An irreverent Wall Street Blog
by Bill Singer

BrokeAndBroker.com Blog by Bill Singer WEEK IN REVIEW

January 31, 2015


Good intentions seem to have exploded in a banker / broker's  face, when he came to the aid of an elderly customer, who fell under the sway of a younger woman with a criminal record. When the do-gooder stepped in to protect the customer, some things he did cost him his job and then some. How come the former employer and Wall Street regulator piled on?  Some will find good cause in what was, at best, questionable conduct -- and others may simply roll their eyes and wonder if this Good Samaritan was the victim of over-zealous compliance and regulatory staffs. READ


There are lots of bad guys out there, and on Wall Street, brokerage firms need to protect not only their customers but also themselves from some of the online scams and cons.  In a recent regulatory settlement, we see how one firm was cited for not having implemented reasonable compliance policies, not asking the right questions, and not being suspicious enough. Then there are questions as to whether the regulator was asleep at the switch. READ


Another day and another email disaster at another major FINRA member firm. In the end, however, the customer is made a whole -- but the registered person is made a bit less than whole by a fine and suspension. Some good lessons embedded in this regulatory settlement. READ

Stockbroker, Advisor, Compliance, Back-Office, Regulatory, and Legal jobs. READ


Imagine that you're broke and can't afford a fabulous but high-priced regulatory lawyer like me and you need to submit a brief in response to some absolutely outrageous allegations made against you by the Securities and Exchange Commission ("SEC"). The first step you should take is to read -- quite carefully -- the exact SEC Rule of Practice that governs how a brief is to be prepared and submitted.  You didn't know that the rules got so nitty gritty? Yeah, they get highly focused. In any event, take a few minutes and read the following Rule. There will not be any pop quiz at the end of this exercise, so, just take your time and enjoy the amazing world of legalese.READ

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