  How was he disciplined? How does this affect my business?
 
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