An irreverent Wall Street Blog
by Bill Singer

BrokeAndBroker.com Blog by Bill Singer Esq WEEK IN REVIEW

February 20, 2021

(BrokeAndBroker.com Blog)
http://www.brokeandbroker.com/5702/insecurities-aegis-frumento-karma/
As guest blogger Aegis Frumento sees it, OJ Simpson's Los Angeles highway dash in his Ford Bronco and Donald Trump's speechifying to the crowd in Washington, DC may have quite a bit in common -- notwithstanding that OJ was being chased and Trump was standing at a lectern.  The causes of action change. The forums changes. The burdens of proof change. All of which means that Trump may soon learn the same lesson that OJ Simpson learned: An acquittal in one forum won't protect you in another where different claims have different proof requirements. 

http://www.brokeandbroker.com/5700/finra-awc-beneficiaries/
The two reps said that the elderly customer in assisted living was their grandma or sister. She wasn't. They helped her change the beneficiaries on her variable annuity. Go figure -- the two helpful reps wound up as beneficiaries. Of course, I wouldn't be telling you all of this unless something went amiss. Thankfully, something did.

http://www.brokeandbroker.com/5690/sec-bar-extraordinary/
Perhaps you didn't know. Perhaps you were unaware. There is a League of Extraordinary Gentlemen pounding the pavement of Wall Street. I mean, sure, you're right, it's somewhat of a well-kept secret, which I've just blown by telling you. Now that the cat's out of the bag, I'll step back and let the Securities and Exchange Commission explain the secret society stuff.

http://www.brokeandbroker.com/5688/finra-awc-structuring/
In the hustle to pay one's bills, many Wall Streeters (and their customers) have taken on second and third jobs, and are now fully enmeshed in the gig economy. With COVID still at pandemic levels, many employees want to get paid in cash (or ask a local retailer to cash their paycheck) because the local bank branch is closed or under-staffed. By the time folks are able to get to their banks or nearby ATMs, the cash payments have accumulated into a tidy sum, and the deposits are starting to trigger anti-money-laundering issues. A recent pre-pandemic case reminds us of the issues attendant to the so-called "structuring" of under-$10,000 cash deposits. 

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