Securities Industry Commentator by Bill Singer, Esq.

October 20, 2017

Investment Adviser Charged With Stealing $9 Million From Charitable Foundation (Press Release, Securities and Exchange Commission)

The SEC charged John Rogicki, managing director and chief compliance officer of Train Babcock Advisors LLC, with purchasing real estate and paying personal expenses from $9 million in funds that he allegedly stole over a dozen years from a charitable foundation to support health and education causes, which was established by an elderly woman. The SEC alleges that Rogicki served as investment adviser to the charitable foundation and as its president and a trustee., The Manhattan District Attorney brought criminal charges against Rogicki in a parallel action.  READ the FULL TEXT SEC Complaint

Absurd Unexplained Public Customer FINRA Arbitration Decision Blog's publisher Bill Singer, Esq. ain't always a popular guy. There are those who view him as an annoying gadfly, a blowhard, and an attention seeker. A lot of that comes from Wall Street interests and industry apologists because Bill isn't shy about criticizing the brokerage community and its regulators when they engage in misconduct -- yeah, you read that right, he also goes after Wall Street's cops. In fairness, Bill also criticizes public customers who fail to do due diligence or choose to believe that's what's too good to be true isn't too good to be true. 

In today's blog, Bill takes on the Financial Industry Regulatory Authority for what he views as an idiotic FINRA Arbitration Decision involving the dispute of two public customers against a member firm. Bill is not criticizing the three FINRA arbitrators who signed off on the Decision because they are following the dictates of the FINRA Code of Arbitration. What comes within Bill's cross-hairs is FINRA for its tolerance of a policy of non-disclosure and its contentment with a lackluster approach to quality control over many of its published materials. READ