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Selling Your Book of Business -- One FINRA Arbitration at a time

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Mar 18, 2010 11:24 am
An irreverent Wall Street Blog
by Bill Singer Selling Your Book of Business: One Arbitration At a Time Written: March 17, 2010

Pursuant to an Asset Purchase Agreement entered into between Claimant Vander Weide and Respondents on or about June 26, 2008, Vander Weide agreed to sell his financial services business to Respondents in exchange for a sum of money to be paid over a period of five years. In the Matter of the Arbitration Between Douglas D. Vander Weide (Claimant) vs. Richard J. Keeling, Robin Marshall, and David Jesse  (Respondents) (FINRA Arbitration 09-02187, March 5, 2010).  It appears that the agreement contemplated a number monthly installment payments beyond whatever front money was forthcoming.  As of February 10, 2009, the Respondents informed Vander Weide that they would not make any further payments.


============================================================================================ New FINRA Cases Analyzed by Bill Singer

Regulatory lawyer Bill Singer has analyzed and posted the latest crop of FINRA disciplinary cases.  Frankly, it's not a pretty sight. 

How simple is it to steal a quarter of a million in insurance premiums?  How about you just submit a change of address form. CLICK HERE TO READ CASE Why accuse a broker of "forgery," when you can engage in prosaic pyrotechnics along the lines of "Davis falsified the customer’s signature on the application and submitted it to his member firm as authentic, causing the firm’s books and records to be false and inaccurate." CLICK HERE TO READ CASE The elderly have become attractive victims for many securities scams -- now we have a case where a supervisor is nailed for failing to properly supervise a miscreant who was ripping off the aged.  CLICK HERE TO READ CASE You tell me.  Was a six-month suspension enough given FINRA's recitation of the facts?  CLICK HERE TO READ CASE And when you're done with that -- read this one.  CLICK HERE TO READ CASE



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