October 26, 2009
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Veteran regulatory lawyer
Bill Singer's analysis of recent FINRA cases is now online at http://RRBDLAW.com.
Make sure to click on the links to read Bill's commentary about
these matters and more.
http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2009.htm
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Katherine Eileen Weems improperly accepted
about $250,000 in gifts from a client of a registered
representative for whom she was working. Among her
sanctions, she agreed to fully and freely cooperate with
FINRA's ongoing investigation, including providing
truthful testimony if requested.
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Talk
about waiting for another shoe to drop. This case seems
pregnant. I mean, after all, how many clients toss
around a quarter of a million in gifts? And what's up with
the agreement to "fully and freely cooperate" in
an ongoing investigation? |
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Anthony Basir Shakoor improperly posted
messages to an electronic bulletin board using the email his
member firm assigned to him, which identified him to other
users as an employee of his member firm.
|
Registered
Representative are increasingly running afoul of electronic
communications rules. Sometimes, folks are so used to being
online that they don't realize they are posting prohibited
content. Other times, folks are simply shocked to
learn that FINRA can regulate their online communications. |
| Jason
Read Richmond created fictitious trade confirmations and
used them to support proof of claims filed in class action
lawsuits to recoup settlement claims in excess of $85,000 to
which he was not entitled. |
Is
this case an example of FINRA stretching itself too
thin? |
| Michael Keith
Paul's firm warned him not to exercise discretion in
customers' variable annuity sub-accounts and required him
to sign a warning letter. Notwithstanding that Paul had had
verbal authority from the customers he was still fined and
suspended. |
Despite
the open-and-shut nature of this case, FINRA gets some
brownie points for providing additional details that sets
this case in its fair and proper perspective. Read how
negotiating the inclusion of additional information as part
of a regulatory settlement can make sense. |
| John
Christopher Nori denied to NYSE Regulation examiners that
the branch office he supervised employed non-registered
cold-callers and that they used telemarketing scripts when,
in fact, there were interns at the branch office engaged in
those activities. Also, Nori instructed his staff at the
branch office that, if asked, the employees were to tell the
examiners that there were no approved interns employed at
the branch office. |
Remember
the '80s and '90s when this type of thing was common at
boiler-rooms? Hopefully, we're not returning to those
days |
| Neal
Anthony Impellizeri was just fined and suspended by FINRA's
National Adjudicatory Coucil for omitting material
information regarding OTCBB securities. |
Given
the brief description, you would think that there would not be
much in this case to get Bill Singer in a lather. Thank
again. |
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http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2009.htm
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