Every month Wall Streets regulators issue disciplinary decisions that fine and suspend stockbrokers and their firms --- but many of the more interesting stories get buried among the sheer volume of cases. Nationally-known regulatory lawyer Bill Singer analyzes the securities industrys docket and provides insight and provocative commentary.
Every month Wall Streets regulators issue disciplinary decisions that fine and suspend stockbrokers and their firms --- but many of the more interesting stories get buried among the sheer volume of cases.
Nationally-known regulatory lawyer Bill Singer analyzes the securities industrys docket and provides insight and provocative commentary.Here are some of the more unusual NASD items Bill uncovered this month:
A treasurer of a condominium association misuses" the condos funds (Worden); An individual steals nearly $100,000 from a broker-dealer when he set up a bank account under the name of a fictitious vendor (Shaalan). Think this is an oddity? Look at another case in which another employee misused colleagues electronic ID to steal more than $20,000 from her firm (Parrott). Oh, and why youre at it, read about the employee who charged personal expenses to his corporate credit card (Granik);
A BDs president is sanctioned for spending the majority of his time working for an affiliated company and allowing his compliance officer to delegate responsibilities to unqualified individuals and tolerating insufficient staffing. (Sandifur);
Is there a point where you have too many stockbrokers to supervise? Read this case, and note that the supervisor agreed to testify against his former firm and employees as part of his settlement of the charges. (Olsen);
Then there are these two enterprising types. One forged her customers signature on a CD and redeemed it for her own use. (Chandler) The other had an ATM card issued for his customer but sort of forgot to get the clients permission, and then withdrew nearly $3,000.(Boltz)
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