In today's BrokeAndBroker.com Blog, we consider a case in which the Securities and Exchange Commission ("SEC") alleges that an unregistered company engaged in unregistered broker-dealer activity - that's about as bread-and-butter an SEC enforcement matter as the federal regulator could possibly handle. Notwithstanding the seemingly plain vanilla nature of this matter, there are a number of interesting twists and turns. READ
It is among the most common calls that I get from industry clients. They were involved in some dispute or incident, and the police were called, and something happened but they're not exactly sure what the legal term is, and now they think that they may have to notify their brokerage firm of the event, and they may also have to amend their Form U4, and . . . Well, so it goes. Bill, what the hell do I do and how should I disclose it? Sadly, it's not always an easy question to answer, particularly when the caller is so excited that he or she isn't able to answer some basic questions: Were you arrested? Were you charged? Were you convicted? Did you plead? Were the charges dismissed? In today's BrokeAndBroker.com Blog, we examine an even more tortured fact pattern involving an individual who was charged with a misdemeanor and two felonies and managed to resolve the whole mess on fairly favorable terms -- but then bungled his Wall Street disclosure obligations. READ Looking To Change Jobs? Wondering What You're Worth In the Market? Check Out the BrokeAndBroker Employment Page. Wall Street Legal, Regulatory, Compliance, Back-Office, Investment Advisor, and Stockbroker Listings.