Read Bill Singer's Analysis of new FINRA monthly disciplinary cases
2 RepliesJump to last post
NEW FINRA MONTHLY DISCIPLINARY CASES
NOW ONLINE AND ANALYZED BY BILL SINGER
Regulatory lawyer Bill Singer has analyzed and posted the latest crop of FINRA disciplinary casesSome three decades on Wall Street and you can only imagine all the regulatory cases that I've come across -- which is why this is all the more amazing. Quite possibly, this is the most staggering number of allegations of violations that I've ever seen. READ HERE at http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008011678303What happens if you sell shares of a security to public investors using a private placement memorandum that omitted a convicted felon’s association with the issuer, which is a material fact READ HERE at http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008011678302 You know that old line about asking someone up to your apartment to see your etchings? Well, did you hear the one about the broker who got barred because of his lithographs?
READ HERE at http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#2008015279301 You think that I'm tough on the SEC or FINRA? Well, consider this slam from a recent federal appeals court:
This case involves wealthy and sophisticated customers who were under no press of time to decide whether to invest; customers who invested specifically in furtherance of a desire to speculate; and a broker who did not profit from his wrongdoing and who has been fined and suspended for his violations. There is nothing in the SEC’s decision to indicate why, in these circumstances, awards of restitution are appropriate under Principle 5. Indeed, the SEC’s decision is incomprehensible insofar as it attempts to amplify any meaningful causal connection between Siegel’s putative bad acts and the Downers’ and Landrys’ losses. And the SEC has cited no precedent, and we have found none, supporting restitution in a case of this sort. The SEC’s judgment is fatally flawed for two reasons: First, the SEC’s judgment is not supported by reasoned decisionmaking. Second, the SEC cites to no controlling precedent that includes reasoned decisionmaking supporting restitution under Principle 5 in a case of this sort. We therefore vacate the restitution order.
READ HERE at http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1#C05020055Talk about things getting testy on Wall Street. Consider all these innovative approaches to not exactly taking various industry examinations in accordance with the rules. READ HERE at http://www.rrbdlaw.com/enforcement-actions/tags.php?term=Testing
Don't Forget to Visit the BrokeAndBroker Blog!
Thanks, love the comments, Bill.
How can someone distribute 20 million shares of unregistered securities, and then have the nerve to not complete the firm element CE requirement?