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Aug 6, 2008 4:21 pm


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July FINRA cases analyzed by nationally known regulatory lawyer Bill Singer.

One of the first of what will likely be a number of CMO/CDO cases from FINRA.  This one involves a Principal with violations for suitability, material misstatements, and unauthorized discretion by another RR.  Note the unusual agreement to voluntarily cooperate with ongoing prosecutions without requiring the service of a Rule 8210 Demand.  (John David Webberly)

Then there is the clever Associated Person who helps himself to the huge sum of $550 in cash that was left on his bank’s counter. (Charles Thomas Popenoe)

July seems to have uncovered a rash of cases in which folks are abusing their fiduciary obligations to various clubs with which they are affiliated. In one such matter, the unauthorized writing of over $50,000 in checks from a sailing club (Kevin Howard Gavigan).  In another case, the treasurer of an association wrote out over $30,000 in unauthorized checks. (Robert Frederick Glessner Jr.)

We also have a family affair in which stock loan/borrow is going on between different firms where family members have jobs.  Unfortunately, doesn’t look like the firm always got the better prices.  (William Brian Butler)

If you thought you should hold on to your ID before, this one will cause chills to run up your spine.  One inventive soul stole a customer’s identity from a driver’s license, and used that information to open up a bank account in the customer’s name with a debit card.  Then the Associated Person stole a money order intended for a customer and deposited the proceeds into the account.  (Marcelo L. Assis)


Aug 27, 2008 5:10 pm

<span style=“font-size: 14pt; font-family: “Times New Roman”;”>I certainly agree with you. Thank you very much for sharing your information. It was really very helpful for me.
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