The Wall Street Legal & Regulatory Feed

Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

March 4, 2023

 

GUEST BLOG: [In]Securities: DOJ Rides a Horse with No Name: Rule 10b5-1 Plans Cannot be "Fraudulently Misused" by Aegis Frumento Esq (Guest Blog / BrokeAndBroker.com Blog)

SEC No Longer Believable When It Comes To Whistleblower Award Denials (BrokeAndBroker.com Blog)

Legendary Industry Recruiter Michael King Posts Commentary on Job Market -- the fading glory of wirehouses and your options

Welcome to the BrokeAndBroker.com Blog and the Securities Industry Commentator Feed (BrokeAndBroker.com Blog)

Federal Court Deems FINRA Absolutely Immune in Expungement Lawsuit (BrokeAndBroker.com Blog)

4Cir Remands SEC's Case To District Court For Some Old Fashioned Jury Muddling (BrokeAndBroker.com Blog)

JOIN the Financial Professionals Coalition, Ltd

Supreme Court  Pegs The Bank Secrecy Act's $10,000 maximum penalty for the nonwillful failure to file a compliant report to a per-report and not per-account basis.

Alexandru Bittner, Petitioner v. United States (Opinion, United States Supreme Court)

 

DOJ RELEASES


Ericsson to Plead Guilty and Pay Over $206M Following Breach of 2019 FCPA Deferred Prosecution Agreement (DOJ Release)

Two Men Sentenced in $30M Foreign Exchange Fraud Scheme (DOJ Release)

Former New Yorker Sentenced To Three Years In Prison For Defrauding Purchasers Of Cryptocurrency-Mining Computers And Miner-Hosting Services (DOJ Release)

Real Estate Investor Pleads Guilty to $3 Million Wire and Bankruptcy Fraud Scheme (DOJ Release)

CEO of Publicly Traded Health Care Company Charged for Insider Trading Scheme / First Insider Trading Prosecution Based Exclusively on Use of Rule 10b5-1 Trading Plans (DOJ Release)


Former Bank Employee Charged With Million-Dollar Fraud And Embezzlement Scheme (DOJ Release)


Niagara Falls Woman Going To Prison For Stealing Hundreds Of Thousands Of Dollars From Investment Firm Clients (DOJ Release)


Wells Fargo Agrees to Training on New Companywide Policy to Improve Telephone Access by Customers Who are Deaf or Hard of Hearing (DOJ Release)


Former Bank Employee Convicted After Trial for Fraudulently Opening Bank Accounts (DOJ Release)


SEC RELEASES

SEC Charges Silver Edge Financial and Equity Acquisition Company with Unregistered Broker-Dealer Activity Relating to Pre-IPO Funds / Order finds entities, principals, and salespeople violated broker-dealer registration requirements (SEC Release)

SEC Charges Broker-Dealer with Failing to Report Suspicious Transactions (SEC Release)

SEC Charges Father and Son Financial Advisory Duo (SEC Release)


SEC Charges Global Transportation Company Greenbrier and Former CEO for Failing to Disclose Perks and Payments (SEC Release)

SEC Charges Hawaii Investment Adviser with Running Ponzi Scheme (SEC Release) 

SEC Charges Virginia Investment Adviser with Orchestrating a Fraudulent Investment Scheme (SEC Release)

SEC Charges Ontrak Chairman Terren Peizer with Insider Trading / Healthcare executive avoided more than $12 Million in losses by selling shares through Rule 10b5-1 trading plans before stock freefall (SEC Release)

 

SEC Charges Nishad Singh with Defrauding Investors in Crypto Asset Trading Platform FTX (SEC Release)


SEC Charges Texas Stockbroker for Stealing Funds from Elderly Customers (SEC Release)


SEC Orders Affiliated Investment Advisers to Repay Clients for Failing to Disclose Conflicts and Duty of Care Violations (SEC Release)


Statement Regarding Huntleigh Advisors, Inc. and Datatex Investment Services, Inc. by SEC Commissioner Hester M. Peirce and SEC Commissioner Mark T. Uyeda


SEC Denies Whistleblower Award to Claimant 
Order Determining Whistleblower Award Claim


SEC Denies Whistleblower Awards to Claimant 
Order Determining Whistleblower Award Claim


CFTC RELEASES


CFTC Charges FTX Co-Owner with Fraud by Misappropriation and Aiding and Abetting Fraud Related to Digital Asset Commodities / Nishad Singh to Concede Liability in Proposed Consent Order (CFTC Release)


CFTC Whistleblower Alert: Blow the Whistle on Romance Investment Frauds in the Commodities and Derivatives Markets (CFTC Alert)


FINRA RELEASES


FINRA Censures and Fines Member Firm for Private Placement Supervision
In the Matter of Lighthouse Capital Group, LLC, Respondent (FINRA AWC)


FINRA Censures and Fines Member Firm for Risk Management Controls and Supervisory Procedures
In the Matter of Fenix Securities, LLC, Respondent (FINRA AWC)


FINRA Fines and Suspends NRF for Unauthorized Materials at SIE Exam
In the Matter of Thomas M. O'Keefe, Respondent (FINRA AWC)


Guam Uniform Securities Act Cited in FINRA Arbitration / Panel Awards Public Customer Over $3 Million in Compensatory and Punitive Damages
In the Matter of the Arbitration Between Michael Phillips, Claimant, v. Asia Pacific Financial Management Group, Inc., Respondents (FINRA Arbitration Award)


FINRA Arbitration Panel Slams Morgan Stanley With Multi-Million Dollar Compensatory/Punitive Damages in Charles Schwab Lawsuit
In the Matter of the Arbitration Between Charles Schwab & Co., Inc, Claimant, v. Morgan Stanley, Christopher Robert Armstrong, Randall Brian Kiefner, Respondents (FINRA Arbitration Award) 

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