RRBDLAW.com: NYSE Cases
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Wall Street’s Dirty Little Secrets:
Uncovered and analyzed at http://RRBDLAW.com
November 9, 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:
Getting “Drafted” Doesn’t Always Help
A well-known analyst who often appeared on television was barred for 3 months by the NYSE for prematurely releasing draft research reports to subject companies, competitors, institutions, employees, and customers. (Howard A. Rosencrans)
All In the Family?
One former Morgan Stanley broker ripped off her sister, her brother-in-law, and her cousin by stealing funds from one and then repaying by stealing funds from the other. And as if that were an isolated case --- read about the broker who took the $1 million left to his sister upon her husband’s death (and she had two children 8 and 10), and how he lost over 63% of those trades. You’d think maybe he gave her discounted commissions? Shockingly, no! (Susan Jean Elvendahl; Thomas Gerard McNamara)
Not Exactly a Class Act.
Would you believe the believe the case of the UBS PaineWebber broker who stole money from an elderly, retired, and mentally disabled client, and, for good measure, also tried to rip off the estate of a recently deceased client. (Joseph Edward Herndon)
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.