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

March 25, 2023

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer https://www.rrbdlaw.com/6948/securities-industry-commentator/

GUEST BLOG: [In]Securities: Wanting to Break Free: The Delaware Chancery Court Strikes Down Cantor Fitzgerald's Non-Compete Clauses by Aegis Frumento Esq (BrokeAndBroer.com Blog)

SEC Tells FINRA to Raise the Gate For Ineligible Expungement Case (BrokeAndBroker.com Blog)

Financial Professionals Coalition, Ltd Endorses Ronald Filler, Esq's FINRA Petition for Direct Registration Exam (BrokeAndBroker.com Blog)

CFPB Director was validly appointed and its funding structure is not constitutionally infirm
Consumer Financial Protection Bureau, Petitioner-Appellee, v. Law Offices of Crystal Moroney, P.C. Respondent-Appellant (2Cir Opinion)

Ex-broker's lawsuit against Morgan Stanley highlights surge in complaints over mental health issues (Financial Planning by Victoria Zhuang)

N.J. deli stock fraud defendant renounced U.S. citizenship, prosecutors seek detention (CNBC)

Robinhood hits class-action marketing firm with subpoena in spam text case (Bloomberg by Alison Frankel)

Should FINRA stop requiring sponsorship to take the Series 7 Exam (Capital Advantage Tutoring by Kenneth Finnen)

Financial Professionals Coalition, Ltd. JOIN TODAY -- FREE MEMBERSHIP (BrokeAndBroker.com Blog)

MIGUEL LUNA PEREZ, PETITIONER v. STURGIS PUBLIC SCHOOLS, ET AL. (Opinion, United States Supreme Court, 598 U. S. ____ (2023), No. 21–887 / March 21, 2023)

March 20, 2023, Letter to Jerome Powell, Chair, Board of Governors of the Federal Reserve System from Patrick McHenry, Chairman, House Committee on Financial Services -and- Tim Scott, Ranking Member, Senate Committee on Banking,Housing, and Urban Affairs

Are annuities an investment? A new SEC lawsuit against a financial advisor argues yes (Financial Planning by Dan Shaw)

Sysco Says $140 Million Litigation Funder Blocking Lawyer Change/Buford Capital is blocking Sysco from settling price-fixing cases/Sysco dropped previous lawyer, who it accused of siding with funder (Bloomberg Law by Emily Siegel)

DOJ RELEASES

Coindawg Founder Arrested For Laundering Proceeds Of Fraudulently Obtained Small Business Administration Loans / Law Enforcement Officers Seized 18 Cryptocurrency ATMs in Texas and Oklahoma that Charles Constant Purchased to Start a Cryptocurrency ATM Business Using Fraudulently Obtained SBA Loans (DOJ Release)

Financial Advisor, Financial Planner, NBA Agent, And Previously Convicted Fraudster Charged With Schemes To Defraud Professional Basketball Players / Four Professional Basketball Players Defrauded of Over $13 Million (DOJ Release)

Former Lumentum Executive Pleads Guilty To Insider Trading / Amit Bhardwaj Misappropriated Information About Impending Corporate Transactions to Trade on that Information and Tip His Associates (DOJ Release)

Last individual admits role in nationwide fraud scheme targeting elderly victims (DOJ Release)

Bulgarian Woman Charged For Role In Multi-Billion-Dollar Cryptocurrency Pyramid Scheme “OneCoin” And Extradited From Bulgaria To The United States / Dilkinska was Head of Legal and Compliance for Fraudulent Cryptocurrency Marketed and Sold to Millions of Victims Around the World, Resulting in Billions of Dollars in Losses (DOJ Release)

SEC RELEASES

SEC Charges Three Sales Agents at StraightPath Venture Partners With Fraud and Unregistered Broker Activity

SEC Obtains Final Judgment Against IIG Co-Founder for Engaging in Fraud (SEC Release)

SEC Charges Financial Adviser for Misappropriating More Than $1 Million From Current, Former NBA Players (SEC Release)

SEC Charges Crypto Entrepreneur Justin Sun and his Companies for Fraud and Other Securities Law Violations / Eight celebrities also charged for illegal touting of Sun’s crypto asset securities (SEC Release)

SEC Obtains Final Judgment Against Former CFO Charged with Fraud and Lying to Auditors (SEC Release)

SEC Proposes to Modernize the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934 (SEC Release)

Statement on Electronic Filing by SEC Chair Gary Gensler

Statement on the Proposed Expansion of Electronic Filing by SEC Commissioner Caroline A. Crenshaw

Modernizing the Filing Process for Market Participants by SEC Commissioner Jaime Lizárraga

Statement on Trading and Markets Proposal to Move from Paper to Electronic Filing Under Various Rules by SEC Commissioner Hester M. Peirce

Statement on Electronic Filing of Certain Forms and Other Filings Under Securities Exchange Act of 1934; Technical Amendments Regarding FOCUS Report by SEC Commissioner Mark T. Uyeda

Remarks to Investment Company Institute 2023 Investment Management Conference by SEC Commissioner Mark T. Uyeda

CFTC RELEASES

CFTC Revokes Registrations of Allianz Global Investors US LLC (CFTC Release)

CFTC Orders Puerto Rico Commodity Pool Operator to Pay $150,000 for Supervision and Reporting Violations (CFTC Release)

FINRA RELEASES

FINRA Censures and Fines Hornor, Townsend & Kent, LLC Supervision of OBA
In the Matter of Hornor, Townsend & Kent, LLC, Respondent (FINRA AWC)

FINRA Suspends Rep For Inaccurate Customer Contact Notes
In the Matter of Derek John Rehill, Respondent (FINRA AWC)

FINRA Arbitration Panel Awards Estate About $782,000 Against Morgan Stanley
In the Matter of the Arbitration Between The Estate of Joan Ellard, by and through its Personal Representative, Stephanie (née Ellard) Epstein, Claimant, v. Morgan Stanley, Respondent (FINRA Arbitration Award)

FINRA Arbitration Panel Awards Customer Nearly $19,000 in Damages Against Morgan Stanley for Account Liquidation
In the Matter of the Arbitration Between Estate of Richard W. Shettle, Claimant, v. Morgan Stanley, Respondent (FINRA Arbitration Award)

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