Over the years that I have defended broker-dealers and investment advisors, a more robust overview of outside business activity (OBA) disclosures would have gone a long way to disprove a
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Why elder issues are not just about your clients
The SEC and FINRA have made it very clear that they are focused on senior customers and elder abuse. Granted, firms must be focused on the elder customers, but, at
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Is “Big Brother” Such A Bad Thing
FINRA recently announced a change to the supervision rule to require hiring firms to conduct background checks on new employees. This rule change raises the question; what have member firms
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Broker Custody and Financial Responsibility Rules Implemented
A divided Securities and Exchange Commission adopted new rules to strengthen oversight of broker-dealers’ custody of customer assets.
The regulations amend the SEC’s broker-dealer reporting rule Securities and Exchange Act
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What Does FINRA Rule 3270 Mean To You
The outside business activities of registered persons have the potential for causing your firm significant liability, especially where those activities are unknown to the firm, involve firm customers and constitute
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Law Firms Cannot Ignore Clients Who May Be Engaged in Ponzi Schemes
Regulators seem to believe that lawyers and their law firms act like ostriches when it comes to their clients and Ponzi schemes. For example, a law firm paid $25 million
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Receiver is Unlucky with Clawback Attempt From Charity
The receiver for a convicted fraudster and his entities will not be able to recover a $2 million donation the fraudster made to a small Minnesota college. See Kelley v. College of St. Benedict
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What You Should Know Before You Start a Ponzi Scheme?
Okay, no one is suggesting that you start a Ponzi scheme!!! However, now, that we have your attention, you should be aware of the United States Court of Appeals for
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Stanford Investors May Have a Second Life
The SEC has decided to appeal a district court decision denying the SEC’s application to force SIPC to pay Staford investors. See SEC v. SIPC, D.D.C., No. 1:11-mc-00678-RLW, 8/31/12
The Supremes Hand the SEC Big Win Against Hedge Fund Scammer
The United States Supreme Court refused to review a federal appeals court ruling approving a $62 million award against a former hedge fund manager, who defrauded hedge fund investors over several
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