Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

August 15, 2020

FINRA Alerts Firms to Use of Fake FINRA Domain Name (Regulatory Notice)

SEC Charges Hertz's Former CEO With Aiding and Abetting Company's Financial Reporting and Disclosure Violations (SEC Release)

Advisory Firm Settles Charges of Defrauding Investors, Agrees to Refund Allegedly Ill-Gotten Gains to Harmed Clients (SEC Release)

SEC Charges Unregistered Brokers Who Sold Equialt Securities to Main Street Investors (SEC Release)

SEC Denies Two Whistleblower Claims
In the Matter of the Claim for Award (SEC Order Determining Whistleblower Award)

Empty apartments in Manhattan reach record high, topping 13,000 (CNBC by Robert Frank)

Here's how Robinhood is raking in record cash on customer trades - despite making it free (CNBC by Kate Rooney and Maggie Fitzgerald)

Finra Suspends Ex-Morgan Stanley Broker Who Advised on Outside Trading (AdvisorHub by Mason Braswell)

FINRA Imposes Fine and Suspension on Rep for Failing to Timely Close Customer's Account
In the Matter of Michael Erwin, Respondent (FINRA AWC)

Cease-and-Desist, Bar, and $1.05 Penalty Proposed by SEC ALJ
In the Matter of Laurie Bebo and John Buono, CPA (SEC Initial Decision as to Laurie Bebo)

Justice Department Acts To Shut Down Fraudulent Websites Exploiting The Covid-19 Pandemic / Federal Court Issues Temporary Restraining Order Against Three Defendants and Over 300 Fraudulent Websites Purporting to Sell Scarce Health and Safety Items (DOJ Release)

Dayton woman arrested for impersonating elderly victim and stealing his pension benefits (DOJ Release)

ValueWise CEO Michael Mann Pleads Guilty to $100 Million Fraud / Admits to Massive Scheme That Affected Several Thousand Nationwide (DOJ Release)

Canadian National Sentenced for Securities Fraud (DOJ Release)

FINRA Censures and Fines Morgan Stanley For Failure to Supervise Rep's Short-Term Trading Of Corporate Bonds and Preferred Securities
In the Matter of Morgan Stanley Smith Barney LLC, Respondent (FINRA AWC)

FINRA Imposes Fine and Suspension on Rep for 101 Discretionary Trades
In the Matter of Yvonne M. Nirelli, Respondent (FINRA AWC)

Customer Sues Over Inability To Execute Trades During Pandemic
In the Matter of the Arbitration Between Theodore C. Ritota, Claimant, v. Micha Tyer Inman and James Robert Viets, Respondents (FINRA Arbitration Award)

[In]Securities Guest Blog: Take it Easy by Aegis Frumento Esq ( Blog)


Robinhood reports more monthly trades than rivals Charles Schwab, E-Trade combined (CNBC by Kate Rooney)

Disbarred Beverly Hills Lawyer Pleads Guilty to Federal Charge that He Embezzled His Client's Money and Used It to Pay Off Debt (DOJ Release)

SDNY Says You're Gonna Have To Serve Somebody (And Email Ain't Gonna Cut it) ( Blog)

SEC Charges Interactive Brokers With Repeatedly Failing to File Suspicious Activity Reports / Firm Will Pay a Total of $38 Million in Penalties to Settle With Regulators (SEC Release)

CFTC Orders Interactive Brokers LLC to Pay More Than $12 Million for Anti-Money Laundering and Supervision Violations / First Case to Charge Violations of CFTC's Bank Secrecy Act Compliance Regulations (CFTC Release)

FINRA Fines Interactive Brokers $15 Million for Widespread AML Failures (FINRA Release)

FINRA Imposes Fine and Suspension On Rep Whose RIA Charged Fees Beyond Those Disclosed to BD
In the Matter of Kimberly Ann Barentsen, Respondent (FINRA AWC)