Blog by Bill Singer Esq WEEK IN REVIEW

November 16, 2019

( Blog)
As the old "light bulb and coffee cake" tale is told, a brokerage firm customer (often a widow) is befriended by the stockbroker who had handled her former husband's transactions. The widow regaled her family and friends with stories about how the charming, young stockbroker came to her home and changed the light bulbs she could not reach, brought her a coffee cake, and picked up the brokerage statements that he told her not to worry about and leave for him to review. After the widow's death, when an accountant reviews the estate assets, a lot of curious trading is disclosed, much of which seems to be churning or unsuitable. Then there are a number of unexplained outbound wire transfers to some unknown destination. As if those revelations were not distressing enough, it often gets worse when it turns out that the stockbroker was listed in a recently revised will as the deceased's sole beneficiary -- or the stockbroker's spouse was so listed. aegis frumento/
As Guest Blogger Aegis Frumento reports, a $125 million gift from the W.P. Carey Foundation bought the naming rights for what used to be Penn Law but is now Carey Law. Many in the Penn Law/Carey Law community are up in arms about the renaming. To be a graduate of Penn Law carries a certain cachet that Carey Law lacks, they say. As reported in the campus newspaper, "More than 500 students and alumni have signed a petition demanding the school revert its short-form name from 'Carey Law' back to 'Penn Law,' arguing that employers will not recognize the new name, and the prestige of the 'Penn Law' name will help them with their careers."

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer

Greenfield Woman Sentenced for Conspiracy to Hide $486,000 from Federally Insured Financial Institution (DOJ Release)

[In]Securities Guest Blog: What's My Name? by Aegis Frumento Esq ( Blog)

OATH Corporation CEO Sentenced For Wire, Tax, And Bankruptcy Fraud (DOJ Release)

FINRA Requests Comment on a Proposed Rule to Limit a Registered Person from Being Named a Customer's Beneficiary or Holding a Position of Trust for or on Behalf of a Customer / Comment Period Expires: January 10, 2020 (FINRA Regulatory Notice 19-36)

FINRA Fines and Suspends Rep for Exercising POA in Relative's Away Account. In the Matter of  John Steven Mullaly, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep for Borrowing from Customers.  In the Matter of Ralph G. Adamo, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep for Check Kiting. In the Matter of Rockney F. Garcia, Respondent (FINRA AWC)