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Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

March 18, 2023

A Form Of Lunacy Has Overtaken The SEC (BrokeAndBroker.com Blog)

FINRA's Travesty of a Transamerica Settlement (BrokeAndBroker.com Blog)

Morgan Stanley Granted TRO Against Advisor Who Joined LPL / After a whirlwind two days of motion-slinging, the parties agreed to arbitration.(Financial Advisor IQ by Glenn Koch)

Joint Statement by Department of the Treasury, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (March 12, 2023)

JOIN the Financial Professionals Coalition, Ltd

4Cir Affirms Denial of Motion to Vacate FINRA Arbitration Award
Kayvan Karoon; KS Capital Management, Inc., Appellants, v. National Securities Corporation (4 Cir Opinion)

Litigation funder Burford sues Sysco over $140 mln antitrust investment (Reuters by Mike Scarcella)

RIDING OFF INTO THE SUNSET / Alex Rosenberg says goodbye to Citywire RIA / Here’s what he’s learned about the RIA business over the past three years.

DOJ RELEASES

New Jersey Man Pleads Guilty in Mass-Mailing Elder Fraud Scheme (DOJ Release)

Atlanta man sentenced to federal prison in connection with a multi-million dollar international cyber and fraud scheme (DOJ Release)

Financial Manager Sentenced to 21 Months Imprisonment for Embezzling Over $200,000 From Employer (DOJ Release)

Sterling Bancorp, Inc. to Plead Guilty to $69M Securities Fraud (DOJ Release)

Justice Department Investigation Leads to Takedown of Darknet Cryptocurrency Mixer that Processed Over $3 Billion of Unlawful Transactions / Vietnamese Operator of ChipMixer Charged with Laundering Money for Ransomware Perpetrators, Darknet Markets, Fraudsters, and State-Sponsored (DOJ Release)

Ho Wan Kwok, a/k/a "Miles Guo," Arrested For Orchestrating Over $1 Billion Dollar Fraud Conspiracy / Over $630 Million of Alleged Fraud Proceeds Seized by U.S. Government (DOJ Release)

Arizona Licensed Insurance Agent Charged with Scheme to Defraud Elderly Clients (DOJ Release)

Two Men Plead Guilty to $1.3 Million Penny-Stock Scheme (DOJ Release)

Miami Man Charged for Running Fraudulent Cryptocurrency and Stock Investment Scheme (DOJ Release)

SEC RELEASES

Statement on Retail Options by SEC Commissioner Caroline A. Crenshaw

SEC Obtains Judgments and Bar Against Former Ozy Media Executives Charged in $50 Million Dollar Fraud (SEC Release)

SEC Charges Investment Adviser with Defrauding Clients in Connection with Annuity Sales (SEC Release)

SEC Charges Cannabis Company American Patriot Brands, CEO, and Others with Fraud (SEC Release)

SEC Charges Darius Karpavicius in $4 Million Offering Fraud for Operating Tbo Capital Group and Gray Capital Group (SEC Release)

SEC Proposes New Requirements to Address Cybersecurity Risks to the U.S. Securities Markets (SEC Release)

SEC Reopens Comment Period for Proposed Cybersecurity Risk Management Rules and Amendments for Registered Investment Advisers and Funds (SEC Release)

SEC Proposes Changes to Reg S-P to Enhance Protection of Customer Information (SEC Release)

SEC Proposes to Expand and Update Regulation SCI (SEC Release)

SEC Charges Recidivist with Stealing $5.2 Million from Investors (SEC Release)

SEC Charges Exiled Chinese Businessman Miles Guo and His Financial Advisor William Je in $850 Million Fraud Scheme (SEC Release)

Court Issues Amended Final Judgment Against Penny Stock "Mailman" and His Two Companies (SEC Release)

SEC Charges IT Services Provider DXC Technology Co. for Misleading Non-GAAP Disclosures (SEC Release)

SEC Charges California Fuel Business Operator with Defrauding Retail Investors and Misappropriating Funds (SEC Release)

SEC Obtains Judgment Against Individual in Multi-Million Dollar Securities Offering Fraud (SEC Release)

SEC Charges Water Treatment Company and Former Executive with Accounting Violations (SEC Release)

SEC Charges Investment Adviser for Failing to Adopt New Compliance Policies for Clients and Seek Best Execution Despite Prior Notice of Deficiencies (SEC Release)

Statement by SEC Chair Gary Gensler on Current Market Events

March 15, 2023, Statements by SEC Chair and Commissioners

CFTC RELEASES 

CFTC Statement on Swaps Rules Implicated in Recent Bank Failures

FINRA RELEASES

FINRA Fines and Suspends Rep for Improper Removal of Customer Information In Anticipation of Joining New Firm
In the Matter of Brendan Ercole, Respondent (FINRA AWC) 

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