Profile cover photo
Profile photo
Bill Singer
Bill Singer is a veteran Wall Street lawyer and advocate for industry reform
Bill Singer is a veteran Wall Street lawyer and advocate for industry reform
About
Posts

Post has attachment

Post has attachment

Post has attachment
Securities Industry Commentator feed: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer

http://www.rrbdlaw.com/4199/securities-industry-commentator/

You ever wonder why you can never get a reservation at a restaurant during prime time? Former Employee of Restaurant Reservation Company Charged with Fraud for Intentionally Disrupting the Business of a Competitor (DOJ Press Release)

Statement on Order of Suspension of Trading of Certain Bitcoin/Ether Tracking Certificates
Division of Trading and Markets and Division of Corporation Finance (SEC Public Statement)

Connecticut-Based Bitcoin Mining Fraudster Sentenced to Prison (SEC Litigation Release No. 24281)

CFTC Finds that Proprietary Trading Firm Geneva Trading USA, LLC Engaged in Spoofing (CFTC Release 7797-18)

UPDATE: 11Cir Sustains SEC And FINRA On Willful Failure To Disclose Tax Liens (BrokeAndBroker.com Blog)

SEC Charges Investment Adviser and Senior Officers with Defrauding Clients (SEC Litigation Release No. 24278)

SEC Charges Purported Hedge Fund and Manager with Fraudulent and Unregistered Sale of Securities (SEC Litigation Release No. 24279)

Business Services Company and Former CFO Charged With Accounting Fraud (SEC Release 2018-205)
Add a comment...

Post has attachment
UPDATE: 11Cir Sustains SEC And FINRA On Willful Failure To Disclose Tax Liens (BrokeAndBroker.com Blog)
http://www.brokeandbroker.com/4198/elgart-tax-liens/

Today's BrokeAndBroker.com Blog covers the saga of David Adam Elgart. who had become the President and Chief Compliance Officer of FINRA member firm Sequoia Investments, Inc. Elgart ran into some financial difficulties in the form of tax liens, which were required to be timely disclosed on his Form U4. After a contested hearing, FINRA found, in part, that Elgart had willfully failed to timely disclose the liens and hit him with thousands of dollars in fines and months of suspension. Willfully? Fuggedaboutit, the office know-it-all tell you while holding court at the water cooler. Just pay the fine, do the time, and, no big deal, who gives a crap about that willfully thing, another fancy word, when the suspension is over, you go back to work. Except you can't go back to work! As with so much legal advice dispensed by non-lawyers around the office water cooler, it turns out that after Elgart pays the dollars and sits out the months, he's statutorily disqualified from further participation in the industry.
Add a comment...

Post has attachment
Securities Industry Commentator feed: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer

http://www.rrbdlaw.com/4195/securities-industry-commentator/

Russian Promoters, Offshore Crypto Bank Targeted in Orders (TSSB Release)

SEC Shuts Down $345 Million Fraud and Obtains Asset Freeze (SEC Release 2018-201)

Baltimore And Texas Men Indicted For Alleged $364 Million Ponzi Scheme -- One Of The Largest Ever Charged In Maryland / Scheme Believed to Have Over 400 Victims Nationwide, Including Individual, Family Offices, and Investment Groups – FBI Seeking Information Regarding Additional Victims; SEC has Filed Related Civil Complaint (DOJ Release)

CFTC Orders Bank of America, N.A. to Pay $30 Million Penalty for Attempted Manipulation and False Reporting of U.S. Dollar ISDAFIX Benchmark Swap Rates (CFTC Release 7794-18)

FINRA Arbitrator Tells Customers Suing Citigroup That It's Too Late Baby (BrokeAndBroker.com Blog)

SEC Charges Two Brokers with Defrauding Customers (SEC Litigation Release No. 24277)

SEC Charges Indianapolis Investment Advisers with Defrauding Retail Advisory Clients (SEC Litigation Release No. 24276)

SEC Charges Medical Aesthetics Company and Its Former CEO with Misleading Investors in a $60 Million Stock Offering (SEC Litigation Release No. 24275 )

Unfair Exchange: The State of America's Stock Markets by SEC Commissioner Robert J. Jackson (SEC Commissioner Jackson Speech)
Add a comment...

FINRA Arbitrator Tells Customers Suing Citigroup That It's Too Late Baby (BrokeAndBroker.com Blog)
http://www.brokeandbroker.com/4192/finra-citigroup-late/

Presented in today's BrokeAndBroker.com Blog is a dispute in which two former Citigroup Global Markets customers sued the brokerage firm for trades that were recommended in 1999 when they had accounts at Merrill Lynch. In 2000, the customers transferred their accounts to Citigroup, when the stockbroker joined that firm -- he remained there until 2002. So . . . when do you think it's too late for the customers to sue Citigroup if they had complaints about the handling of their accounts?
Add a comment...

Post has attachment
Securities Industry Commentator feed: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer

http://www.rrbdlaw.com/4193/securities-industry-commentator/

Hackers’ Cooperation with FBI Leads to Substantial Assistance in Other Complex Cybercrime Investigations / Defendants Responsible for Creating the “Mirai” and Clickfraud Botnets Continue to Assist FBI as Part of their Sentencing (DOJ Release)

CFTC Orders ICAP Capital Markets LLC to Pay $50 Million Penalty for Aiding and Abetting Attempted Manipulation of U.S. Dollar ISDAFIX Benchmark Swap Rates (CFTC Release 7793-18)

Tell Me That It Really Can't Be This Easy: Pennsylvania Man Arrested For Passing Counterfeit Checks And Conspiring To Steal $3.3 Million Tax Refund From Fraudulent Tax Return (DOJ Release)

FINRA Deparment of Enforcement, Complainant, v. James Randall Clay, Respondent (Hearing Panel Decision, Office of Hearing Officers, Disc. Proc. No. 2014039775501)

Seaworld and Former CEO to Pay More Than $5 Million to Settle Fraud Charges / Company, Two Former Executives Charged with Misleading Investors About the Impact of Documentary On Business (SEC Litigation Release No. 24272)

Biopharmaceutical Company, Executives Charged With Misleading Investors About Cancer Drug (SEC Release 2018-199)

SEC Charges Michigan Registered Representative with Misappropriating Brokerage Customer Funds (SEC Litigation Release No. 24274)

SEC Files Subpoena Enforcement Action Against John Paul Waymack (SEC Litigation Release No. 24271)
Add a comment...

Post has attachment
GUEST BLOG: A Tale of Two Tables by Aegis J. Frumento Esq (BrokeAndBroker.com Blog)
http://www.brokeandbroker.com/4191/frumento-lehman/
If the truth were known, many of these uber finance bros would to be eating at Forlini’s -- while being prosecuted! I know they won’t be, but I still wonder if they feel uncomfortable and disconcerted, even a little. Do they worry, as they rate each other’s tables, that the weight of student loans is preventing millennials from starting families and buying homes? Or that wage earners and nations alike can only get by on borrowed money? Or that almost half of corporate debt is barely better than junk-rated? Including that of most of the companies that produce the cheap fracked oil we depend on, but who can’t seem to turn a profit? Or that every single bit of it rides on interest rates that have nowhere to go but up?
Add a comment...

Post has attachment
Securities Industry Commentator feed: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer

http://www.rrbdlaw.com/4190/securities-industry-commentator/

Motherhood and Humble Pie: Remarks before the Cato Institute’s FinTech Unbound Conference (Speech by SEC Commissioner Hester Peirce)

GUEST BLOG: A Tale of Two Tables by Aegis J. Frumento Esq (BrokeAndBroker.com Blog)

Orders Vacating Investment Adviser, Municipal Securities Dealer, Municipal Advisor, Transfer Agent, and Nationally Recognized Statistical Rating Organization Bars (SEC Orders)

Former Officer Of Cocoa Trading Company Sentenced To 30 Months In Prison For $350 Million Fraud (DOJ Release)

SEC Charges Former Owner of Investment Education Franchise with Misleading Investors (SEC Litigation Release No. 24270)

Rhode Island Woman Convicted at Trial Following Her Involvement in International Lottery Fraud Scheme (DOJ Release)
Add a comment...

Post has attachment
SEC Severely Reduces Whistleblower Award For Unreasonable Filing Delay
http://www.brokeandbroker.com/4189/sec-whistleblower-delay/


To close the circle and return to where we started today's BrokeAndBroker.com Blog, the SEC has warned every future whistleblower that if you engage in what may be deemed unreasonable delay in filing your whistleblower claim, any ensuing Award may be severely reduced. Frankly, that strikes me as a bone-head thing to say in 2018 but I also suspect that it is a somewhat calculated attempt to hamstring the Dodd-Frank whistleblowing program. It may well be that the SEC intentionally failed to disclose further facts in the Order out of a bona fide and reasonable concern to protect the confidential identity of the whistleblower. If that's the motivation, then I would argue that the SEC should not have used today's featured case to launch a tougher agenda of punitive reductions of whistleblower awards. Wait until you can offer a meaningful explanation of the distinction between reasonable and unreasonable delay, and the parameters of inappropriate benefiting from involvement in culpable conduct. Bad facts always make bad laws.

Worse, the SEC seems unaware of the body of criticism about the delays inherent in learning if a whistleblower will ven be deemed eligible for an award. The SEC seems oblivious to complaints about its own delays in rendering and paying whistleblower awards. For those at the SEC still unaware of the horrific delays within its whistelblower program, please read: SEC Whistleblower Program Is A Black Hole Of Despair (BrokeAndBroker.com Blog)
Add a comment...
Wait while more posts are being loaded