Blog by Bill Singer Esq WEEK IN REVIEW

March 11, 2023

GUEST BLOG: [In]Securities: No Silver Linings for Silver Edge:  How Not to Sell Pre-IPO Funds by Aegis Frumento Esq
Just recently, the SEC filed and settled a batch of enforcement actions involving pre-IPO shares. For those dazzled by the prospect of making a killing by getting into a company before it goes public, lawyer Aegis Frumento warns that all that glitters is not gold -- sometimes it's a Silver Edge or a nasty SEC fine.
The Financial Professionals Coalition was founded out of a sense that as Wall Street evolves, the ripple effect puts enormous personal and professional stresses on the industry's small-firms and their employees. The Financial Professionals Coalition is a resource for the 1.2 million-plus folks who work at banks, broker-dealers, hedge funds, mutual funds, RIAs, and the rest of the industry's emanations. The Coalition is designed to serve as a clearinghouse of resources in order to help industry professionals navigate their careers, and to provide such services on a diverse and inclusive basis. Our goal is to help you get answers; but, also, to help you come up with the questions that you need to ask. JOIN US!
Way way back in 2014, a FINRA member firm entered into an Acceptance, Waiver and Consent regulatory settlement involving alleged misconduct in 2010 and 2011. By 2016, the firm seemed to have run into some difficulties and FINRA expelled it. Down but apparently not out, the expelled member firm sued FINRA in federal court in 2019. In 2020, the expelled firm petitioned the Securities and Exchange Commission with discrimination allegations against FINRA. In 2021, the court dismissed the lawsuit. In 2023, the SEC dismissed the application for review. So much for that last decade. What's next? Who knows -- let's just wait and see.