An irreverent Wall Street Blog

BrokeAndBroker.com Blog by Bill Singer WEEK IN REVIEW

September 5, 2015

Stockbroker Wins Expungement Over Annuities

Yesterday, we discussed the case of a registered representative who was sanctioned by the Financial Industry Regulatory Authority ("FINRA") as a result of some alleged improper conduct in connection with variable annuities ("VAs") switches. "The Ol' Variable Annuity Switcheroo" (BrokeAndBroker.com Blog, September 3, 2015). In today's article, we consider the ordeal of a registered representative who was accused of engaging in improper sales of annuities and wound up being sued by a customer in a FINRA Arbitration. READ

The Ol' Variable Annuity Switcheroo

Few products cause more regulatory pain for registered persons than Variable Annuities ("VAs"). No one really seems to like the stuff except for the fact that, well, you know, it's sort of lucrative and most brokerage firms push the salesforce to sell a ton of it.  Among the biggest pains with VAs is when customers are sitting with an older model and there's a financial incentive to registered reps to switch the customers into something newer. Ah, and then all regulatory hell is unleashed. Read this recent FINRA settlement. READ

FBI Warns About Business Email

On August 28, 2015, the Federal Bureau of Investigation published an online article "Business E-Mail Compromise / An Emerging Global Threat." The BrokeAndBroker.com Blog regularly covers stories about electronic communication fraud and has reprinted in full-text the FBI article below. READ

For Over, Under, Sideways, Down Markets -- Hold On

To say that the last week has been a tumultuous one for the stock market would be an understatement.It's been over, under, sideways, down and one hell of a gut-churning ride, with more twists and turns ahead. Y'all enjoy yesterday's plummet? Sort of reminds you of the old Yardbirds with the comings and goings of guitarists Eric Clapton, Jeff Beck, and Jimmy Page. The world was coming to an end when Eric left and was replaced by who? When Jeff moved on, we knew that we were never going to find the likes of another Eric or Jeff -- Jimmy who? All of which reminds us of the power of creative destruction and the need to embrace change, even if it's scary. So, enjoy whatever the next several tradings sessions may bring. READ and LISTEN to the BrokeAndBroker.com Blog's pre-Labor Day Holiday musical extravaganza with guests the Yardbirds and Alabama Shakes.

EMPLOYMENT TUESDAY At BrokeAndBroker.Com


Stockbroker, Compliance, Legal, and Regulatory Jobs

searchable by title, skills, job, city, state, zip, and company



NOTICE TO EMPLOYERS: BrokeAndBroker.com 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.  

Only $50 for 30 days!

Unregistered Activity Proves Katalyst For FINRA Settlement


Does she need to be registered with your FINRA firm in order to do that? Does he need to be registered with your FINRA firm before you can pay him a fee? Such registration issues often bedevil member firms and their compliance/legal staff. Unfortunately, it's not always a simple "Yes" or "No," and by the time you recognize that registration may be necessary, the subject individual has often crossed the line and dragged the brokerage firm into a quagmire. Consider this recent FINRA registration settlement. READ

Permalink

Search BrokeAndBroker

Related Topics

Previous Entries

No Headlines Found

Tag Cloud

Bill Singer BrokeAndBroker FINRA Arbitration AWC SEC BrokerAndBroker Expungement Guest Blog Guest Blogger Aegis Frumento OBA Wells Fargo U5 BrokeAndBroker CRD InSecurities OHO Email Morgan Stanley Defamation U4 NAC ALJ Merrill Lynch BrokerCheck PST Supervision Whistleblower Statutory Disqualification Securities Industry Commentator Rule 3270 Suitability DOJ SDNY Promissory Note Rule 2080 Elderly Rule 2010 Willful WSP OIP Form U4 Wire Fraud Pro Se Rule 8210 EFL UBS Expenses RIA Form U5 Dodd Frank Stephen Kohn Business Expenses TRO Discretion Rule 1122 Bar Willfulness IRS Bank JP Morgan Fraud Discovery Wife Trump Ameriprise Husband NASD Bill SInger FAA Rule 3240 Borrowing Small Firm Conversion Supreme Court Rule 3280 Crypto Edward Jones Margin Wrongful Termination IRA Raymond James CCO Insurance 2Cir Estate Frumento Corrective Action Statement Outside Business Activities Stay Rule 12206 Mail Fraud Schwab arbitration Punitive Damages Tax LPL Promissory Notes Customer Bankruptcy Beneficiary Explained Decision TD Ameritrade Felony COVID Remand Citigroup Motion to Dismiss Options BrokeAndBroker.com Commissions Settlement Trust Case In Point OWB Injunction CFTC ACQ Board DCCir Rule 4511 OTR Initial Decision Retaliation Blockchain Sanctions Rule 3040 Tax Liens Ponzi Rule 2510 Wall Street Motion to Vacate Burris Due Diligence Forgery Spouses 9Cir Rule 4530 Discrimination Jurisdiction Eligibility Rule Unauthorized Discretion Reg SP Personal Expenses Unsuitability Offer of Settlement Rule 12200 Solicitation Outside Business Activity FBI Mandatory Arbitration SRO Insider Trading Bank of America Rule 3010 Compliance Failure to Supervise Checks NYSE Barclays Annuities Manifest Disregard ETF CRS Goldman Sachs Private Securities Transaction Divorce Disgorgement Loan Dissent FINRA Board Rule 3110 10Cir Class Action Cease And Desist PCAOB Fiduciary Conspiracy email Trustee Board of Governors Impersonation Power of Attorney Reimbursement Rule 9552 Credit Card IAR expungement VA Broker Protocol Unfair Competition Spoofing Spouse Cryptocurrency Customer Complaint Liens AML Zipper Emails Annuity Away Account T&P Tax Lien JPMorgan Complaint Indemnification Retirement Wey Disclosure Lucia SDFL Kokesh Due Process POA BD Breach of Contract Appeal MC-400 4Cir Lien Bitcoin Rule 12904 Willfully Coronavirus Public Interest Unauthorized Trading Postponement Racism BOP Severance REIT 3Cir Indictment Elder Abuse Securities Fraud Vacatur Fees Antitrust HFT Brummer Exhaustion of Administrative Remedies Dakota Securities Rule 12805 CMA Net Capital Test Motion to Confirm Rule 2111 Signature Covid Hilton Weiner Whistleblowers Wire Rule 3050 WSPs insecurities guest blogger guest blog aegis frumento Rule 2150 Employment Sexism Whistleblowing Statute of Limitations Marijuana PNC RR Suspension Gensler NASDAQ Deceased Widow Private Securities Transactions Examination Bureau of Prisons Money Laundering OIG BrokeAndBroker.com Blog Robinhood Stifel Nicolaus Sanction Guidelines Deutsche Bank PIABA Loans Bonus Rule 2081 Apple Stifel Signatures DNJ Non Solicitation Audit Will DOL Puts Bonds Leggett Puerto Rico Rule 13200 Preliminary Injunction Confidential Information Enforcement 11Cir Botkin Rule 4513 Misdemeanor Charles Schwab Self Regulation Great Recession OSHA Elder Fraud Mortgage TOD Absolute Immunity JPMS Margin Call Unjust Enrichment Mutual Funds CPA Membership Continuance Credit Suisse Statutory Disqualification Committee Hacking Registration Commission Unsuitable Small Firm Governor NoCA Website Rationale Diversity 1Cir supervision NDCA TheBlot Exam Pennystocks Standing Appointments Clause Arbitraiton Undisclosed Settlement ADA JPM Test Center Passcode BrokeAndbroker Inability to Pay RBC money laundering Mother IPO Finra Election Away Accounts Scottrade Immunity Rule 2210 Testimony Real Estate Robert Cook Annual Compliance Questionnaire AAA TCR Feigenbaum Spoliation Cannabis Statement of Corrective Action WB-APP Rule 13805 Waiver 6Cir Trade Secrets Written Supervisory Procedures 9/11 securities industry commentator State Actor E*Trade Rule 12504 Concentration Reg S-P Bandimere BrokeandBroker Extraordinary Cooperation Rule 9554 CEO Excessive Trading Sexist Affiliate Variable Annuities Michael King Biden Variable Annuity Hurry Sarbanes Oxley Form ADV brokeandbroker FINOP Compensation Imposter Michael King Associates Tortious Interference Solicited Irreparable Harm Restitution Johnny Burris Newman Superior Court FMLA Unsolicited DMD NRF Wachovia Facebook Star Wars Series 7 Medical Condition BrokeAndBroker Bill Singer FINRA Small Firm Rule 12212 Termination Fidelity Hester Peirce DDC Churning Conflict of Interest EDNY Ethereum Administrative Remedies Circuit Court Taxes Confidentiality Trading Platform Customer Information Non-Solicitation Subpoena Default Motion to Compel Sharemaster Financial Professionals Coalition Beneficiaries Research Sexual Discrimination ICO Talman Harris High Frequency Trading Pennystock Self Reporting Constitution Continuing Education Life Insurance Scottsdale 10b-5 Customers McDuff Self Directed PAQ Kon Social Media Marines Vietnam Marine Corps Honorarium Whitman Relevant Disciplinary History Consent Order Ride the Thunder Employment Agreement VIX IM Mutual Fund Service Hugh Hewitt Funds Rule 3030 Wanger Extraordinary Circumstances Stipulated Award Internet Rule 3310 Flash Crash Boycott Saad RMBS Hearing Sexual Harassment Government Accountability Project Information NSF SunTrust Cheating Check Kiting Guitron Obstruction RICO Lawyers Debit Card Wedbush Yesenia Guitron Testing ATM 5Cir Probate Respondeat Superior Privilege FNMA FINRA AWC Private Placement Dementia Scholander Interactive Brokers FOCUS Layering Nondisclosure Annual Audit Falsification 17a-5 Check JP Morgan Securities Guest Bloggers EEOC Lawyer Morgan Stanely Federal Reserve Chevron Son Revocation Capital Gains securities fraud Conflict SP Pension Prudential Oral Discretion Shah Gilani Slander Charity Penalty OWWP Hedge Fund Confirm Disciplinary History wire fraud Attorneys Fees WBAPP GameStop mail fraud Amazon Client Information Gamification Regulation SP Outside Counsel Fiduciary Duty Rory Flynn Acosta DCO Rule 1210 Blackbook Forex Executor Relevant Transamerica Liquidation NY Life Res Judicata Offset Puerto Rico Bonds Permanent Bar ARS Form TCR CDO SD FCI Rule 13504 Death Peirce ACH Joint Account Over Concentration WhatsApp Tesla FCI Beaumont FAP Zoom Texting Newport Coast Securities LLC Jennifer Tarr Obstruction of Justice Christian Stanley Rule 21F Arbitration Civil Rights Unauthorized Practice of Law Taft Correctional Institution Cold Spring Advisory Group Reverse Life Insurance Lehman Third Party Vendor Deferred Compensation Bear Stearns Oppenheimer Rule 13104 MSSB Elder Law 40 Act Withdrawals Rule 2430 Expert Witness Leveraged ETF Google OCIE Crime Embezzlement Control Person Non Solicit Securities America Libel Pruco Time And Price Commodities Fraud Verbal Discretion For Cause Book of Business First Amendment fraud NYG Capital Turnover EDPA bill singer Counterclaim Subject Matter Jurisdiction Tennis Court Mistake Trade Practices Oilpro Charge Rule 13904 Rule 12104 Calls Cantor Fitzgerald Allocation Compliance Questionnaire Trading Jay Clayton Retired Woman With Cane 10b-10 Constructive Discharge Rule 3210 Johnson Purshe Kaplan DAO Powell wrongful termination AWC. FINRA FINRA Arbitration Teleconference Finder\'s Fee Rule 12203 Hotel Jarkesy Nationwide ESOP Kierkegaard Motion Reason for Termination LIBOR AXA YouTube Administrative Process SDOH Non-Disclosure ESG CE Fernandez Trader Tax Advice Pham Panama Telephone Vungarala Cherry Picking Expulsion Lorenzo Nicolas Corcione Fundacion Nicor Ten Commandments Credit Cards SDCA Retroactive Bar Collateral Bar Municipal Advisor Fine Financial Disclosure Retroactive Pershing GME FNI Media sexism NRSRO DRS NFT Section 1332 Exception Reports Schottenstein Bartko FINRA Foundation Negligence Private Placements ALJ Grimes Third Party Beneficiary Transparency JOBS Act Last Known Address QuadrigaCX Mantar GAP Rule 21F-17 In House Counsel CD NYAG Communications Undertaking expenses Promoter SLUSA Accounting JAMS In Connection With Deceased Customer MAP reimbursement TSSB HSBC false statements AMC Rule 13206 Reg SHO DMCA Gross Ruder Task Force Confidential Audit Committee Sharing Agreement Books and Records Kiting Rule 144 VXX Corporate Governance Motion to Compel Arbitration Back Dated Equity ACT! Tysk Altered Apartment Particularity Declaratory Judgment Rule 13212 Lek Rule 13201 Ethics Court of Appeal Orders Daspin Rule 2140 APA Title VII Motion to Exclude Section 206 PSRO Joint Production Discharge Exception Report Salman Stephen A. Kohn Self Regulatory Organization Investment Advisers Act Kent Transitional Bonus UIT MSPB Ruemmler Production Bonus Burden of Proof Notice Alcoholism Jury Instructions Harris finra Confirmation NPI Sterne Agee ALJ Foelak NMS Covid-19 Shotgun Pleading Risk Romer Article V Motiion to Acquit Fraudulent Inducement Grievance LOA annuities Wires Crowdfunding Hacker Confidential Customer Information defamation Rule 12511 Bob Dylan Data Meals Office of Special Counsel Escrow Clearing Firm Bill singer Unauthorized Trades Stipulation Reasonable SIFMA S&P Microcap elderly Motion to Postpone Electronic Communications Fidelity Brokerage Services Public Arbitrator Dostoevsky Bezos Municipal Bonds Berthel Fisher ETFs Expert EDVA FOREX Currency CNBC Income Capitalism No Show Series 79 Guardian Punitive Cryptocurrencies PN Exotic ETF Clayton Lexicon Reg D Ecuador Production Hayden Newbridge MDLA Daughter Witness Tampering JPMorgan Chase NYLIFE Non-Solicit Rule 420 Voya Principal Quasi Governmental Exemption Non Compete College Solomon Day Trading Disability Regulation Elon Musk Restaurant Private Actor Disparate Treatment Abstention AI Chief Compliance Officer Willfull Nietzsche Bequest Rule 2330 Rule 9216 Unregistered Fee Conflicts Rule 1031 Game of Thrones whistleblower Initials Perjury Investment Adviser Howey Harassment Vaccarelli Led Zeppelin Broke And Broker Judgments Traders Exhaustion Doctrine SIE Success Fee TradeStation ADR