Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

March 28, 2020

"All we can do is help each other." A heartbreaking story, powerfully told on CNN:



The coronavirus may be deadlier than the 1918 flu: Here's how it stacks up to other pandemics (CNBC.com by Berkeley Lovelace Jr.)

SEC Suspends Trading in the Securities of Zoom Technologies, Inc. (SEC Release)

Consensual Sex and An Employer's Loss of Faith. Matthew Fine, Plaintiff, v. The Guardian Life Insurance Company of America and Park Avenue Securities, LLC (Memorandum and Order Regarding Defendants' Motion to Dismiss, United States District Court for the District of Massachusetts)

Lead Defendant Pleads Guilty In Elder Fraud Scheme Targeting 80-Year Old Widow In Washington, Utah / Plea Agreement Includes 120-Month Sentence, $273,849.20 in Restitution (DOJ Release)

SEC Charges Pharmacy Chain Employee with Insider Trading (SEC Release)

SEC Charges Individual Involved in Offering Fraud

SEC Provides Additional Temporary Regulatory Relief and Assistance to Market Participants Affected by COVID-19 / SEC continues to closely monitor the impact of COVID-19 on investors and capital markets (SEC Release)

Customer Advisory: Be on Alert for Frauds Seeking to Profit from Market Volatility Related to COVID-19 (CFTC Release)

Wall Street traders adapt to working from home as business booms (CNBC by Bob Pisani)

U.S. Mortgage Rates Slip While Home Sales Head for Deep Freeze (Bloomberg.com by Prashant Gopal)


Texas Lieutenant Governor Dan Patrick Urges Senior Citizens To Die For the Economy

[In]Securities Guest Blog: In Dreams by Aegis Frumento Esq (BrokeAndBroker.com Blog)

SEC Charges Microcap Company and Its CEO with Fraud (SEC Release)

SEC Charges Investment Adviser for Failing to Disclose Conflicts (SEC Release)

PokerStars Founder Pleads Guilty (DOJ Release)

SEC Extends Conditional Exemptions From Reporting and Proxy Delivery Requirements for Public Companies, Funds, and Investment Advisers Affected By Coronavirus Disease 2019 (COVID-19) / Division of Corporation Finance Issues Related Disclosure and Other Guidance. SEC Continues to Closely Monitor Impact of Coronavirus on Investors and Capital Markets (SEC Release)

Morgan Stanley Customer Says Firm Misinformed Her About 403(b) Account Distributions, Nancy C. Huber, Claimant, vs. Morgan Stanley, Respondent (FINRA Arbitration Decision)

FINRA Entertains Puerto Rico Bond Lawsuit Involving Over-Six-Year-Old "Purchase." Mariano Betancourt Figueroa and Cristina Quiles Santos, Claimants, vs. Oriental Financial Services Corp., Respondent (FINRA Arbitration Decision)


In Praise Of NY Governor Andrew Cuomo (BrokeAndBroker.com)

Aching Work-at-Home Backs Driving Demand for Ergonomic Chairs (Bloomberg.com by Matthew Boyle)

Joint Antitrust Statement Regarding COVID-19 (DOJ and FTC)

Defendants Hit with $5 Million Civil Penalties. 
Securities and Exchange Commission, Plaintiff, v. Lek Securities Corporation, Samuel Lek, Vali Management Partners d/b/a Avalon FA Ltd, Nathan Fayyer, and Sergey Pustelnik, Defendants (Opinion and Order, SDNY)

Pennsylvania Attorney Indicted for Role in $2.7 Million Ponzi Scheme (DOJ Release)

SEC Charges Pennsylvania Attorney and Swiss Resident in $1.4 Million Dollar Ponzi Scheme (SEC Release)

SEC Charges Unregistered Penny Stock Dealer (SEC Release)

SEC Awards Over $570,000 to Two Whistleblowers (SEC Release)

JPMorgan wins round in fight over client contacts with Merrill broker

Customer Wins $800,000 Award in FINRA Arbitration Against Stifel, Nicolaus. In the Matter of the Arbitration Between Merle L. Buzzotta, account titled Vito R. Buzzotta and Merle L. Buzzotta JTWROS, Claimant, v. Stifel, Nicolaus & Co., Inc. and John Hoff Russell, Respondents (FINRA Arbitration Decision)




Justice Department Files Its First Enforcement Action Against COVID-19 Fraud / Federal Court Issues Temporary Restraining Order Against Website Offering Fraudulent Coronavirus Vaccine (DOJ Release)

SEC Emergency Action Stops Digital Asset Scam / Defendants Claimed Expected Returns of Up to 224,923% (SEC Release)

Traders Dread Getting Sent Home as Markets Move Faster Than WiFi (Bloomberg.com by Liz McCormick, Lananh Nguyen, and Stefania Spezzati)

Stocks can return to records early next year if the US can curb coronavirus spread, says JPMorgan (CNBC.com by Fred Imbert)

SEC Obtains Final Judgments Against Hologram USA Networks Inc. and CEO in Offering Fraud Scheme (SEC Release)

FINRA Censures and Fines MML Investors Services Over Third-Party System Access By Former Associated Persons.  In the Matter of MML Investors Services, LLC, Respondent (FINRA AWC)

FINRA Fines and Suspends Former Merrill Rep for Reimbursing Customer Losses and Text Messages. In the Matter of Sofia T. Gonzalez, Respondent (FINRA AWC)

Court Says No Second Bite of FINRA Arbitration Apple (BrokeAndBroker.com Blog)