March 19, 2016
BrokeAndBroker.com Blog publisher Bill Singer is known as an unabashed critic of both Wall Street self-regulation and of the industry's leading self-regulatory organization FINRA. To his fans, Bill is a principled voice of reason who is unafraid of pointing out the shortcomings of what he views as a conflicted and overly-bureaucratic regulator that too often promotes the agenda of its large member firms. To his detractors, Bill is a pain-in-the-ass gadfly who simply harps about everything and anything FINRA does or doesn't do. If you ask Bill, his response would likely be that whether you are friend or foe, why don't you simply click on all the Google Ads on his blog so that he generates more income? Yes . . . Bill is a sarcastic cynic who relishes his role as one of those rare industry characters.
Getting back to today's blog, you will find Bill in the rare posture of complimenting and agreeing with FINRA on a recent regulatory settlement. You might wish to print this one out and save it. Bill is even willing to autograph today's article for FINRA and its employees at the modest charge of $15 per autograph (a personalized message will be added for an additional $10).
This offer is void where prohibited. Limit one per FINRA household. Not available in Guam or North Dakota. The terms of this offer may seem larger in your rear-view mirror. This offer does not constitute an offer, which may only be made pursuant to a written statement or via those impossible-to-read messages at the bottom of most television commercials. Brought to you by the "Harold Stassen for President Political Inaction Committee." READ
Beal Street Blues After Employee Wins Unpaid Bonuses
Some days the sun shines brightly on Wall Street. Some days it's about nothing but the blues. In a recent FINRA Arbitration case, we have a former employee pitted against his former employer firm and boss. It's the stuff of song and law. Enjoy the lovely Louis Armstrong tune at the end of the story. READ
Brummer v. Wey Defamation Case Moves Forward, Sort Of
Omigod, how much trouble can one guy get into? Financier Benjamin Wey is truly racking up the points. He's been named in an SEC case and a DOJ case and lost a lurid defamation/sexual harassment case and is now battling another defamation case brought against him in New York State court by a law professor and member of FINRA's National Adjudicatory Council. Of course, it all makes for compelling reading. In today's episode, we consider how Defendant Wey's Motion to Dismiss fared in the NYS case. By way of spoiler alert, just when you think things are all cleared up and we're ready to proceed full-steam ahead, we find ourselves drydocked. READ
Curious Case Of A Wall Street Wrongful Resignation Lawsuit
You've likely heard about a so-called "wrongful termination" in which a former employee alleges an improper firing; in today's BrokeAndBroker.com Blog, however, we have a rare mirror-image of that allegation: wrongful resignation. If you think about it, why not? After all, what's good for the goose is good for the gander, except . . . ahhh, there's that one word that causes so much friction . . .except, we have all come to accept that there are laws and rules imposed upon employers as to whom they may fire and when and under what circumstances. The fact that we all may have a good laugh about how someone gave the boss the finger on the way out the door doesn't mean that all resignations are without legal and/or financial consequence. Consider two FINRA consolidated arbitrations in which the cost of a disputed resignation ran into seven figures. READ