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SEC-FINRA Defense Blog
You recently left your broker-dealer firm under a cloud with a Form U-5 reflecting that you were terminated for purportedly “violating firm policy with respect to the exercise of discretion in a client’s account.” Now, out of a job and having to contend with damaging language on your Form U-5, to make matters worse you...
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The United States Securities and Exchange Commission recently charged several Chief Executive Officers and their companies, along with three penny stock promoters, with securities fraud violations for their alleged offer of illicit kickbacks and market manipulation schemes in connection with certain microcap stocks. One case involved a scheme to make undisclosed bribes to a stock...
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It seems like just another day, until you find an unexpected surprise in the mail – a subpoena from the United States Securities and Exchange Commission (SEC). Is this a joke? Mistaken identity? No joke, no mistake – you have received a bona fide, legally enforceable investigative SEC subpoena that calls for you to produce...
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Although brokerage firms win the vast majority of their FINRA promissory note and employee forgivable loan (EFL) cases — often obtaining judgments for the outstanding loan balance, interest and attorney’s fees — every now and then the underdog advisor prevails. In one such rare example, Merrill Lynch filed a FINRA arbitration promissory note claim against...
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In a huge defeat for the U.S. Government’s efforts to combat insider trading, the Second Circuit Court of Appeals in the case of U.S. v. Newman vacated the indictments against two Wall Street hedge fund traders previously convicted and sentenced for insider trading. Finding that no evidence could support their convictions, the Second Circuit —...
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The Securities and Exchange Commission, SEC, recently filed a lawsuit in federal district court against David Post alleging he generated almost $700,000.00 in illegal profits from insider trading in two pharmaceutical companies that were about to be acquired. The SEC alleged that Post received a tip of confidential details about the impending deals by his...
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The Securities and Exchange Commission is not always successful in its insider trading prosecutions. In June of this year, the SEC lost its second insider trading trial within a week when a jury in federal court found a former chief executive of a technology chip company not liable for insider trading. In 2012, the SEC...
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If you have received a Wells Notice from the SEC, there are a few things you should know. While not a good thing, it does not necessarily mean that you will be charged. Read on to learn more about what a SEC Wells Notice is, how the process works, and why it matters. What is...
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CONCERNS OF FRAUDULENT SECURITIES OFFERINGS AND UNREGISTERED BROKERS The Division of Enforcement of the Securities and Exchange Commission continues to actively investigate the Immigrant Investor Program, also known as EB-5, and has to date brought two civil law enforcement actions alleging fraudulent securities offerings.  SEC v. A Chicago Convention Center, et al (involving fraudulent sale...
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I have seen a dramatic uptick in administrative enforcement actions by the Florida Office of Financial Regulation (OFR) targeting registered investment advisors, particularly one-man shops.  While it is not clear if this is an OFR sweep, the volume of inquiries I have recently received suggest it may be. The OFR’s administrative complaints seem to be...
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