Wall Street’s Dirty Little Secrets: Uncovered and analyzed at http://RRBDLAW.com<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
<?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />New York, New YorkJuly 28, 2005
Every month Wall Street’s 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 industry’s docket and provides insight and provocative commentary. Here are some of the more unusual NASD items Bill uncovers at http://RRBDLAW.com this month:
If the Court Doesn’t Accept a Guilty Plea, Do You Have to Disclose It?
- An NASD Hearing Panel bars a broker for failing to disclose both a 1998 misdemeanor charge of “retail fraud,” and his guilty plea to same. However, on appeal, the NASD National Adjudicatory Council reduces the sanction to a $5,000 fine and 1 year suspension. Was this an honest misunderstanding or a willful failure? You read the case and see if you find the answer so simple. (Zdzieblowski)
Cut and Paste
- Did you hear the one about the broker who cut and pasted customer signatures onto forms? (Sibaja)
Equal Administration of Justice?
- NASD fashioned a tough sanction for a firm with several violations, of which research report improprieties were among them. The firm is prevented from providing research service for two years. Hmmn . . . has the NASD slammed the major BDs in similar fashion? Why not? (The Lugano Group).
RRBDLAW.com is a leading securities-industry legal/regulatory website. The content is published by Bill Singer, a veteran Wall Street regulatory lawyer who represents both the industry and the public.
CONTACT INFORMATION:Bill Singerrrbdlawyer@aol.com