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October FINRA Cases Updates Analyzed by Bill Singer

Written: October 26, 2009

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http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2009.htm

Veteran regulatory lawyer Bill Singer's analysis of recent FINRA cases is now online at http://RRBDLAW.com.  Make sure to click on the links to read Bill's commentary about these matters and more.

http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2009.htm

Katherine Eileen Weems improperly accepted about $250,000 in gifts from a client of a registered representative for whom she was working. Among her sanctions, she agreed to fully and freely cooperate with FINRA’s ongoing investigation, including providing truthful testimony if requested.

Talk about waiting for another shoe to drop. This case seems pregnant.  I mean, after all, how many clients toss around a quarter of a million in gifts? And what's up with the agreement to "fully and freely cooperate" in an ongoing investigation?

Anthony Basir Shakoor improperly posted messages to an electronic bulletin board using the email his member firm assigned to him, which identified him to other users as an employee of his member firm. 

Registered Representative are increasingly running afoul of electronic communications rules. Sometimes, folks are so used to being online that they don't realize they are posting prohibited content.  Other times, folks are simply shocked to learn that FINRA can regulate their online communications.

Jason Read Richmond created fictitious trade confirmations and used them to support proof of claims filed in class action lawsuits to recoup settlement claims in excess of $85,000 to which he was not entitled. 

Is this case an example of FINRA stretching itself too thin?  

Michael Keith Paul's firm warned him not to exercise discretion in customers’ variable annuity sub-accounts and required him to sign a warning letter. Notwithstanding that Paul had had verbal authority from the customers he was still fined and suspended.

Despite the open-and-shut nature of this case, FINRA gets some brownie points for providing additional details that sets this case in its fair and proper perspective.  Read how negotiating the inclusion of additional information as part of a regulatory settlement can make sense.

John Christopher Nori denied to NYSE Regulation examiners that the branch office he supervised employed non-registered cold-callers and that they used telemarketing scripts when, in fact, there were interns at the branch office engaged in those activities. Also, Nori instructed his staff at the branch office that, if asked, the employees were to tell the examiners that there were no approved interns employed at the branch office. 

Remember the '80s and '90s when this type of thing was common at boiler-rooms?  Hopefully, we're not returning to those days

Neal Anthony Impellizeri was just fined and suspended by FINRA's National Adjudicatory Coucil for omitting material information regarding OTCBB securities.

Given the brief description, you would think that there would be much in this case to get Bill Singer in a lather. Thank again. 

http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2009.htm

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