Blog by Bill Singer WEEK IN REVIEW

October 10, 2015

SEC Goes After Disbarred Lawyer For Investment Advisory Activity

According to the Securities and Exchange Commission's ("SEC's") Division of Enforcement ("Enforcement"), Arthur Jacobs, 56, Orlando, FL is a State of Maryland licensed CPA and with his wife co-owns Innovative Business Solutions, LLC. All in all, not too much to get worked up over - but, hold on, cause there's more . . . way more. We got allegations of securities fraud involving some $18 million. Not exactly chump change. READ

Blackstone Rocked By SEC Over Disparate Legal Fees

Who doesn't love a discount? Who wants to pay full price for anything. So . . . what happens when a law firm offers a discount to its clients? According to a recent Securities and Exchange Commission settlement, the reduced cost wound up costing a helluva a lot more than anyone seems to have contemplated. READ

Morgan Stanley Client Service Associate Trips Over Wire Request

I Keep Writing About Regulatory Cases Involving Emails Asking To Wire Funds Out Of Brokerage Accounts, And, Not Surprisingly, More Examples Of These Disasters Keep Rolling In. Maybe It's Denial On The Part Of Too Many Industry Employees. Maybe It's A Misplaced Sense Of Confidence In One's Ability To Ferret Out Fraud And Fraudsters. Whatever The Hell It Is, Some Folks Just Don't Get The Warnings. READ

Bank Employee Charged With Illegal Access Of 730,000 Accounts

When we provide our confidential information to a bank, we hope that it's kept safe. Notwithstanding our hopes, however, the headlines are filled with stories about identity theft and hacking -- and it's not a problem likely to go away any time soon. Recently, the Feds charged another financial services industry employee with taking wrongly taking information pertaining to hundreds of thousands of accounts. READ

2015 NASAA Investment Advisors Report Shows Improvement

The North American Securities Administrators Association ("NASAA") issued its biennial Investment Advisors Coordinated Examination Report, which shows a stable and somewhat improving compliance picture for state-registered Investment Advisors ("IAs") in 2015 versus the 2013 cycle. States presently oversee IAs with assets under management of less than $100 million and of the 823 reporting IAs with assets under management ("AUM"), about 72% of that population reported under $30 million in AUMs.  Notably, about 79% of reporting firms had no more than 1 or 2 IA representatives. READ


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Money For Nothing And The Stocks Are Free (Sort Of)

Pssst . . . C'mere, Yeah, You. Just Sit Down, Quietly, Don't Draw Any Attention To Us. Okay, Great, Look, I'm Working This Deal. Gonna Make Us Both A Nice Chunk Of Change. You Know What I'm Saying? What I Got Goin' Here Is Simple: I Buy Shares For Cash, Use Those Purchased Share To Collateralize The Loan That Gets Me The Cash For Those Shares, And Then We Sell The Shares And Pay Off The Lender. Everyone Makes Money. You Look Like A Sharp Guy. Can I Count You In? READ