Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW - BrokeAndBroker.com

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Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

February 25, 2023

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer https://www.rrbdlaw.com/6899/securities-industry-commentator/

Financial Professionals Coalition, Ltd. Offers Historic Clearinghouse of Resources / Industry’s Disenfranchised Men and Women Now Have Solutions (Financial Professionals Coalition Press Release)

New Coalition Focuses on Industry’s Individuals / The Financial Professional Coalition will cater to the "rank-and file" of the industry by offering specific, non-legal assistance for reps and support staff (WealthManagement.com by Patrick Donachie)

Industry vets form organization to stand up for individual advisors (Financial Planning by Dan Shaw)

The industry #MeToo forgot / One of Globe Life's top insurance agencies is a toxic cesspool of sexual abuse, hard drugs, and violence, a lawsuit alleges (Insider.com by Susan Antilla)

United States Supreme Court Precludes Bankruptcy Discharge of Debt Obtained By Fraud Regardless of Petitioner's Culpability
Kate Marie Bartenwerfer, Petitioner, v. Kieran Buckley (Opinion, United States Supreme Court, No. 21-908, 598 U.S. ___(2023) /February 22, 2023)

Attorney General James Sues Cryptocurrency Platform for Failing to Register in New York / CoinEx Allowed Investors in New York to Buy and Sell Crypto without Registering with the State (New York State Attorney General Release)

DOJ RELEASES

Man Pleads Guilty to $55M Investment Fraud Scheme (DOJ Release)

Ozy Media and Its Founder Carlos Watson Indicted in a Years-Long Multi-Million Dollar Fraud Scheme / Watson and Ozy Senior Executives Allegedly Defrauded Investors of Tens of Millions of Dollars Through Fraudulent Misrepresentations and Impersonated Media Company Executives During Negotiations (DOJ Release)

Former Pharma Executive And Cousin Charged With Insider Trading Of Kodak Stock (DOJ Release)

Forsage Founders Indicted in $340M DeFi Crypto Scheme / First Charged Criminal Fraud Case Involving a DeFi Ponzi Scheme (DOJ Release)

SEC RELEASES

SEC Charges Georgia Residents in Microcap Fraud Scheme (SEC Release)

Puerto Rican Company and Managing Member Settle Fraud Charges (SEC Release)

SEC Charges Former Private Equity Firm Consultant and Close Friend with Insider Trading (SEC Release)

SEC Charges Cousins for Insider Trading in Kodak Stock Ahead of Company’s Planned Govt. Partnership to Assist in Response to COVID-19 (SEC Release)

SEC Charges Ozy Media and its CEO Carlos Watson with Widespread Scheme to Defraud Investors / Former COO and chief of staff also charged in $50 million fraud (SEC Release)

SEC Charges African Gold Acquisition Corp. with Internal Controls, Reporting, and Recordkeeping Failures / Control failures enabled former CFO to misappropriate approximately $1.2 million from the SPAC’s operating bank account (SEC Release)

SEC Obtains Final Judgments Against Two Participants in International Microcap Fraud Schemes (SEC Release)

SEC Charges Investment Adviser Hite Hedge Asset Management LLC with Violating a Trading Rule (SEC Release)

SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings (SEC Release)

SEC Charges Investment Adviser Candlestick Capital Management LP with Violating a Trading Rule (SEC Release)

SEC Denies Whistleblower Awards to Claimant
Order Determining Whistleblower Award Claim

SEC Denies Whistleblower Award to Claimant
Order Determining Whistleblower Award Claim

CFTC RELEASES

CFTC Charges Several People and Companies in a $145 Million Ponzi Scheme / Charges Include Lying to the National Futures Association to Conceal the Fraud (CFTC Release)

CFTC Charges Unregistered Commodity Trading Advisor with Fraud, Misappropriation, and Unregistered Commodity Pool Operator with Misappropriation (CFTC Release)

CFTC Denies Whistleblower Awards to Five Claimants
Order Determining Whistleblower Award Claims

CFTC Denies Whistleblower Award to Claimant
Order Determining Whistleblower Award Claims

CFTC Approves Whistleblower Award to Claimant 1 and Denies Award to Claimants 2, 3, and 4.
Order Determining Whistleblower Award Claims

FINRA RELEASES

FINRA Fines and Suspends Rep For Working as Tax Preparer
In the Matter of Jeremy Jefferson, Respondent (FINRA AWC)

FINRA Arbitration Panel Awards Former Aegis Capital Associated Person Customers Over $186,000
In the Matter of the Arbitration Between Juan Angel Seoane, Claimant, v. Aegis Capital Corp, Respondent (FINRA Arbitration Award)

FINRA Arbitration Panel Awards Customers over $60,000 in Damages Against No-Show Associated Person
In the Matter of the Arbitration Between Germon G. Medeiros and Jennifer L. Medeiros,Individually and as Joint Tenants, and the Germon G. Medeiros Trust, Claimants, v. Centaurus Financial, Inc. and Joseph Michael Todd, Respondents (FINRA Arbitration Award)

Cybersecurity Alert - Ongoing Phishing Campaign (FINRA Guidance)

Introducing REMA: Thinking Differently About Rulemaking, Decision-Making, Innovation and More (FINRA Unscripted Podcast)

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