Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

November 21, 2020

Justice Department Files Antitrust Case and Simultaneous Settlement Requiring National Association of Realtors To Repeal and Modify Certain Anticompetitive Rules / Settlement Will Increase Competition to the Benefit of American Homeowners and Homebuyers and Allow for Innovation in Brokerage Markets (DOJ Release)

Investment Manager Indicted on Fraud Charges for Allegedly Swindling Clients Out of Hundreds of Thousands of Dollars (DOJ Release)

Former Chief Executive Officer And Chief Operating Officer Of Publicly Traded Biopharmaceutical Company Found Guilty Of Accounting Fraud (DOJ Release)

Lawyer Sentenced For His Role In Fraud Scheme (DOJ Release)

[In]Securities Guest Blog: Eggs from the Golden Goose By Aegis Frumento Esq ( Blog)

SEC Awards Whistleblower Over $900,000 (SEC Release)

Gaithersburg Brothers Facing Federal Charge for Their Roles in a $5 Million Romance Scheme / Allegedly Stole and Laundered over $5 Million from About 200 Victims Around the World (DOJ Release)

FINRA Arbitration Videoconference Proves a Disaster for Customer Claimants
In the Matter of the Arbitration Between Richard and Barbara Brody, as Trustees of the Richard Brody Revocable Trust and Barbara Brody Revocable Trust, Claimants, v. UBS Financial Services, Inc., Respondent (FINRA Arbitration Award)

SEC Adopts Amendments to Modernize and Enhance Management's Discussion and Analysis and other Financial Disclosures (SEC Release)

Joint Statement on Amendments to Regulation S-K: Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information (SEC Commissioners Allison Herren Lee and Caroline A. Crenshaw)

Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Adopt Temporary Supplementary Material .17 (Temporary Relief to Allow Remote Inspections for Calendar Year 2020 and Calendar Year 2021) under FINRA Rule 3110 (Supervision) (SEC Release No. 34-90454; File No. SR-FINRA-2020-040 / November 18, 2020)

Who Knows Where The Time Goes With Former JP Morgan Rep's FINRA AWC ( Blog)

India-based VoIP provider and its director indicted for facilitating millions of scam robocalls to Americans (DOJ Release)

Fraud-Prone Aid Program Sent $7 Million to Family's Fake Farms / The SBA approved loans and grants to dozens of new agricultural businesses registered at three single-family homes in the Cleveland area. (Bloomberg by Polly Mosendz, Zachary Mider, and Jeff Green)

Financial Adviser Sentenced For Running A Multimillion-Dollar Ponzi Scheme (DOJ Release)

Florida Man Sentenced to 37 Months in Prison for Laundering More Than $9 Million in Account Takeover Scheme (DOJ Release)

Former Resident of Bergen County Admits Role in $1.5 Million Investment Fraud Scheme (DOJ Release)

Robinhood Seeks Advisers for Potential IPO Next Year (Bloomberg by Crystal Tse and Scott Deveau)

SEC Adopts Rules to Facilitate Electronic Submission of Documents to the Agency (SEC Release)

The Promise of Structured Data: True Modernization of Disclosure Effectiveness (Speech by SEC Commissioner Commissioner Allison Herren Lee)

Glendale Man Sentenced to 7 Years in Federal Prison for Role in Credit Card 'Bust Out' Scams Used to Buy Liquor and Cemetery Plots (DOJ Release)

Robinhood allegedly implied a fiduciary duty to novice investors in the marketing of its 'game-like' trading app, even though it's a FINRA-regulated broker-dealer, new class action charges / Three Florida firms sue claiming Robinhood allegedly failed to direct self-directed investors -- a claim that is both legally shaky, and potentially serious, experts say. (RIABiz by Oisin Breen)

FINRA Gives Rep the Business Over Personal Expenses ( Blog)

Tucson Banker Sentenced to 40 Months in Prison for Defrauding 82-Year-Old Customer (DOJ Release)

Shasta County and Butte County Residents Charged in $35M Ponzi Scheme (DOJ Release)

FINRA Fines and Suspends Rep for Borrowing from Elderly Customers and Falsified Mortgage Application
In the Matter of Philip Anthony Simone, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep Over OBAs
In the Matter of Ming Dang, Respondent (FINRA AWC)