An irreverent Wall Street Blog
by Bill Singer
 
Join BrokeAndBroker blog on Facebook  Follow the BrokeAndBroker blog on Twitter  Connect with BrokeAndBroker on LinkedIn  Join Bill Singer on Google+  Subscribe to RSS Feed

NSF Checks Short Change Analyst's Career
Written: April 29, 2013

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, Akber Syed submitted a Letter of Acceptance, Waiver and Consent (“AWC”), which FINRA accepted. In the Matter of Akber Syed, Respondent (AWC 2012033122901, April 24, 2013).

Non-Registered, Associated Person

Syed entered the securities industry in 2010 as an associated, non-registered person, and on November 1, 2010, he was employed by Merrill, Lynch, Pierce, Fenner & Smith, Inc. until his June 13, 2012, termination. Syed’s title at Merrill Lynch  was Quality Assurance Analyst, and he was responsible for testing trading system software. The AWC asserts that his job involved functions beyond mere ministerial or clerical duties.

SIDE BAR: What's the importance of FINRA stressing that Syed engaged in conduct that was more than merely ministerial or clerical?  For one thing, employees whose job consists solely of clerical and/or ministerial conduct are normally exempt from FINRA registration.

NSF Checks

The AWC alleges that on April 4, 2012, Syed wrote a check from his account at Brokerage Firm 1(“BD1”) and deposited it into his account at Brokerage Firm 2 (“BD2”), knowing that there were insufficient funds (“NSF”) in his BD1 account. Moreover, immediately after depositing the subject check, Syed allegedly wired the funds back into his BD1 account in order to cover his purchase of Apple options, which thereafter expired unexercised. The AWC alleges that Syed’s NSF check was returned but that he subsequently deposited into his BD2 account covering funds. 

On April 7, and April 24, 2012, the AWC alleges that Syed deposited two additional NSF checks from his BD1 account into his BD2 account; however, on these two dates he was unable to wire funds back into his BD1 account. 

The AWC asserted that Syed’s three NSF checks and attendant conduct was inconsistent with FINRA Rule 2010, which requires the observance of high standards of commercial honor and just and equitable principles of trade. 

The Regulatory Bill

In consideration of the terms of the AWC, FINRA imposed upon Syed a three-month suspension in all capacities with any FINRA member firm. In light of his financial status, no monetary sanctions were imposed upon Syed.

Also READ:

 
[^top^]

Previous Entries
October 2, 2014
In your wallet is the corporate credit card. You know it's there. I know it's there. Hell -- your firm knows it's there because they gave it to you. T... Read On
October 1, 2014
Ah yes, another fraud, another fraud coming out of Florida, another fraud involving inflated promises about a start-up company, and, for extra oomph, ... Read On
September 30, 2014
Stockbroker, Compliance, Legal, and Regulatory JobsEmployment Page BrokeAndBroker.com Jobs#wallstreetjobs @brokeandbrokerNOTICE TO EMPLOYERS... Read On
September 29, 2014
There's something about the movie biz that attracts a lot of people. Hollywood. Box Office Stars. The whole glitz and glamour thing of the red carpet.... Read On
September 27, 2014
IRS Telephone Scam AlertSeptember 26, 2014It seems like every day brings us yet another warning about some telephone scam involving impersonations of ... Read On
September 26, 2014
It seems like every day brings us yet another warning about some telephone scam involving impersonations of government employees.  In the past, f... Read On
September 26, 2014
For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority (“FINRA”), without admitting or de... Read On
September 25, 2014
In recent years, the BrokeAndBroker.com Blog has published Federal Bureau of Investigation and the Internet Crime Complaint Center ("IC3") warnings ab... Read On
September 25, 2014
Ah yes, the old "loss of confidence" explanation for terminating a Wall Street employee. Now there's a reason for termination that garners more than a... Read On
BrokeAndBroker.com Job Search
Related Topics
Tag Cloud
Internet FINRA Bear Stearns Bloomberg SEC NASD NYSE Money Laundering Due Diligence Waiver Forbes China Chepucavage Broy Woody Allen Madoff NAC NPR Marketplace Stanford UBS Ketchum Antitrust NASDAQ RRBDLAW Schapiro Bill Singer BrokerAndBroker USERRA Brokeandbroker.com Morgan Keegan Arbitration Counterclaim BrokeAndBroker.com Khuzami BrokeAndBroker Aleynikov Goldman Sachs brokeandbroker Promissory Note U4 Bill SInger EFL CFTC Huffington Post Flash Crash arbitration RBC RRBDLAW.com Ponzi Affinity Fraud Wachovia Raymond James BrokeandBroker.com Expungement Fraud Securities Fraud Outside Business Activity Registered Rep Magazine FOREX BrokerAndBroker.com FBI Banc of America Pro Se Supreme Court Morgan Stanley Smith Barney E*Trade Margin email Galleon Penson U5 Defamation Protocol Wells Fargo Punitive Damages Citigroup Merrill Lynch ARS Employee Forgivable Loan Street Legal Morgan Stanley AWC Fidelity Bankruptcy Broke And Broker HFT David Sobel Day Trading Ameriprise Commissions Spouse Schwab Commission CRD Kenneth Starr IRS CNBC Complaint ATM Skimming Hacking Phishing Malware Naskovets Poteroba Koval Lincoln Financial Selling Away Outside Business Activities Rakoff 2nd Circuit Second Circuit IRA 401k Forgery Tax RRBDlaw.com Email Netschi Moore Whistleblower Street Sweeper Tran Bharara Facebook Online Severance Bonus Eligibility Rule TD Ameritrade Hedge Fund SAC 1099 Smith Barney Lehman Brothers IC3 Scottrade Lehman JPMorgan Chase Hertz Insider Trading Bank of America Department of Justice Elles Bribe Auction Rate Securities Raiding Spam Edward Jones Medicare Diabetes Dow Schumer Walter Bid Rigging Real Estate Discrimination Wall Street Statutory Disqualification Form U4 Form U5 Indictment Boyland DOJ Corruption bill singer FTC Do Not Call FINRA Arbitration Costa Rica Settlement LIBOR Varney Plea Rule 8210 RRBDlaw Appeal Fowler LPL Johnson US Airways Reg D MSSB Vault Loan SunTrust Discovery Employment Rosenthal Recruiting Lawyer Trading Platform JP Morgan Employment Tuesday Wrongful Termination Bank Guarantee WaMu Solicitation REIT Martin Credit Cards Away Account Credit Repair PN Advisor Placement Group Forex Mortgage Private Placement Moon Merrill Anderson Exam Lee Borrowing Tax Lien Conversion Oppenheimer Wedbush Felony Misdemeanor Expenses ING Lien OTR Estate Jobs Florida Credit Card Elderly Flash Drive Annuity Expense Reimbursement FNMA BrokeAndBroke TIC DWI Promissory Notes Suitability Will POA Power of Attorney Casino NSF MF Global Counterfeit Preet Bharara Corzine Hacker RIA Prison Disclosure NASAA Aguilar FCPA Subway Identity Theft Gold Dell Bar Injunction Bank Deutsche Bank Hospital God HSBC Private Placements Eric Stein Wire Fraud CCO Joshua Brown Backstage Wall Street Obstruction of Justice Reuters Retaliation Variable Annuity Arbitraiton Outside Account Options Telephone Wine Social Media ADA Pacifico Non-Prosecution Agreement Confirm Tax Fraud Retirement OBA Equity Indexed Annuities EIA MetLife Continuing Education OIP Tax Liens Willful CE Unregistered Impersonation Annuities BBVA Business Expenses ETF JOBS Act Mail Fraud Parking Variable Annuities Signatures BitTorrent Impersonator Wire Transfer Wire Crowdfunding Nasdaq Away Accounts WSP Laptop Dodd Frank Checks RMBS AML PST Solicited Unsolicited Congress SRO Wife Discretion Non-Solicitation Restaurant Commodities Private Securities Transaction Offer of Settlement Money Market employment jobs Great Recession Chase Investment Services Arrest Barclays Liens Failure To Supervise Apple Time And Price T&P Willfully Husband Letter of Authorization LOA Sexism Debit Card Knight Test Practice Sale Unfair Competition Signature Judgments Undisclosed Settlement Trainee Fee Trust Laser Side Bar Mattera Female Sales Assistant Kennedy Charge Sexist NML Argentina Embezzlement Silver Judgment Bank Fraud Deceased TSSB Mary Jo White Trustee Frumento Conspiracy 6th Circuit Proctor Rule 3040 Class Action Beneficiary NYAG Schneiderman Gallagher White Self Regulation Short Sale Compromise Website TRO Supervision Vacatur SDNY BrokeAndBroker Bill Singer Piwowar Rule 1122 Article V signature VA Regulation SP Rule 3270 OWB Stockbrokers
 
Email Bill Singer Connect with Bill Singer on Facebook Follow Bill Singer on Twitter Link up with Bill Singer on LinkedIn Join Bill Singer on Google+