RRBDLAW.com: New NYSE Disciplinary Cases
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Wall Street’s Dirty Little Secrets:
Uncovered and analyzed at http://RRBDLAW.com
August 16, 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 New York Stock Exchange (NYSE) items Bill uncovered at http://RRBDLAW.com this month:
A former JP Morgan Chase vice president charged unauthorized personal purchases to his corporate credit card, received reimbursement for unauthorized yellow taxicab usage, and charged the Firm’s car service account for unauthorized trips --- running up a hefty $86,283 in questioned charges. He then refused to cooperate with the NYSE’s investigation of those events. (Raj Singhal)
Putting Your Money Where Your Mouth Is?
A broker enters into an oral agreement to trade a client’s account. Part of their understanding is that there are to be no losses in the account. When the client threatens to report subsequent losses to the RR’s firm, the broker cancels losing trades and rebills them into two other customer accounts. (Stephen Peter Luscko)
The Bank of Spaulding.
Then there was the enterprising individual who starts a new job at A.G. Edwards & Son by writing three NSF checks. When the BD warns her about the bounced checks, she says her ATM card was stolen and money diverted. The BD then asks for proof --- which she supplied in the way of a forged letter from the Bank. (Kari Marie Lindsey)
RRBDLAW.com 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.