October 24, 2020
Clearly in a pensive mood and likely chafing from prolonged social distancing, Guest Blogger Aegis Frumento reflects on the states of the world and the nation. In today's provocative article, Aegis notes that Socrates wrote nothing, and that the philosopher believed the only way to approach the logos was by dialogue, by talking things through. Something written acquires the aura of authority, and Socrates did not think that was a good thing. The mind gives authorities too much importance, and closes off avenues of thought in deference to them. As Zen master Shunryu Suzuki observed, "In the beginner's mind there are many possibilities, but in the expert's there are few."
Another stunning development in the the high-profile defamation case of former FINRA National Adjudicatory Council member Christopher Brummer. The New York State Supreme Court/Appellate Division reversed several orders issued by the trial court in a set-back for Defendant Benjamin Wey et al. In one of the nastiest lawsuits in recent years, the fireworks continue.
The other day, our publisher Bill Singer had one of those moments when he read a recent FINRA regulatory settlement. It wasn't that Bill disagreed with FINRA's charges; frankly, he accepted the findings of misconduct. It wasn't that Bill didn't think that FINRA was justified in imposing some sanction; frankly, Bill accepted that some punishment was necessary. What got Bill agitated was that, yet again, the heavy hand of FINRA regulation seems to come down disproportionately upon one of the industry's little guys. Lacking in the settlement seemed to be balance. Lacking in the settlement seemed to be a recognition of the financial devastation of the COVID pandemic. Lacking in the settlement seemed to be some recognition of the existential threat currently posed to all of FINRA's small firms. On the other hand, when it comes to its small firms and the industry's associated persons, "lacking" tends to come up a lot in reference to FINRA.
READ the full-text Indictment.
Stockbroker and investment advisor Leon C. Vaccarelli got into the ring with the United States Government and thought he could go the distance against a 21-count Indictment. In the end, Vaccarelli found himself on his back, looking up at the ceiling, and being counted out. Perhaps hearing the bell for the 13th Round of a 12 Round fight, Vaccarelli continued to fight back via a Motion for Acquittal. Sometimes you just gotta know when to stay down.