Wall Street’s Dirty Little Secrets:
  Uncovered and analyzed at http://RRBDLAW.com<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

http://RRBDLAW.com

August 16, 2006

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:

http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2006 .htm

FINOP FINIS?

FINOPs are coming under scrutiny by NASD.  In one cases, a FINOP is fined $12,000 and suspended for 15 business days (Raymond Henry Sutterlin ).  In another matter, the firm apparently operated without even having a FINOP.(PGP Financial, Inc. and Ellen Rose Lozinski)

GUESSING GAMES

One clever guy forged another employee’s name on a verification of employment form and then, for good measure, falsified his compensation figures. (Alfred V. Rodriguez).

Ah, but not to be outdone, another individual opened a corporate bank account by falsely identifying himself as the president of the firm, induced customers to invest in a scheme by making checks payable to that firm, and then he wired $1,500,000 to an overseas account.  Gee, was the NASD truly surprised when he failed to respond?  (Jorge Guillermo Fernandez)

IN GOOD HANDS?

Rather than apply funds given to him by a customer for an auto insurance policy, another enterprising guy simply kept the money for himself.  And, will miracles never cease?  He didn’t appear for an NASD on-the-record interview. (Emil Brian Panzarino, Jr.)

In what may have been a Robin-Hood wannabe gone a tad askew, an associated person completed and submitted electronic applications for automobile insurance with false information in order to qualify the applicants for insurance at better rates. (Kelly Ann Burke)

http://www.rrbdlaw.com/RegulatoryLinks/CASESOFNOTE/NASD/2006 .htm

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. 

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