New Securities Industry Regulatory And Litigation Analysis by Bill Singer

February 27, 2013

  • BREAKING STORY:

    Supreme Court Reverses SEC V. Gabelli On Discovery Rule Grounds

    In Gabelli et al. v. Securities And Exchange Commission (568 U. S. ____ (2013), February 27, 2013), the Court considered an enforcement action brought  by the Securities And Exchange Commission ("SEC") under the Investment Adviser Act in April 2008, when the SEC  filed a Complaint seeking civil penalties. THIS STORY INCLUDES FULL-TEXT LINKS TO OPINIONS AND ORAL ARGUMENT BEFORE THE US SUPREME COURT (BOTH TRANSCRIPT AND AUDIO) [...]


    Broker Dealer President And Chief Compliance Officer Sued By Firm

    In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in September 2011, and amended thereafter, Claimant Newport Coast Securities alleged that Respondent Scott had failed to properly perform her duties; engaged in conduct infractions; and violated policies and procedures during her [...]

  • 74 Months In Prison For Securities Fraudster Who Targeted Foreign Investors

    According to federal prosecutors, starting around 2005, Cliffe R. Bodden, 49, Lake Mary, FL, and S. George Milter, 33, New York, NY, respectively held themselves out as the:

    • (Bodden) Managing Director of Lempert Capital Management, Ltd., a corporation purportedly incorporated in the Cayman Islands; and
    • [...]
  • Madoff Victims Suffer Major Setback In Federal Appeals Court

    On February 22, 2013, the United States Court of Appeals for the Second Circuit issued its much anticipated Opinion In re: Bernard L. Madoff Inv. Sec. LLC / James L Kruse, et al., Debtors/Claimants/Appellants v. Securities Investor Protection Corporation, Irving H. Picard, Appellees; and Securities And Exchange [...]

  • Fantabulous Tale Of Chase Bank Customer's Missing Wallet

    For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Juan Santana submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. In the [...]

  • Slap On Wrist For Causing JetBlue Emergency Landing

    On June 23, 2012, Elvir Ardolic, 35, of New York, NY, boarded a JetBlue flight from New York City's John F. Kennedy International Airport bound for Chicago, IL. The only problem was that upon entering the aircraft, Ardolic was intoxicated. To make matters worse, during the flight, he became disruptive when the flight crew refused to serve him [...]

  • Customer Paid Interest From Nonexistent IRA

    For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Donald Wayne Hastings submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which [...]

  • Supreme Court Says K-9 Dog's Sniff Was Up To Snuff

    In Florida v. Clayton Harris (U.S. Supreme Court, 568 U.S. __,February 19, 2013),  K-9 Police Officer William Wheetley of the Liberty County Florida Sheriff's Office pulled over Clayton Harris on June 24, 2006, as part of a routine traffic stop - an expired license plate on his truck - and the officer found the driver to be [...]


    FULL TEXT Decision by 6th Circuit Court of Appeals Vassalle et al. v. Midland Funding LLC. et al. (6th Circuit, February 26, 2013) wutg analysis by Bill Singer. Major reversal of landmark Robo-Signing class action settlement ...Read On

    FULL TEXT FINRA Decision On Charles Schwab Arbitration Agreement With Analysis By Bill Singer.  An important reversal of pre-dispute arbitration waiver of class action participation... Read On