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BrokeAndBroker.com Blog by Bill Singer Esq WEEK IN REVIEW

June 25, 2022

https://www.brokeandbroker.com/6520/insecurities-aegis-frumento-tradezero/
In today's Guest Blog, industry lawyer Aegis Frumento summons up the Bee Gees when he grouses about how some jive talkin' seemed to have gotten the SEC into a lather. The jive talkers in this regulatory settlement were TradeZero America and its somewhat loquacious Chief Executive Daniel Pippitone. Where the SEC could have reacted with a shrug and a raised eyebrow or two, the regulator chose to focus on what Aegis seems to view as just a lot of hot air -- the blowin' off of some steam. Alas, in the end, this regulatory silliness suggests a variation on the old Bob Dylan tune: It Takes a Lot to Laugh, It Takes the SEC to Cry.

https://www.brokeandbroker.com/6506/ottimo-finra-sec/
BrokeAndBroker.com Blog publisher Bill Singer is a fairly dyspeptic fellow. Most days, he's in a bad mood. Other days, he's in a worse mood. As to trying to get to Bill on a "good" day, don't waste your time. Ain't gonna happen. As to why Bill is such a dour countenance, consider the recent seven-year saga involving the burning question of when is a suspension not a suspension. The quick answer is when FINRA orders a suspension but decides not to impose the suspension because the self-regulatory-organization also imposed a Bar. The old suspension of disbelief!

https://www.brokeandbroker.com/6504/jpm-finra-arbitration/
In today's featured FINRA intra-industry arbitration, we got a little bit of sumthin' for everyone. We got JP Morgan. We got about $13 million in damages or more than $10 million or not less than $8 million. We got allegations of lying and spoliating evidence. We got motions about an expert witness' expertise. We got motions about sanctions for alleged false testimony. We got that rare finding of perjury with the result of sanctions. We got an award of damages but as to how the arbitrators calculated it and for what, we don't got jack.

https://www.brokeandbroker.com/6505/finra-leggett-audit/
On February 18, 2022, FINRA announced that it had hired a law firm to conduct an independent review of how FINRA Dispute Resolution Services complied with its rules, policies and procedures for arbitrator selection in an arbitration proceeding whose award was recently vacated by an Atlanta Superior Court judge. Four months have passed. Not a sound. Not a peep. On the other hand, brick by brick, a lovely stonewall seems to be getting built.


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