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Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

May 13, 2023

FINRA Board of Governors Fails to Confront Goldman Sachs $215 Million Gender Discrimination Settlement (BrokeAndBroker.com Blog)

SCOTUS: The right to valuable economic information needed to make discretionary economic decisions is not a traditional property. Overturns conviction of developer Ciminelli. 
CIMINELLI v. UNITED STATES ET AL. (Opinion, United States Supreme Court / No. 21-1170 / 598 U.S. ___(2023)

SCOTUS:  Implying that the public has a right to a private person’s honest services whenever that private person’s clout exceeds some ill-defined threshold—is too vague. 2Cir reversed for error.
JOSEPH PERCOCO, PETITIONER v. UNITED STATES  (Opinion, United States Supreme Court, No. 21-1158, 598 U.S. ___ (2023)

SEC Says No Second Bite of FINRA Expungement Apple (BrokeAndBroker.com Blog)

The Fair But Unsatisfactory FINRA Arbitration Hearing (BrokeAndBroker.com Blog)

Goldman Sachs to pay $215 mln to settle gender discrimination lawsuit (Reuters)

1Cir Overturns Two Varsity Blues Fraud and Conspiracy Convictions
United States, Appellee, v. Gamal Abdelaziz, Defendant/Appellant
-and-
United States, Appellee, v. John Wilson, Defendant/Appellant
(Opinion, United States Court of Appeals For the First Circuit)

DOJ RELEASES

Former Commodities Trader Charged with Multimillion-Dollar Investment Scheme (DOJ Release)

Congressman George Santos Charged with Fraud, Money Laundering, Theft of Public Funds, and False Statements / Santos Allegedly Embezzled Contributions from Supporters, Fraudulently Obtained Unemployment Benefits, and Lied in Disclosures to the House of Representatives (DOJ Release)

Former Employee Of Technology Company Sentenced To Six Years In Prison For Stealing Confidential Data And Extorting Company For Ransom (DOJ Release)

Lexington Investment Advisor and Attorney Sentenced to 120 Months for Investment Fraud (DOJ Release)

Former Coinbase Insider Sentenced In First Ever Cryptocurrency Insider Trading Case / Ishan Wahi Was Sentenced to Two Years in Prison for Tipping His Associates Regarding Crypto Assets That Were Going to be Listed on Coinbase Exchanges (DOJ Release)

Defendant extradited from the United Kingdom (DOJ Release)

SEC RELEASES

SEC Obtains Final Judgment Against Head Trader Charged in Fake Trading Scheme (SEC Release)

SEC Charges Operators of Dozens of Websites with Offering Fraud Involving Crypto Assets (SEC Release)

SEC Charges Connecticut Man with Defrauding Investors of $4.8 Million and Obtains Emergency Relief (SEC Release)

Dutch Medical Supplier Philips to Pay More Than $62 Million to Settle FCPA Charges (SEC Release)

SEC Announces Entry of Final Judgment Against President of Maplewood, New Jersey-Based Investment Adviser for Operating a Cherry-Picking Scheme (SEC Release)

SEC Charges HSBC and Scotia Capital with Widespread Recordkeeping Failures / Firms admit to wrongdoing and agree to pay penalties in SEC’s ongoing recordkeeping initiative (SEC Release)

SEC Settles Fraud Charges Against Brazilian Reinsurance Company (SEC Release)

SEC Charges Tennessee Resident and Company with Selling Fraudulent Promissory Notes (SEC Release)

SEC Obtains Default Judgments Against Operators of Investment Fraud Scheme Targeting Hmong-Americans (SEC Release)

Court Enters Final Judgment Against Former Broker for Stealing from Elderly Investors (SEC Release)

SEC Charges Two Individuals for Facilitating Multi-Million Dollar Offering Fraud (SEC Release)

SEC Halts $155 Million Fraudulent Oil and Gas Offering Scheme (SEC Release)

SEC Denies Whistleblower Award to Claimant 
Order Determining Whistleblower Award Claim

SEC Denies Whistleblower Award to Claimant 
Order Determining Whistleblower Award Claim

CFTC RELEASES

CFTC Orders HSBC Bank USA, N.A. to Pay a $45 Million Penalty for Manipulative and Deceptive Trading in Connection with Swaps Related to Bond Issuances, Spoofing, and Supervision and Mobile Device Recordkeeping Failures (CFTC Release)

CFTC Orders HSBC to Pay a $30 Million Penalty for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods (CFTC Release)

CFTC Charges Commodity Pool Operator Tyche Asset Management LLC and its Controlling Principal in a $6 Million Commodity Pool Ponzi Scheme / Charges Include Fraud, Co-Mingling Commodity Pool Funds, and Lying to the National Futures Association (CFTC Release)

CFTC Orders The Bank of Nova Scotia to Pay a $15 Million Penalty for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods (CFTC Release)

FINRA RELEASES 

FINRA Expels SW Financial
In the Matter of SW Financial, Respondent (FINRA AWC)

FINRA Fines and Suspends  CEO of SW Financial
In the Matter of Thomas Diamante, Respondent (FINRA AWC)

FINRA Sanctions Firm and CEO for Net Capital, U4 Amendments, and Payroll Taxes
In the Matter of Arque Capital, Ltd., and Michael C. Ning, Respondents (FINRA AWC)

FINRA Fines and Suspends Rep for Inaccurate Trade Confirmations
In the Matter of Michael R. Neill, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep for Inaccurate Trade Confirmations
In the Matter of Jacob Harrison Leddy, Respondent (FINRA AWC)

Private Placements / FINRA Reminds Members of Their Obligations
When Selling Private Placements (FINRA Regulatory Notice 23-08)

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