An irreverent Wall Street Blog
BrokeAndBroker.com Blog by Bill Singer WEEK IN REVIEW
August 19, 2017
Negligent Market Manipulation In OTC Stock Promotion http://www.brokeandbroker.com/3561/finra-otc-manipulation/
I concede that much of the content in the BrokeAndBroker.com Blog is of the "dog bites man" variety. That should be understandable. There just isn't much point in continuing to post the same drivel about recurrent violations with similar fact patterns and similar arcs from investigation through settlement. You seen one, you seen them all. General Francisco Franco is still dead.
Notwithstanding my desire to report about the edgy, the oddball, and the shocking, every so often I do come across a regulatory document that is so well crafted that I feel compelled to acknowledge its stunning beauty and pause to honor one of those rare moments when the dull prose of Wall Street regulation is rendered lively, informative, and worthy of a compliment. Today we feature just such an offering: a regulatory settlement from FINRA. READ http://www.brokeandbroker.com/3561/finra-otc-manipulation/
A Stockbroker, Her LLC, And Her Customers' Loans (Or Investment?) http://www.brokeandbroker.com/3560/finra-loan-awc/
Today's BrokeAndBroker.com Blog is akin to the Sunday crossword puzzle. There are some killer questions and arcane references and that word "Polish," which you thought had something to do with the Eastern European country, was actually a word that had to do with liquid that you put on your nails. As you sit down today to read our publisher Bill Singer, Esq.'s analysis and commentary of a recent FINRA regulatory settlement, be prepared to be challenged. What's a person? Does it include an LLC? Did a registered rep get a prohibited loan from her customers or was there a wrinkle in there given that an LLC was involved? READ http://www.brokeandbroker.com/3560/finra-loan-awc/
7th Circuit Affirms Spoofing Conviction http://www.brokeandbroker.com/3558/ripple-7cir-spoofing/
In 2014, Michael Coscia was indicted by a federal Grand Jury for his alleged $1.4 million spoofing and commodities fraud scheme, which occurred in 2011 and involved gold, soybean meal, soybean oil, high-grade copper, Euro FX and Pounds FX currency futures. Coscia's prosecution was trumpeted by the United States Department of Justice as "the first federal prosecution nationwide under the anti-spoofing provision that was added to the Commodity Exchange Act by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act." After a seven-day trial, Coscia was convicted on all counts and, thereafter, sentenced to 36 months in prison followed by two years of supervised release. On appeal, the United States Court of Appeals for the Seventh Circuit affirmed his conviction and sentence. READ http://www.brokeandbroker.com/3558/ripple-7cir-spoofing/
SG Americas Employee Wins (Sort Of) FINRA Employment Arbitration http://www.brokeandbroker.com/3557/sg-americas-arbitration/
You just watched a 12-round world heavyweight boxing match. It went the distance. You could argue that either fighter won -- it was that close. The ring announcer says that the three judges declared the challenger the victor. Half the audience is outraged. The other half is elated. The Press clamors for the breakdown: how many points were awarded in each round? The announcer says that the cards will not be released. The points awarded per round will not be disclosed. Chaos erupts as chairs start flying into the ring. Now, let's consider a recent FINRA intra-industry Arbitration. Yeah, I know, that's one hell of a segue. READ http://www.brokeandbroker.com/3557/sg-americas-arbitration/
In a recent FINRA arbitration, a former J.P. Morgan Securities associated person sought over $800,000 in damages from the alleged damages to his book of business. It all set up as a fascinating dispute. Unfortunately, it ended in what seems a fizzle. Julius Caesar famously said "I came, I saw, I conquered." In this case, we have the Claimant and his counsel essentially saying "I came, I couldn't come back but I tried but I couldn't make it and asked for an adjournment, and, I lost." READ http://www.brokeandbroker.com/3556/finra-childbirth-medical/