Psst . . . do ya wanna know a secret? Okay but you gotta promise not to tell. There's this guy who says that he blew the whistle on a bank and he says that he's entitled to a share of something like $50 million. We're not supposed to know the Claimant's or the bank's name. It's the law. On the other hand, somehow, I happen to know his name and that of the bank. How? Well, that's one helluva a story. Read on.
Today's blog features a 2012 FINRA AWC. No, that's not a typo. Like I said, the regulatory settlement was executed in 2012. The sanctions imposed were a fine and one-month suspension. For whatever reasons, the Respondent had buyer's remorse. His anger with the AWC stewed and simmered in him until 2018, when he sued to have the settlement undone. The case raised a number of interesting and fascinating issues. See what you think.
This is a saga that starts in 2006 with alleged business expense misconduct; and then, from 2007 through 2020 moves -- or should we say slogs -- through an investigation, Complaint, hearings, appeals, remands, and appeals. In a bit of mathematical magic, we seem to have traveled twice around a circle only to find ourselves at the end of the beginning of the beginning of the end -- the amazing Mobius Strip of Wall Street Regulation.
Someone lost about $100 from a Bank of America drive-up ATM. Someone found it. That first finder wasn't a keeper. That first finder gave the $100 to a... Read On
We got a really, really busy day of news over at our companion publication the "Securities Industry Commentator." The content is free and fabulous. Wh... Read On
Recently, the SEC issued: "SEC Awards Almost $3 Million Total in Separate Whistleblower Awards" (SEC Release / February 19, 2021) https://www.sec... Read On
When I first starting working in-house at Smith Barney, Harris Upham & Company in 1982, folks in the biz thought that the industry's regulators we... Read On
GUEST BLOG [In]Securities: Instant Karma By Aegis Frumento Esq(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5702/insecurities-aegis-frumento-... Read On
[In]Securities a Guest Blog byAegis J. Frumento, Partner, Stern Tannenbaum & BellInstant KarmaHere's a question I haven't heard in decades:&n... Read On
The two reps said that the elderly customer in assisted living was their grandma or sister. She wasn't. They helped her change the beneficiaries on he... Read On