Not a particularly dramatic month but a number of interesting new FINRA disciplinary cases.
FINRA busted a trader for running the old Best-Bid-Best-Offer scam. First you post a limit order through the prop account. Then you place a non-displayed order to cross the markets. Then you're off to the races.
We also have a wonderful example of regulatory doublespeak: It's no longer stealing. No, now it's withdrawing cash without permission from a bank! (Tucay)
Also looks like some analysts know how to write but maybe not how to read...at least not how to read the Research Rules. Still got some clowns doing personal trades against their published recommendations, and also persisting in opening non-disclosed away accounts. (Wu, Kuklinski, Almendinger)
And one of our all-time favorites is resurfacing -- the impersonation of a customer over the phone. (Heiselman)
Finally, did you hear the one about Lehman Brother's
nearly $1.5 billion net capital error? I didn't. Sort of surprised
that there wasn't more of that made in the Press. (Lehman Brothers)
Upon first glance, today's featured litigation seems little more than a garden-variety torts case. In August 2018, Plaintiff Pagliara sued Defendants ... Read On
In today's featured FINRA regulatory settlement, we come across the case of a Merrill Lynch employee who signed off on agreements without apparent aut... Read On
Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., agreed to pay $3 billion to resolve their potential criminal and civil liability... Read On
[In]Securities Guest Blog: Something Built to Last by Aegis Frumento Esq (BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5075/aegis-frumen... Read On
Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/507... Read On
[In]Securities a Guest Blog byAegis J. Frumento, Partner, Stern Tannenbaum & BellSomething Built to LastA few years back I received a gift of... Read On
In today's featured case, we have a dispute involving a customer's sales of shares of microcap Cannabis Science, Inc. ("CBIS") https://... Read On