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BrokeAndBroker.com Blog by Bill Singer WEEK IN REVIEW

August 1, 2015

Stockbroker Disqualified For Non Disclose Of Grand Jury Investigation

Do you know what a Target Letter is? If you don't and you're a Wall Street employee, you might want to take a few minutes and read about one registered person's tale of woe. During the relevant times, he wasn't charged with failing to disclose a felony or misdemeanor charge; he wasn't charged with failing to disclose a felony or misdemeanor conviction; and he wasn't charged with failing to disclose a felony or misdemeanor guilty plea. What he was charged with by FINRA was failing to disclose that he had been notified that he "might" be charged with criminal fraud. You didn't know that was a violation?  Ahhhh . . . maybe I just saved your career! READ

Bond Parking For Net Capital Benefit Disqualifies Brokerage Executive

Wall Street is the financial capital of legerdemain, which is a fancy term for "sleight of hand." I mean, c'mon, what lawyer isn't going to use a fancy-schmanzy ten-dollar word instead of a penny-ante one? Whether it's high-stakes trading or cooking the books, many brokerage firms are master prestidigitators (okay, I'm tossing in that expensive word for free!).  When it comes to moving assets, hiding trades, and otherwise altering books and records, many industry firms seem to feel that they're hustling on a street corner. Every so often, however, the marks in the crowd turn out to be savvy regulators who spot the Ace of Spades or figure out where the pea is actually hidden. Here is one such bit of detective work by FINRA. READ


Take a deep breath. Okay . . . ready? . . . now, start reading this sentence: First there was a dispute between a brokerage firm and an employee that was settled pursuant to a Settlement Agreement, which itself was subsequently disputed and that second falling-out apparently prompted the brokerage firm to sue its former employee, who then Counterclaimed and went through two lawyers before defending herself pro se, and, after she lost the arbitration, the whole mess wound up on appeal in federal court.

Yeah that's a mouthful! Not so much a lawsuit and an appeal as an ordeal and an odyssey through the legal system. READ

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Stockbroker Discharged, Suspended, And Fined Over $100,000 Customer Loan

This is a short BrokeAndBroker.com Blog about a stockbroker who was juggling a brokerage business, an insurance business, and the obligation to repay a customer for a six-figure loan. Sometimes ya just can't keep all the balls in the air. READ

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