By Bill Singer
Bill Singer’s analysis of the just-released January 2009 Financial Industry Regulatory Authority (FINRA) cases is now online at
http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2009.htm
Lots of cash seems to be changing hands between brokers and customers these days. We have a number of cases where brokers are paying customers hush money not to file complaints or to settle some embarrassing issues. On the other hand, we have a couple of folks who got sanctioned for lending money to their customers! Don’t believe it? – well, read the Tipton and Chiappetta cases.
Then there is the ever troublesome Taping Rule that is supposed to force certain firms to monitor brokers’ telephone conversations. Read about one firm (Carlton Capital.) that essentially set up a porous system that allowed brokers to erase their calls.
And then there is the somewhat humorous (painfully so) case in which one, Stephen Colley Harris, actually cut and pasted signatures onto forms—and then submitted the documents.
http://rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2009.htm
Also, Bill appeared (albeit very, very briefly) on Wednesday's Marketplace radio (National Public Radio) to comment on the status of Treasury Secretary nominee Geithner. You can hear or read Bill's comment online at:
Marketplace Morning Report: Geithner Faces Probe on Personal Taxes (January 21, 2009)
http://marketplace.publicradio.org/display/web/2009/01/21/geithner/