Blog by Bill Singer WEEK IN REVIEW

May 2, 2015

Working The SEC System From Prison

You had your day in court. You lost. You didn't plead guilty to the criminal charges but chose to throw the dice at trial. Unfortunately, a jury convicted you. Now imagine that you were in the brokerage or investment advisory business and the underlying crimes involved frauds involving your advisory role and financial institutions. How difficult do you think it would be for the Securities and Exchange Commission to bar you from the biz? How long a process do you think would be involved?  Today's Blog might surprise you. READ

On April 27, 2015, the Securities And Exchange Commission ("SEC") announced it was denying whistleblower awards to one individual who claimed eligibility under five covered actions. READ

BREAKING NEWS: Supreme Court Vacates And Remands Mach Mining EEOC Case

A woman applied for employment as a coal miner with Mach Mining, LLC but was denied employment. As a result, she filed a complaint with the Equal Employment Opportunity Commission ("EEOC") in which she alleged that the decision not to hire her was improperly based on considerations of her sex. In response to her complaint, the EEOC investigated and found reasonable cause to believe that Mach Mining had discriminated not only against the Complainant but also a class of similarly situated women. The employer was notified of EEOC's determination in a letter and the Complainant and the firm were invited to pursue dispute resolution; however, the record does not disclose that an EEOC representative ever contact either part in order to prompt the process.  About a year after the letter was sent, EEOC notified Mach Mining by second letter that the conciliation had proven unsuccessful and further efforts were deemed futile. Following that pronouncement, EEOC sued Mach Mining in federal district court alleging sex discrimination in hiring.  READ

It was with great sadness that I learned last night that Jack Ely, 71, had died. That name may not ring a bell for many of you. Ely was the lead singer for the Kingsmen, a rock and roll group whose 1963 hit "Louie Louie" was one of those tunes that kids sang endlessly and parents never quite understood. Of course we kids never quite understand most of the words but we did know that the mumblings were dirty words, and, geez, did we make up some really awful lyrics. For those of us now of a certain age and from that Age of Aquarius, we only need to hear the first few opening bars of Louie Louie and they magically transport us back to a different time . . . our time. READ

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Ya got yer UBS -- which was the Union Bank of Switzerland. Ya got yer USB thumb drive -- which is a Universal Serial Bus. What happens when you combine UBS and USB?  For one enterprising stockbroker, it was a convenient way to transfer customer information. For FINRA, it was a violation. READ