Sabotaging 401ks. Oral Complaint Gets Expunged. Lehman EFL Loss. And more!!!

March 8, 2013

Reg SCI Gets A 'Yes But' From SEC Commissioner Aguilar

On March 7, 2013, the SEC proposed Regulation SCI ("Reg SCI"), a scheme of new rules requiring certain key market participants to have comprehensive policies and procedures in place surrounding their technological systems. In lieu of the current voluntary system of compliance, Reg SCI (which stands for "Systems, Compliance and Integrity") would [...]


Oral Customer Complaint Expunged From Broker's Record

In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in May 2011, Claimant Lureen asserted that his former member firm had improperly and erroneously filed a customer complaint with the Central Registration Depository ("CRD"). In the Matter of the FINRA Arbitration Between Brian Keith Lureen, [...]o

  • Lehman Brothers Loses Promissory Note Collection Case

    In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in October 2010, Claimant Lehman Brothers asserted breach of contract and unjust enrichment in connection with Respondent Tanner's alleged failure to repay a promissory note dated May 6, 2004, and revised June 21, 2004 (the "Note"). Claimant [...]

  • Former Marine Betrays Semper Fi In PGA Scam

    If you met Michael Duye Campbell, 30, Houston, TX, you may have learned that from 2000 to 2004, he served in the U.S. Marine Corps. In and of itself, that's commendable.

    Campbell's story, however, seemed a cut above the norm - it bordered on impressive.

    While deployed in support of Operation Iraqi Freedom, Campbell related how he [...]

  • After Borrowing From Customer, Stockbroker Ordered To Pay Restitution

    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, Richard Prim submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA [...]

  • Something Up Continuing Ed Sleeve Leads To FINRA Bar

    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, James Eesong Ooi  submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA [...]

  • Oral Notice Of Outside Accounts Still Earns FINRA Fine

    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, Kenneth P. Gettinger  submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which [...]

  • Certified College Planner May Not Have Sat For Exam

    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, Jack R. Kapinus submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA [...]

  • Morgan Stanley Exam Taker Barred For Fudging Score To Keep Job

    During the time relevant to this matter, Timothy M. Wheeler was registered between June 2010 and December 2010 with Financial Industry Regulatory Authority ("FINRA") member firm Morgan Stanley Smith Barney.  As a condition of his employment upon joining Morgan Stanley on May 7, 2010, Wheeler was required to pass the following [...]

  • A Spider Web Of Hedge Fund And Forex Ponzi Fraud

    This is a somewhat long and convoluted tale, whose every twist and turn will likely  turn you're your stomach in disgust.  With that warning, let's go back to 2009, when George Sepero, Glen Rock, NJ, Carmelo Provenzano, Garfield, NJ, and Daniel Dragan, Hunterdon County, NJ, claimed to run a series of hedge funds in New [...]