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Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

June 17, 2023

SEC Sends FINRA Expungement Back to the Future (BrokeAndBroker.com Blog)

BREAKING NEWS: SCOTUS Says Government May Dismiss a False Claims Act / Qui Tam Actions
United States, ex rel. Jesse Polansky, M.D., M.P.H., Petitioner, v. Executive Health Resources, Inc., et al. (Opinion, Supreme Court of the United States, No. 21-1052, 599 U.S. __ (2023))

SCOTUS Says No Double Jeopardy Attaches When Defendant Found Guilty by Jury in Wrong Jurisdiction -- Allows Retrial
Timothy J. Smith, Petitioner, v. United States (SCOTUS Opinion)

Attorney General James Recovers $1.7 Million from Cryptocurrency Platform for Operating Illegally / CoinEx Required to Stop Operating in the U.S., Pay Penalties, and Refund New York Investors (NYAG Release)

NYS Court of Appeals Says Investment Bank Could Be Liable for Negligent Supervision and Employee Retention 
The Moore Charitable Foundation, et al., Appellants, v. PJT Partners, Inc., et al., Defendant (Opinion, State of New York Court of Appeals, No. 52)

Federal Court Denies Alpine's Emergency Motion for a Preliminary Injunction or Temporary Restraining Order against FINRA
Scottsdale Capital Advisors Corporation And Alpine Securities Corporation, Plaintiffs, v. Financial Industry Regulatory Authority, Inc., Defendant - and - United States Of America, Intervenor Defendants (Opinion, United States District Court for the District of Columbia, 23-CV-1506)

DOJ RELEASES

Orange County Lawyer Agrees to Plead Guilty to Multimillion-Dollar Fraud of Victims Who Believed They Were Funding Loan Program (DOJ Release)

St. Petersburg Man Who Orchestrated Multimillion Dollar Fraud Scheme While On Supervised Release Sent Back To Prison For Theft Of Government Property And Money Laundering (DOJ Release)

SEC RELEASES

SEC Charges Microcap Company, Its CEO, and Former Consultant with Fraud and Registration Violations (SEC Release)

SEC Charges PIMCO for Disclosure and Policies and Procedures Failures (SEC Release)

SEC Affirms Denial of FINRA Arbitration Forum for Expungement
In the Matter of the Application of Alton Theodore Davis, Jr. For Review of Action Taken by FINRA 

SEC Charges Ohio Investment Adviser with Misappropriating Over $1.3 Million from a Retail Investor (SEC Release)

SEC Charges Two Individuals in Connection with Fraudulent Scheme to IIIegally Sell Stock to the Public (SEC Release)

SEC Charges Pennsylvania Man in $30 Million Offering Fraud (SEC Release)

SEC Charges Investment Adviser and Principal in Abusive Naked Short Selling Scheme (SEC Release)

SEC Unveils New Public Service Campaign Encouraging Older Investors to Never Stop Learning (SEC Release)

SEC Denies Whistleblower Award to Two Claimants 
Order Determining Whistleblower Award Claim 

CFTC RELEASES

Federal Court Orders Wisconsin Resident and Her Companies to Pay More than $24 Million for Forex Fraud Targeting Local Hmong Community (CFTC Release)

FINRA RELEASES 

FINRA Fines and Suspends Rep for Discretionary Trades in Customers' Accounts
In the Matter of  Michelle Wu, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep for Changing Rep Code
In the Matter of Richard F. Spettell, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep for Willful Failure to Timely Disclose Felony Charge
In the Matter of Thomas Vernor, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep for Reimbursement of Personal Expenses
In the Matter of Colin Healy, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep for  Accepting Monetary Gifts from Senior Customers
In the Matter of Sharom Hayut, Respondent (FINRA AWC)

The FINRA Examination Team: The Ins and Outs of FINRA’s Annual Program (FINRA Podcast) 

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