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Bill Singer posts about the overkill by FINRA Enforcement in obtaining a default order against an 89 year old registered representative who had been out of the business for 17 months.
No one disputes FINRA’s need to sanction those who do not make timely disclosures on their CRD filings, but “Four Enforcement attorneys, one OHO Hearing Officer, pre-hearings, an Order to Show Cause, a show-cause hearing, a default hearing, a DEFAULT DECISION, and a raging Covid pandemic — and all of that to go after an 89-year-old Respondent who had been in our biz since 1970 and was last terminated in July 2020.”
Bill has a point.
The Securities and Exchange Commission today announced two awards totaling more than $4 million to whistleblowers who provided information and assistance in two separate covered actions. In the first order, the SEC issued an award of approximately $2.6…
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The Securities and Exchange Commission today announced an award of more than $13 million to a whistleblower whose information and assistance prompted the opening of an investigation and significantly contributed to the success of an SEC enforcement…
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Have a securities law question? Call New York Securities Lawyers at 212-509-6544.
Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys
The Securities and Exchange Commission today announced charges against Australian citizen Craig Sproule and two companies he founded, Crowd Machine, Inc. and Metavine, Inc., for making materially false and misleading statements in connection with an…
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Have a securities law question? Call New York Securities Lawyers at 212-509-6544.
Visit The Securities Law Home Page – news and tips from securities regulators and top securities attorneys
Great post by Alan Wolper on the duties of an RIA to monitor its customer’s accounts, even when there is no trading, and no activity in those accounts.
Not true for the traditional broker, and an important distinction for investment advisors to remember.
SEC Settlement Proves That It’s Easy Enough For An IA To Get In Trouble Just For Doing Nothing
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Accelerating its recruiting efforts, Stifel recruited six wirehouse advisors who managed $573 million. The regional BD’s new hires — all from Wells Fargo except one — cap off a period of aggressive hiring that has brought on a slew of advisors. Stifel CEO Ronald Kruszewski recently said that new recruits from the firm’s first quarter represented $32 million in net new production. The St. Louis-based firm reported having 2,160 advisors for the first quarter, up a net 43 from the year-ago period.
Source: Wells Fargo and Merrill Lynch lose financial advisors to Stifel Financial | On Wall Street
Rockefeller Capital Management landed a former UBS team that managed $1 billion to staff a new branch office, according to a person familiar with the group’s move. Bruce Tenenbaum and Andy Lam opened a new wealth management office for Rockefeller in San Francisco where they will cater to ultrahigh-net-worth clients, according to the firm which has focused on poaching top talent from wirehouses such as Merrill Lynch, Morgan Stanley and UBS.
Read more.
Two former Morgan Stanley advisors who oversaw $430 million in client assets left the wirehouse to join a firm led by former Lehman Brothers CEO Richard Fuld.Fuld presided over a 2008 historic corporate collapse that contributed to the worst global financial crisis in nearly a century.Matrix Private Capital Group’s new hires — Scott Weissman and Thomas Bruce — are based in Chicago, according to the firm, which also has locations in Los Angeles, Pittsburgh, and Palm Beach, Florida.
Source: Former Lehman Brothers CEO Dick Fuld recruits advisors for asset manager from Morgan Stanley | On Wall Street
A UBS team with $530 million in client assets quit the wirehouse to open their own independent firm, using the Dynasty platform, and Schwab as custodian.
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Looking to leave a wirehouse and become independent? Call our office at 212-509-6544
It seems that every once in a while securities professionals need to be reminded that conduct that they think is done in the “ordinary course of business” is actually a securities law violation, with significant consequences.
Today’s reminder is directed at Wall Street traders – arranging for another trader at another firm to take your position for a few days, with an agreement to buy it back is illegal.
Traders have been doing this for years, and apparently the practice is so widespread that many traders do not give it a second thought – until the trade blows up. A few years ago I represented a trader who agreed to hold a position for a fellow trader over the end of the month. The friend needed to reduce his position for month end. The trader-friend asked my client to buy the position, and agreed to purchase it back in four days at a small increase in price.
Read more at The Securities Law Blog – http://seclaw.blogspot.com/2014/04/reminder-parking-stock-is-illegal.html
