Skip navigation

New NASD Enforcement Cases

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
May 17, 2006 7:01 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
May 17, 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: .htm



Sign On The Dotted Line

What happens when a customer instructs a broker to sign their signature on a document, and the broker does what he’s told to do?  Well, in some cases that gets you a five-figure fine and two months suspension. (Sanjay Chatur Patel, and Thomas Robert Van Tassel --- two separate cases in one month!)


Low-Interest Quicky Loans

Seems to be a trend among brokers who become trustees or officers of companies, and then “borrow” funds for personal use.  How about $75,000 to purchase a condo?  (Otto Keith Vaughan, Jr.)


Two Matters of Principal

Then there was the suspended Principal who attempted to conceal the fact that he was still working on premises (Kenneth Joseph Gilmore).  Then there was the other suspended Principal who continued to solicit customers (Maurice Wayne Abney)


A Grave Mistake

They used to say that a low-life would steal the pennies from the eyes of the dead.  How about the broker who took $47,000 from deceased customers’ accounts? (Daniel Castro) .htm 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]