Blog by Bill Singer WEEK IN REVIEW

September 17, 2016

OPEN CALL For BrokeAndBroker.Com Blog Guest Contributors

If you would like to pitch a Guest Blog for the Blog, please send a brief outline of the proposed article to I don't open attached files from unknown senders, so make sure that your pitch is in the text portion of the email. I welcome all views and perspectives, even when they erroneously conflict mine. 

Please do not send me puff or marketing pieces. I am accepting serious regulatory/legal/compliance commentary or thoughtful observations about investing and market trends. Customer advocates and unrepentant industry apologists are all welcome. There is no compensation offered; however, I am happy to include in any article your direct contact information and professional biography. See these recent GUEST BLOGS:

If you can demonstrate a responsive audience for your musings, I will even consider a permanent column for you on my site. If you've got the writer's itch, scratch it at the Blog. Send submissions to:

FINRA Rule 12200: Arbitration Under an Arbitration Agreement or the Rules of FINRA raises two pertinent questions that must be asked when industry respondents are confronted with public customer claimants:
  • Who is a  "customer;" and
  • Whether the dispute "arises in connection with the business activities of the member or the associated person."
Public customer claimants continue to argue for an expansion of the definition of "customer," whereas broker/dealers and associated persons take a contrary view; notwithstanding, most courts that have visited the issue now provide a working definition. READ

At first, today's Blog case may strike you as boring. It's about a 71-year-old financial principal of a broker-dealer and his settlement of regulatory charges with the Financial Industry Regulatory Authority. What folks love about BrokeAndBroker, however, is that we do the dumpster diving and pick through the garbage. By way of shameless titillation and enticement, how about I throw into the mix of facts about this case the following: missing money, a girl friend, heroin for sex, and a number of funny checks. Not so ho hum anymore, is it? READ

You know that movie where the bully comes after the apparent weakling who, as it turns out, is a 400th Degree Black Belt in Kung Pao Fu You karate, and after backing up several miles in the face of the bully's onslaught, the skinny hero finally stops backing up, turns around, and, amazingly, delivers a beat down? If you haven't seen the film, it should be available by streaming or DVD in a few more days (does anyone still buy DVDs?). Speaking of unexpected whoopins, Charles Schwab picked on the wrong former employee in a recent federal case and FINRA arbitration. READ

Marvin Gaye asked, as only Marvin could: Can I get a witness?  And that question attracted additional interlocutors in the form of Dusty Springfield, the Rolling Stones, SonReal, and others.  In a recent Financial Industry Regulatory Authority arbitration, a husband on his way to seeking a divorce asked if he could get an expert witness in his case against his wife. The stockbroker who apparently serviced the couple's joint account at Wells Fargo apparently answered the call. Oh my . . . this is going to turn into one hell of a mess but with a great soundtrack! READ

Grandeur plays well on the big screen and on the pages of many a novel, but, in truth, it is often nothing more than a little stumble that sends us careening off the path, into the ditch, and over the cliff. Reputations, careers, and lives are often destroyed by acts of silly stupidity and outright nonsense. In a recent regulatory settlement, we witness the devastation of a trifling decision to fob off personal expenses as business ones.  If you listen carefully, in the background, you can hear Destiny's Child singing. READ