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
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
As heralded and trumpeted in the "Episode Notes" in "Revolutionizing the Digital Experience: Form U4 and FINRA Gateway" (FINRA Unscripted / January 26... Read On
If your pocket has been picked, your first reaction is likely shock and anger. Then you want to find out who did it and exact some revenge. More often... Read On
GUEST BLOG [In]Securities: A Worried Song By Aegis Frumento Esq(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5655/insecurities-aegis-frumento... Read On
[In]Securities a Guest Blog byAegis J. Frumento, Partner, Stern Tannenbaum & BellA Worried SongMany years ago, I took a train from Grand
Cen... Read On
As a member organization, the Financial Industry Regulatory Authority ("FINRA") only affords votes to its member firms. Indeed, FINRA is a "self" regu... Read On
Despite the hopes and wishes of many good people, corruption is the ever-unsated addiction of big government. To govern is to engage in an endless str... Read On