An irreverent Wall Street Blog
BrokeAndBroker.com Blog by Bill Singer WEEK IN REVIEW
February 21, 2015
This BrokeAndBroker Blog presents that most sought after of elusive goals: the Expungement. One determined registered person goes the distance to clear his name. It's an interesting case with a strong rationale presented by the Panel. It may also be one of the last -- if not the last -- to sneak in under the FINRA Rule 2081 deadline. On the other hand, it's what they left out of the Arbitration Decision that caught the attention of veteran industry lawyer Bill Singer. READ
In 1997, a registered representative settled allegations of industry misconduct pertaining to 1994 acts. He took a sit-down for 30 days and paid a fine. Perhaps he didn't care all that much because in 1996 he left the biz, never to return. Fast forward a couple of decades and, lo and behold, that former respondent does care because he finds the allegations against him permanently archived online. He sues. How did it turn out? READ
It would be nice if, in fact, our best-laid plans were fool-proof; alas, there is an abundance of fools that simply overwhelm us. When someone finds a way around our attempts to protect investors, Wall Street is forced to re-think (or, so we would hope) its policies and procedures. The industry needs to be ever-vigilant in adapting and implementing better detection and deterrence. Optimally, the Street has two lines of defense: first, in-house compliance; and, second, the regulatory community. A recent case involving an altered letter should prompt Compliance Departments to review their own policies and to implement better procedures. READ
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