Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

June 27, 2020

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5290/securities-industry-commentator/

UPPER CASE MESSAGES!!! EXCLAMATION POINTS!!! AND A FINRA FINE AND SUSPENSION!!! (BrokeAndBroker.com Blog)

Lobbyist Jack Abramoff And CEO Rowland Marcus Andrade Charged With Fraud In Connection With $5 Million Initial Coin Offering Of Cryptocurrency AML Bitcoin / Abramoff Also Agrees to Enter Guilty Plea to First-Ever Criminal Prosecution (DOJ Release)

SEC Charges Issuer, CEO, and Lobbyist With Defrauding Investors in AML BitCoin (SEC Release)

Penny stock-loving Robinhood traders raised bubble concerns, but most retail investors are selling (CNBC by Maggie Fitzgerald)

Litigation financing may tempt investors with high returns. What to know before buying in (CNBC by Sarah O'Brien)

Novartis Hellas S.A.C.I. and Alcon Pte Ltd Agree to Pay over $233 Million Combined to Resolve Criminal FCPA Cases / Novartis AG, Novartis Hellas S.A.C.I., and Alcon Pte Ltd Agree to Pay over $345 million Combined to Resolve FCPA Matters with the Government (DOJ Release)

SEC Charges Novartis AG with FCPA Violations (SEC Release)

Fayetteville Man Pleads Guilty to Stealing Postage from Law Firm to File Fraudulent Claims (DOJ Release)

Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds (Final Rule)

Statement on Amendments to the Volcker Rule "Covered Fund" Provisions by SEC Commissioners Hester M. Peirce and Elad L. Roisman

Statement of SEC Commissioner Allison Herren Lee on the Final Rules Continuing the Repeal of Volcker

Statement of CFTC Chairman Heath P. Tarbert in Support of the Final Rule to Revise the Volcker Rule

Dissenting Statement of CFTC Commissioner Rostin Behnam Regarding Revisions to the Volcker Rule

Dissenting Statement of CFTC Commissioner Dan M. Berkovitz Regarding Volcker Covered Funds Final Rule

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5289/securities-industry-commentator/

SG Americas to Pay $3.1 Million to Settle Charges of Providing Deficient Blue Sheet Data (SEC Release)

SG Americas Securities, LLC Fined By FINRA Over EBS Deficiencies.

In the Matter of SG Americas Securities, LLC (f/k/a Newedge USA, LLC), Respondent (FINRA AWC)

Luxury buyers seeking second homes in suburbs catapult growth among million-dollar listings / Luxury market is leading housing rebound, expert says (Fox Business by Brittany De Lea)

German payments firm Wirecard files for insolvency after revealing $2 billion accounting black hole (CNBC by Ryan Browne)

An Inside Job / Bank Robbery Trio's Missteps Led Investigators to Them (FBI Release)

[In]Securities Guest Blog: Manicula's Gopher by Aegis Frumento Esq

(BrokeAndBroker.com Blog)

Religion Meets Profit Generation in a Slew of New Faith-Based ETFs / Funds aim to attract Muslims and Christians seeking to align their money and their values (Bloomberg by Claire Ballentine and Vildana Hajric)

Chuck E. Cheese parent files for bankruptcy, another casualty of pandemic (Reuters by Kanishka Singh)

FINRA Fines and Suspends Rep Over Outside Crypto Activities

In the Matter of Ryan M. Davis, Respondent (FINRA AWC)

British Man Sentenced To 70 Months In Prison For Fraud Scheme That Victimized Hundreds of Thousands of U.S. Consumers (DOJ Release)

Pennsylvania Attorney Settles with SEC in $1.4 Million Dollar Ponzi Scheme (SEC Release)

Ad agency counting BMW, PayPal and Pepsi as clients joins Facebook boycott (CNBC by Sam Shead)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5288/securities-industry-commentator/

BREAKING NEWS: In re: Michael T. Flynn, Petitioner (Opinion on Emergency Petition for a Writ of Mandamus, United States Court of Appeals for the District of Columbia Court)

Gregory Acosta Hands FINRA an Earth Shattering, Precedent Setting, Historic, Stunning Defeat (BrokeAndBroker.com Blog)

Day Traders Will Have Fun Until They Get Wiped Out / A handful might get rich while almost everyone else loses (Bloomberg by Noah Smith)

Defendant Charged in Fraudulent ICO Ordered to Pay $450,000 (SEC Release)

SEC Awards Whistleblower $125,000 from Fines In A Covered and Related Action.

In the Matter of the Claim for Award in Connection with [REDACTED] (SEC Order)

Albany Man Pleads Guilty to Wire Fraud Conspiracy in Connection with Romance Scams (DOJ Release)

Burlington County Couple Charged with Conspiracy to Defraud 33 Victims of Over $6 Million in Romance Fraud Scheme (DOJ Release)

FINRA NAC Affirms OHO Sandlapper Findings and Sanctions

FINRA Announces Passing of Thomas Gira, Executive VP, Market Regulation and Transparency Services (FINRA Release)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5287/securities-industry-commentator/

Supreme Court Says Disgorgement Not Exceeding Wrongful Net Profits Is Permissible Relief (BrokeAndBroker.com Blog)

Federal Court Says Put A Fork In It 'Cause This Lawsuit Against FINRA is Done!

Scottsdale Capital Advisors Corporation, Appellant, v. Financial Industry Regulatory Authority, Appellee (Judgment, DCCir)

Securities and Exchange Commission and Justice Department's Antitrust Division Sign Historic Memorandum of Understanding (SEC Release)

Justice Department's Antitrust Division And The Securities And Exchange Commission Sign Historic Memorandum Of Understanding (DOJ Release)

Modernizing U.S. Equity Market Structure (Speeches by SEC Chair Clayton and SEC Director/Division of Trading and Markets Brett Redfearn)

There's nearly $5 trillion parked in money markets as many investors are still afraid of stocks (CNBC by Jesse Pound)

Credit Suisse raises stock market forecast, sees downside risks as 'less ominous' (CNBC by Jesse Pound)

FINRA Imposes Partial Restitution and Suspension for Rep's Excessive Trading In Customers' Accounts.

In the Matter of Frank VentureIli, Respondent (FINRA AWC)

Port Orchard, Washington, woman charged with wire fraud for scheme to embezzle from company she founded and sold / Money that was supposed to be used to grow the business was used for personal expenses and purchase of Aruba estate (DOJ Release)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5286/securities-industry-commentator/

Statement Of U.S. Attorney Geoffrey S. Berman On Announcement By Attorney General Barr (June 19, 2020)

Manhattan U.S. Attorney Berman refuses to leave after Trump says SEC chief Jay Clayton will replace him (CNBC Release by Dan Mangan)

Statement Of Geoffrey S. Berman (DOJ Release / June 20, 2020)

Robinhood increases guardrails on options trading in the wake of a customer suicide (CNBC by Kate Rooney)

U.S. banks are 'swimming in money' as deposits increase by $2 trillion amid the coronavirus (CNBC by Hugh Son)

U.S. Home-Mortgage Delinquencies Reach Highest Level Since 2011 (Bloomberg by John Gittelsohn)

Wirecard says missing $2.1B likely did not exist; withdraws forecasts / Chief Executive Officer Markus Braun quit on Friday (Fox Business)

Former Yellowstone Partners' CEO Sentenced to 5 Years in Prison (DOJ Release)

Federal Courts Says FINRA Arbitrators Wrongly Found Wrongful Discharge for Terminable-At-Will Employee.

James Warfield, Plaintiff, v. Icon Advisors, Inc. and Icon Distributors, Inc., Defendants (Order, United States District Court for the Western District of North Carolina, 20-CV-195)

Federal Court Confirms FINRA Arbitration Award But With More Words And Explanations (BrokeAndBroker.com Blog)

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