Blog by Bill Singer Esq WEEK IN REVIEW

October 1, 2022
Another four-year strategic period has ticked off at the SEC, which means that it's time for the SEC's Strategic Plan for 2022 - 2026 . These strategic plans are the stuff of rumination and aspiration and wholly lacking in pragmatism and reality. The SEC Strategic Plan for 2022 - 2026 is generic. It is non-specific. It is glossy drivel churned out by folks who should be doing something worthwhile on the taxpayer's dollar. One only needs to read the 2014 and 2018 iterations of the SEC's Strategic Plan to realize the silliness of the undertaking.
Shamefully, the SEC Release fails to disclose that all Respondents were granted a Disqualification Waiver -- and even more despicably, that term is never used in the public disclosure. Even more disgraceful is how the SEC sanitized the waiver by citing it in the release as a "SEC Order - Certain Broker Dealer Practices." Certain Broker Dealer Practices? That's how the SEC describes an Order granting a Disqualification Waiver?
Presented in today's blog is a mess that started with a 2010 FINRA Arbitration Award, then moved on to the filing of an SEC whistleblower claim, then got embroiled in a dispute over whether the ensuing $27 million SEC Whistleblower Award should be divided two ways, and then prompted a Petition against the SEC's rendering of the Award. On appeal, the federal circuit court's Opinion stated that the whistleblower presented "an argument so obtuse as to be insulting." Ouch!