by Bill Singer
Bill Singer's Analysis of March FINRA Cases Now Online at RRBDlaw.com
March 23, 2011
NOW ONLINE!
Bill Singer of RRBDlaw.com analyzes key
Financial Industry Regulatory Authority ("FINRA") regulatory cases.
March cases now posted.
http://www.rrbdlaw.com/enforcement-actions/index.php?cid=1
PIPEs: Bill Singer is no fan of PIPEs -- see, Yet Another PIPEs Hosing: Lawyer Facing 20-year Sentence and Gross Abuse: Broken PIPEs .
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FINRA recently spanked Canaccord Genuity Inc. fka Canaccord Adams, Inc. for failing to have in place reasonable information barrier procedures with respect to its PIPE business.
SIGNATURES: At least half a dozen March cases in which registered persons seem to be affixing signatures or initials to all sorts of documents for all sorts of reasons.
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In one stunning case, a broker submitted fictitious life insurance applications on behalf of fictitious clients. Why? Oh, well, you see, he was trying to meet his production quota.
MORTGAGES: Among the more asinine things that consumers do is taking out mortgages in order to invest the proceeds in the stock market. Why do they do this? Some say it's because the stockbroker recommended this strategy. Sure --that should be enough of a reason for anyone to go out and make such a risky move. Yeah. Uh uh.
IMPERSONATION: You might not be aware that many brokers have amazing talents -- beyond the mere ability to pick fabulous stocks and turn your pennies into gazillions. Some Wall Streeters have the gift of impersonation.