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Dead Grandmother Prompts SEC Appeal

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Jul 12, 2006 12:56 pm

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

<?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />New York, New York
July 12, 2006


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 this month:



A Moving Case


Then there was the story of the broker who moved from his parents’ home to his own place.  Unfortunately, the NASD learns of an arbitration case filed against him and sends him a letter demanding his explanation.  Then they send him another letter because he never answered the first.  Then they warn him that he will be suspended because he hasn’t answered the first two letters.  Then they inform he has been suspended.  Then they inform his that he has been barred.  End of story — well, not quite.


Add to the above facts one dead grandmother who apparently hoarded her grandson’s mail.  Also toss in a number of NASD miscues, such as failing to keep track of proof-of-mailing or stating the wrong date of suspension.


How does it all turn out?  Oh, I don’t want to ruin your fun.  Read the case at: 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. 


Bill Singer
[email protected]