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Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

December 21, 2019


FINRA Fines Robinhood Financial, LLC $1.25 Million for Best Execution Violations (FINRA Release)

Courts Rebuke FINRA and Public Customer Over Arbitration of Settled Dispute (BrokeAndBroker.com Blog)

CFTC Awards More Than $1 Million to Whistleblower (CFTC Release)

IN RE: TRIBUNE COMPANY FRAUDULENT CONVEYANCE LITIGATION (Opinion, 2Cir)

Federal Court Questions Basis of Appeal. FIRST CAPITAL REAL ESTATE INVESTMENTS, LLC, Petitioner-Appellant, v. SDDCO BROKERAGE ADVISORS, LLC, Respondent-Appellee, and FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC., Respondent (Order, 2Cir)

SEC Charges Recidivist Investment Adviser With Defrauding Retirees (SEC Release)

FINRA NAC Affirms OHO Wilson-Davis Findings But Reduces Sanctions. In the Matter of Department of Enforcement, Complainant, vs.Wilson-Davis & Co., Inc., James C. Snow, and Byron B. Barkley, Respondents (FINRA NAC Decision)

Lithuanian Man Sentenced To 5 Years In Prison For Theft Of Over $120 Million In Fraudulent Business Email Compromise Scheme (DOJ Release)

C.E.O. And Founder Of Cash Flow Partners Charged With Multimillion-Dollar Bank Fraud And Securities Fraud Scheme (DOJ Release)

SEC Files Charges in Ponzi Scheme Targeting Hispanic Community (SEC Release)

FINRA Fines and Suspends Rep for False Customer Contact Entries Designed to Boost Compensation. In the Matter of Jonathan Gerald Schnell, Respondent (FINRA AWC)


SEC Proposes to Update Accredited Investor Definition to Increase Access to Investments (SEC Release)

MetLife to Pay $10 Million for Longstanding Internal Control Failures (SEC Release)

Five Defendants Arrested And Indicted For India-Based Telemarketing And Email Marketing Scheme Victimizing Seniors Throughout The United States / The Defendants Allegedly Obtained Over $2.4 Million from Victims (DOJ Release)

Federal Grand Jury in Austin Indicts Nigerian Citizen for Victimizing Previous Fraud Victims / Defendant Fraudulently Claimed to be a Representative of the Texas State Securities Board (DOJ Release)

Issuer Settles Unregistered ICO Charges, Agrees to Return Funds and Register Tokens (SEC Release)

[In]Securities Guest Blog: Not Dead Again Today? by Aegis Frumento Esq (BrokeAndBroker.com Blog)

Inland Empire Man Indicted on Bank Fraud Charges Alleging He Orchestrated $2.4 Million "Bust-Out" Scheme (DOJ Release)

SEC Charges Scheme Victimizing New Jersey Jewish Community (SEC Release)

SEC Charges CFO for Role in $910 Million Ponzi Scheme (SEC Release)

SEC Charges Broker-Dealers With Illicitly Profiting in Partial Tender Offer (SEC Release)

DECEMBER 18, 2019, SEC OPEN MEETING STATEMENTS BY CHAIR AND COMMISSIONERS


FINRA, NASDAQ, BX, PHLX, ISE, NYSE, NYSE Arca, NYSE American, Cboe, BZX, BYX, EDGA, and EDGX Permanently Bar Samuel Lek and Fine Lek Securities Corporation for Supervisory and Market Access Rule Violations (FINRA Release)

Owner of Purported U.K. Investment Firm and Two Richmond-Area Men Charged for Roles in Investment Fraud Scheme (DOJ Release)

Third Conspirator Pleads Guilty to Participation in a Ponzi Scheme Involving $2.5B in Transactions and $1B in Loss (DOJ Release)

Two South Bay Residents Indicted For Securities Fraud Relating To Palo Alto Networks, Inc. / The Insider Trading Scheme Allegedly Generated $7 Million in Illegal Profits (DOJ Release)

Manhattan Fund Manager Charged With Misappropriating Clients' Money (DOJ Release)

Silicon Valley IT Administrator and Friends Charged in Multimillion Dollar Insider Trading Ring (SEC Release)

Former Yellowstone Partners' CEO Pleads Guilty / David Hansen Admits to 8-Year Wire Fraud Scheme (DOJ Release)

Ponte Vedra Man Sentenced To 5 Years In Federal Prison And Ordered To Pay $8.9 Million In Restitution For Fraud And Money Laundering (DOJ Release)

Pro Se Petitioner's Lucia Challenge Deemed Untimely by 9Cir. Jacob Keith Cooper, Petitioner, v. United States Securities and Exchange Commission, Respondent (Memorandum, 9Cir)


Funky Chicken Alters The Course of Wall Street Insider Trading (BrokeAndBroker.com)

Attorney Sentenced for Fraud Scheme / Prominent Lawyer Stole Millions from Client Estates (FBI Release)

SEC Charges Former Goldman Sachs Executive With FCPA Violations (SEC Release)

FINRA NAC Affirms OHO Findings of Conversion and Misrepresentation. In the Matter of the Department of Enforcement, Complainant, v. David O. Braeger, Respondent  (FINRA NAC Decision)

Tennessee Man Sentenced To 4 Years In Prison For Defrauding Investors In A Pet Food Company And A Purported Caffeinated Snack Company Of More Than $2.9 Million / Defendant also Sentenced for Aggravated Identity Theft, a Firearm Offense, and a Narcotics Offense (DOJ Release)

Jamaican Defendant Pleads Guilty to Conspiracy to Commit Wire Fraud for Lottery Scam that Defrauded Elderly Victims (DOJ Release)


Two New York Men Charged with Manipulating Publicly Traded Stock (DOJ Release)

Two Florida Men Facing Federal Indictment in Maryland for Allegedly Scamming Elderly Victims of More Than $1.5 Million / Allegedly Collected Tens of Thousands of Dollars in Cash Payments by Falsely Telling the Victims that a Relative-Typically a Grandchild-Needed Money for Bail, Legal Fees, and Other Expense (DOJ Release)

Individual Found Guilty Of Operating "Ponzi" Scheme, Securities And Bank Fraud / Forfeiture allegation of $2,900,000 dollars (DOJ Release)

The Temptations of Collecting Data at the SEC (BrokeAndBroker.com Blog)

FINRA Censures and Fines Jefferies Execution Services Over Layering/Spoofing Supervision. In the Matter of Jefferies Execution Services, Inc. n/k/a Jefferies LLC, Respondent (FINRA AWC)

Report from FINRA Board of Governors Meeting - December 2019 / Board Approves Rule Proposals, Reaffirms Financial Guiding Principles (FINRA Release)

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