EMPLOYMENT TUESDAY AT BROKEANDBROKER.COM
If you are an employer seeking job candidates, BrokeAndBroker offers the perfect Wall Street demographic of industry professionals: stockbrokers, advisors, lawyers, regulators, compliance officers, and back-office staff.
Click POST A JOB and your position will be promptly listed. | May 20 | Experienced and Entry Level Sales - Sales Representative | Insphere Insurance Solutions | Manassas, VA |
Opportunity, business development, sales representatives, building business, pharmaceutical sales, financial advisor, financial consultant, stockbroker, advertising sales,... more |
| May 15 | VP of Finance | Rivers Entertainment | Ridgecrest, CA |
Former or current stockbroker, financial advisor or other position relative to raising captial for private companies whom are in start-up mode. Must... more |
| May 13 | Branch Stockbroker - Cleveland, OH Job | Scottrade | Cleveland, OH |
to facilitate a healthy path to success. Stockbroker Priorities: * Use business development techniques to strengthen client relationships * Act as a total solutions provider using... more |
| May 13 | Stockbroker | Edward Jones | Racine, WI |
Edward Jones provides exceptional opportunities for experienced financial advisors, brokers or proven performers from other careers looking to get into the financial services... more |
| May 13 | Service Center Stockbroker - Financial Services | Web Recruiter Staffing Division | North Las Vegas, NV |
is seeking a full-time Service Center Stockbroker for the North Las Vegas, NV area. Web Recruiter seeks someone who can perform the following primary roles and responsibilities:... more |
| May 09 | Sales Representative Inside Sales | Everest Merchant Services US | New York, NY |
EMS is one of the largest credit card processing firms in the US and is seeking seasoned, aggressive, dynamic stockbrokers and traders that are looking to regain the financial... more |
| May 09 | Sales Executive | American Stimulus Funding | New York, NY |
2-804-7639 TODAY to schedule an interview and/or send your resume today. Hiring Organization: www.stimulusfunding.com EXCELLENT COMPARISON: Stockbroker, Mortgage Broker,... more |
| May 09 | FINRA Legal Extern, Enforcement (UNPAID) | Finra | Jericho, NY |
We Work to Protect Investors. Join our Team. FINRA is seeking well qualified individuals for our Legal Externship - Department of Enforcement in Jericho, NY. To be considered... more |
| May 07 | Senior Manager, Investor Relations | AFLAC | Columbus, GA |
Spread Your Wings We are the duck. We inspire and are inspired, listen and respond, empower our people, give back to our community, and most importantly, celebrate every success... more |
| May 02 | Sourcers / Recruiters (2 105435 224098) | Adecco | Mountain View, CA |
If you are an experienced Sourcer / Recruiter, we want to talk to you !!! If you have experience in technical sales or marketing or stockbrokers and accustom to making quotas,... more |
| May 20 | Stockbroker, Hedge Fund, Alt. Investment Sales, Wealth Adviser | Noci | Hartford, CT |
Stockbroker, Hedge Fund, Alt. Investment Sales, Wealth Adviser Need Experienced Hedge Fund or Private Equity Capital Raiser looking to make the transition into 3d...more |
| May 20 | Hedge Fund & Alt. Investment Sales & Marketing, Stockbroker, Financial Advisor | Noci | Palm Beach, FL |
Fund & Alt. Investment Sales & Marketing, Stockbroker, Financial Advisor Need Experienced Hedge Fund or Private Equity Capital Raiser looking to make the transition into 3d... more |
| May 19 | Branch Stockbroker | Scottrade | Cleveland, OH |
Branch Stockbroker - Cleveland, OH Job ID: 20130105-7221 Description: Your Future: Our ... to facilitate a healthy path to success. Stockbroker Priorities: * Use business... more |
| May 18 | Financial Adviser /Stockbroker | Solution Staffing | Conshohocken, PA |
our resume. Please view all of our opportunities at www.solutionstaffing.net KEYWORDS: NASD, Series 6, Series 7, Series 66, Series 63, Stockbroker, Stock Broker, Financial... more |
| May 04 | Financial Advisor/Stockbroker | Morgan Wilshire | Garden City, NY |
Financial Advisor/Stockbroker Do you have your Series 7 and are looking for the right firm to call home?When you are only involved in one area of the market, what if it does not... more |
| May 03 | Stockbroker / Account Executive | DMG Securities | Washington, DC |
This sales position entails building and servicing clientele, keeping clients abreast of pertinent market information, maintaining an in-depth understanding of the wide variety of... more |
| May 17 | Regulatory Analyst - Market Regulation, Customer Issues | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Regulatory Analyst opening in Rockville, MD . To be considered for this position,... more |
| May 08 | Regulatory Coordinator, Member Regulation, Sales Practice | Finra | Boca Raton, FL |
We Work to Protect Investors.Join our Team. FINRA is seeking a well-qualified individual for our Regulatory Coordinator opening in Boca Raton, FL . To be considered for this... more |
| May 08 | Compliance Examiner, Member Regulation, Sales Practice | Finra | Boca Raton, FL |
We Work to Protect Investors. Join our Team. FINRA is seekinga well-qualified individual fora Compliance Examiner opening in Boca Raton, FL .To be considered for this position,... more |
| May 08 | Examination Manager, Sales Practice | Finra | Denver, CO |
We Work to Protect Investors.Join our Team. FINRA is seeking a well qualified individual for our Examination Manager opening in our Denver, CO,location.To be considered for this... more |
| May 07 | Lead Business Analyst- Testing & Continuing Education/Shared Services | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Lead Business Analyst - Testing & Continuing Education/Shared Services opening in... more |
| May 05 | Test Development Editor - Testing & Continuing Education - Qualifications | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Test Development Editor - Qualifications opening in Rockville, MD. To be... more |
| May 03 | Regulatory Coordinator - Member Regulation, Sales Practice | Finra | New York, NY |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Regulatory Coordinator opening in New York, NY . To be considered for this... more |
| May 03 | Internet Analyst III, Web Services | Finra | Washington, DC |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Internet Analyst III opening in Washington, DC . To be considered for this... more |
| May 03 | Regulatory Analyst - OFDMI-Fraud | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well qualified individual for our Regulatory Analyst -Fraud opening in Rockville, MD . To be considered for this... more |
| May 03 | Director, Web Services | Finra | Washington, DC |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Director of Web Services opening in Washington, DC . To be considered for this... more |
| May 01 | Lead Developer | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Lead Developer opening in Rockville, MD . To be considered for this position,... more |
| May 01 | Financial Operations Examiner - Member Regulation, ROOR | Finra | New York, NY |
We Work to Protect Investors. Join our Team. FINRA is seeking a well qualified individual for our Financial Operations Examiner opening in New York, NY . To be considered for this... more |
| May 20 | FINRA Compliance Officer | Sicor Securities | Dayton, OH |
Sicor Securities, Inc. is searching for a Compliance Officer who will have the general responsibility of monitoring the daily activities of this broker-dealer firm and assist with... more |
| May 17 | Senior Developer - Rockville, MD - Contractor Conversion | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well qualified individual for our Senior Developer opening in Rockville, MD . To be considered for this position,... more |
| May 17 | Senior Director, Corporate Communications | Finra | Washington, DC |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Senior Director opening in Washington, DC . To be considered for this position,... more |
| May 17 | Regulatory Analyst - Market Regulation, Market Manipulation Investigations | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Regulatory Analyst opening in Rockville, MD . To be considered for this position,... more |
| May 15 | BA / PMO with Series 99 Certification(This is related to FINRA) | Sunit Tech | New York, NY |
Hello Professional, Please find the below direct client requirement and let me know your thoughts. Share updated profile to Position: BA / PMO with Series 99 Certification(This is... more |
| May 14 | Associate Analyst - Rockville, MD - Contractor Conversion | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well qualified individual for our Associate Analyst opening in Rockville, MD. To be considered for this position,... more |
| May 13 | Chase Private Client Banker - (FINRA Licenses Required | Chase | Washington |
The Private Client Banker is responsible for managing full-service banking relationships while delivering a superior service experience to a portfolio of affluent clientele. As... more |
| May 12 | Chase Private Client Banker - Mercer Island, WA - (FINRA Licenses Required - 6, 63, WA Life & Health | JPMorgan Chase | Mercer Island, WA |
Title: Chase Private Client Banker - Mercer Island, WA - (FINRA Licenses Required - 6, 63, WA Life & Health REQUIRED) Location: US-WA-Mercer Island-WM1151 Mercer Island / 42115... more |
| May 12 | Regulatory Analyst - OFDMI - Insider Trading | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well qualified individual for our Regulatory Analyst - Insider Trading opening in Rockville, MD. To be... more |
| May 12 | Compliance Examiner | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Compliance Examiner opening in Rockville, MD. To be considered for this position,... more |
| May 11 | Chase Private Client Banker - Mercer Island, WA - (FINRA Licenses Required - 6, 63, WA Life & Health REQUIRED) | Chase | Mercer Island, WA |
The Private Client Banker is responsible for managing full-service banking relationships while delivering a superior service experience to a portfolio of affluent clientele. As... more |
| May 10 | Attorney II - Member Regulation, Sales Practice Policy | Finra | New York, NY |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Attorney II opening in New York, NY . To be considered for this position, please... more |
| May 09 | Chase Private Client Banker - Lake Forest Park - Seattle, WA (FINRALicenses Required - 6, 63, WA Life & Health REQUIRED) | Chase | Seattle, WA |
The Private Client Banker is responsible for managing full-service banking relationships while delivering a superior service experience to a portfolio of affluent clientele. As... more |
| May 09 | Desktop Support Specialist | Finra | Rockville, MD |
We Work to Protect Investors. Join our Team. FINRA is seeking a well qualified individual for our Desktop Support Specialist opening in Rockville, MD . To be considered for this... more |
| May 08 | Regulatory Coordinator, Member Regulation | Finra | Smithville, MO |
We Work to Protect Investors. Join our Team. FINRA is seeking a well-qualified individual for our Regulatory Coordinator opening in our Kansas City, MO office. To be considered... more |
| May 08 | Chase Private Client Banker - NE 8th, - (FINRALicenses Required | Chase | Washington |
The Private Client Banker is responsible for managing full-service banking relationships while delivering a superior service experience to a portfolio of affluent clientele. As... more |
| May 08 | Chase Private Client Banker - Lake Forest Park - (FINRA Licenses Required | Chase | Washington |
The Private Client Banker is responsible for managing full-service banking relationships while delivering a superior service experience to a portfolio of affluent clientele. As... more |
| May 04 | Compliance Coordinator (FINRA 7 and 24 required) | MetLife | Fort Lauderdale, FL |
If you experience issues please note, compatible browsers are Internet Explorer up to and including v9 (IE10 compatibility mode), Chrome, FireFox, and Safari Job Title: Compliance... more
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Standby Letters of Credit. Bank Guarantees. Trading Platforms. Oh the crap that gets pushed on the unsuspecting and the unasked questions that too many investors fail to voice. All of which usually ends with the collision of scam and failed due diligence to produce lots of missing money. Has the SEC filed yet another such case?
Prime Bank Investment
On May 16, 2013, the Securities and Exchange Commission (“SEC”) filed an emergency action in federal court in the federal district in Atlanta, charging Robert Fowler, 51, Duluth, GA, and his company US Capital Funding Series II Trust 1 (Fowler was a “control person”), with violations of the federal securities laws for defrauding investors in a “prime bank” investment scheme. SEC v. Fowler et al. (NDGA, 13-CV-1656, May 16, 2013).
NOTE: The assertions in the Complaint are merely allegations and the defendants are presumed innocent unless and until prove guilty in a court of law.
Standby Letters Of Credit and Bank Guarantees
Since at least August 2012, the Complaint alleges that Fowler targeted foreign-born small business owners -- and seems to have put the cross-hairs on folks with limited or non-existent finance/investing experience. The purported pitch to his pigeons as set forth in paragraph 21 of the Complaint:
21. Through oral statements and related transaction documents, Fowler has entered separate investment contracts with at least three investors. The details of each investment were fundamentally the same: First, the investor wired money into a bank account held in the name of US Capital over which Fowler had signatory authority. Second, US Capital claimed that it would issue a SBLC or "bank guarantee" and, using its supposed connections with major financial institutions (e.g., "a TOP 25 Bank" such as "Credit Suisse"), would obtain a loan for the investor. Third, US Capital and Fowler claimed that the loan proceeds would be wired to a bank account controlled by US Capital, an affiliated "trader" of US Capital, or, in one instance, the investor. Fourth, Fowler and US Capital represented that they would exercise control over all or a portion of the loan proceeds in order to generate shared investment returns, sometimes with the use of affiliated "traders" and "trading platforms."
Sort of a you-scratch-my-back-and-I'll-scratch-your-back deal in which the sales of the US Capital issued product were a form of bait for securing loans for the business-owner investors. Moreover, once Fowler had arranged for the loans, he further volunteered his expertise with investing a portion of the proceeds through what he represented were affiliated “traders” and “trading platforms” in unspecified “instruments.”
Up-Front Fee
Having dangled the prospect of not only getting a business loan but also having sophisticated entree into what seemed a world of high finance promising substantial profits, Fowler alleged demanded an up-front fee from the investors for this service. Not to worry (or so the spiel went), Fowler promised that if he was unsuccessful in securing the loan that the up-front fee was fully refundable.
Blessing (in disguise)
As an extra bit of icing on this somewhat dubious cake, the Complaint asserts that Fowler misrepresented to potential investors that the SEC had "blessed" US Capital's offering. In fact, not only is the SEC not in the business of offering testimonials about investment products but there was no such blessing. Moreover, in trying to assure his targets that everything was legit, the Complaint alleges that:
19. US Capital's website, http://www.uscapitalfundingii.com/, misrepresents that US Capital "has an S&P Triple-A (AAA) rating." In fact, an unaffiliated trust by the same name actually maintains such a credit rating. US Capital's website also claims that it has assets "valued in the Trillions" and maintains "precious assets in safe keeping depositories and banks around the world[.]" In fact, US Capital does not own or control any assets, other than the funds raised from investors.
The Old Switcheroo
The Complaint alleges that starting at least by August 2012, Fowler and US Capital allegedly raised at least $350,000 from investors via the standby letters of credit/ bank guarantees loan arrangement. Allegedly, Fowler and US Capital did not use the investor proceeds as represented; rather, shortly after US Capital's bank accounts received investors' funds, Fowler spent the funds at restaurants, grocery stores, gas stations, and clothing stores, and also withdrew thousands of dollars through ATM transactions.
Bill Singer’s Comment
Please note – carefully – this stark assertion in the Complaint:
5. In fact, the letters of credit created by Fowler from US Capital were worthless, fictitious instruments, and US Capital had no relationships with financial institutions to obtain loans for individuals or entities based on letters of credit from US Capital.
BrokeAndBroker readers know that I regularly warn against investing in so-called “investment platform” or “trading platform” deals; and I often sound the alarm about any deal involving an offshore bank that is offering an opportunity to invest in some impressive sounding paper, which is only made available to some middleman and involves billions of dollars but you only need to come up with a few hundred thousand.
READ these past articles:
In a Financial Industry Regulatory Authority (“FINRA”) Arbitration Statement of Claim filed in March 2012, Claimants alleged causes of action including breach of fiduciary duty, fraud, and elder abuse pertaining to an investment in a Tenant-in-Common ("TIC") real estate investment. Claimants sought indemnification under guaranty agreements; $499,365 in damages plus interest; punitive damages; fees, costs, and expense. At the close of hearing, Claimants sought $648,737.64 in damages. In the Matter of the FINRA Arbitration Between Suzy Asad and 1999 Suzy Asad Revocable Trust dated August 20, 1999, Claimants, vs. Mamdoh Aziz Abas and ProEquities, Inc., Respondents (FINRA Arbitration 12-01167, May 14, 2013).
Respondents Abas and ProEquities generally denied the allegations and asserted various affirmative defenses. Both respondents sought the expungement of the arbitration from their records.
SIDE BAR: Although not fully explained in the arbitration Decision, online FINRA documents as of May 20, 2013, indicate that Respondent ProEquities had characterized the customers’ complaint as follows:
CLAIMANT ALLEGES THAT IN LATE 2007 TO EARLY 2008, RR RECOMMENDED THAT CLAIMANT INVEST CASH PROCEEDS OF $499,365 AND ASSUME DEBT IN CONNECTION WITH A TENANT IN COMMON (TIC) REAL ESTATE INVESTMENT LOCATED IN PHOENIX, ARIZONA. CLAIMANT ALLEGES FINANCIAL LOSS DUE TO THE TIC NOT GENERATING THE INCOME AND TAX SAVINGS THAT HAD BEEN PROJECTED. CLAIMANT ALLEGES INJURY DUE TO: VIOLATION OF SEC ACT 1934; BREACH OF FIDUCIARY DUTY; CA SECURITIES, COMMON LAW AND CONSTRUCTIVE FRAUD; UNFAIR SALES PRACTICES; NEGLIGENCE AND NEGLIGENT MISREPRESENTATION; ELDER FINANCIAL ABUSE
Award
The FINRA arbitration panel found Respondents jointly and severally liable and ordered them to pay to Claimants:
- $379,424.33 in compensatory damages plus 7% interest from February 1, 2008 to May 3, 2013;
- $68,838.06 in costs.
- $300.00 for filing fee
Bill Singer's Comment
TIC investments became increasingly popular as a way for a seller of real estate to qualify for a so-called 1031 Tax Free Exchange via the acquisition of an ownership interest in another property. Sales of fractional ownership interests to sellers of appreciated realty became an attractive business for many FINRA brokerage firms, who marketed this transaction as a way to preserve the tax-free status of a property exchange.
TIC transactions, however, have seen their share of consumer complaints. Among the most common source of friction is the alleged lack of adequate pre-sale due diligence by the brokerage firm, and the failure of the firm to reasonably monitor ongoing developments at the subject properties. A cursory glance at the litigation in this area shows disagreements between claimant investors and respondent brokerage firms as to the quality of the latter’s review of financial statements; the thoroughness of background checks involving promoters; and the validity of any appraisals done on the property in dispute.
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