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New NASD Cases for December

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Dec 19, 2005 1:43 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
December 19, 2005


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:



Fee, Fie, Fo, Fum?

Why can’t brokers pay referral fees?  Well, there may be some sound reasons but why doesn’t NASD explain them? (John Yasushi Hasegawa)


The Blame Game

After stealing some $24,000 in customer funds through forgeries of their signatures, this enterprising broker sent a fake letter on his firm’s stationery blaming the firm. (Palit Paul Surankapan)


Modern-Day Consumer Advocate?

A broker obtained Contingent Deferred Sales Charges (CDSC) waivers for customers by misrepresenting that they were disabled (Patricia Anne Kwan)


How Do You Get Barred for the Holidays?

Take one part ‘unbalanced electronic bulletin board message” and one part “misleading, false, exaggerated and unwarranted e-mail” and add a refusal to cooperate with the NASD’s investeigation. (Hurson Belizaire, Jr). 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]