WEEKEND Wrap-Up by Bill Singer, Street Sweeper and BrokeAndBroker

April 19, 2013

  • Negligence Prompted Good Faith Alteration Of UBS Customer Phone Records

    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, Terry L. Pickering submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA [...]

  • Former ING Broker Runs Afoul of Beneficiary, Borrowing, And Away Account Rules

    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, Frank John Tarazon submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA [...]

  • Chase Employee Took Cash From Customer's Lost 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, Javier A. Echeverria submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. [...]

  • Not About Trust As A Trustee For Former Wells Fargo Advisor

    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, Joseph J. Antosh, Jr., submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which [...]

  • Ameriprise Broker Exonerated In Great Recession Customer Case

    In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in September 2011, Claimants asserted causes of action including failure to supervise, negligence, breaches of contract and fiduciary duty, and fraud in connection 

  • SunTrust Or Untrustworthy For SEC Chair Mary Jo White

    With the recent confirmation of Mary Jo White as the new Chair of the Securities and Exchange Commission (the "SEC"), much has been made of her considerable credentials as a former prosecutor and veteran litigator - Wall Street purportedly has a new pit bull on the beat, but how much of that feistiness is bark and how much is bite? We may soon [...]

  • Courts Sustain Wells Fargo, Morgan Stanley, and Merrill Lynch Away Account Denials

    In McDaniels, et al. v. Wells Fargo Investments, LLC, et al. (9th Circuit, April 10, 2013), Plaintiffs are former employees of Wells Fargo, Morgan Stanley, and Merrill Lynch:

    • Douglas McDaniel and Bryan Clark are former Wells Fargo financial advisors (Wells Fargo Investments, Wells Fargo Bank, and Wells Fargo Advisers collectively [...]
  • Small Fish Fry On Wall Street

    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, Robert David Smith submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. [...]

  • New SEC Identity Theft Rule Warns Of The Suspicious Jabberwock

    Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, in February 2012, the Securities And Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") jointly proposed rules requiring certain regulated entities to adopt and administer identity-theft red flags programs. These [..