WEEKEND UPDATE from Bill Singer, Street Sweeper and BrokeAndBroker.com

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  Courts Sustain Wells Fargo, Morgan Stanley, and Merrill Lynch Away Account Denials

  In McDaniels, et al. v. Wells Fargo Investments, LLC, et al. (9th Circuit, April 10, 2013), Plaintiffs are former employees of Wells Fargo, Morgan Stanley, and Merrill Lynch:

  • Douglas McDaniel and Bryan Clark are former Wells Fargo financial advisors (Wells Fargo Investments, Wells Fargo Bank, and Wells Fargo Advisers collectively [...]
• Small Fish Fry On Wall Street

  For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Robert David Smith submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. [...]

• New SEC Identity Theft Rule Warns Of The Suspicious Jabberwock

  Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, in February 2012, the Securities And Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") jointly proposed rules requiring certain regulated entities to adopt and administer identity-theft red flags programs. These [...]

• Line Between Signature And Forgery Trips Up Former Wells Fargo Broker

  For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Frank J. Pingatore, III submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which [...]

• Second Circuit Pounds Last Nail Into Madoff Plaintiffs' Coffin

  In Molchatsky, et al. v. United States (2nd Circuit, 11-2510 April 10, 2013), Plaintiffs were investors victimized by Bernard Madoff and Bernard L. Madoff Investment Securities LLC. Plaintiffs sought to hold the United States liable for the United States Securities and Exchange Commission (the "SEC"). employees' failure to detect [...]

• UBS Loses Lawsuit After Former Employee Calls Firm Immoral and Unethical

  In Statements of Claim filed in July 2011, Claimant UBS asserted breach of contract; common count for money lent; common count for account stated; and unjust enrichment concerning separate November 2008 promissory notes. Claimant UBS sought against Respondent Kirwan and Respondent Meninger, $300,407.85 and $185,287.19, respectively, in [...]

• Former Wells Fargo Broker Swallows Bitter Pill After Pharma Sales

  For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, John K. Woch submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. In the [...]

• No Error Of Margin In $25 Million UBS Lawsuit

  Ah yes, the perennial margin dispute finds its way onto yet another court docket. Once again we are confronted with the clash between what a customer thinks and expects, on the one side of the legal caption, and what a brokerage firm discloses and disclaims, on the other side of the "versus."

• Bill Singer
• Street Sweeper
• BrokeAndBroker