A week or so ago, I highlighted in a post the acceptance speech of PIABA’s incoming president, Andrew Stoltmann, in which he announced his intent to wage “war” on the securities industry. Bluster aside, Andrew has been true to his word. His opening volley is an attack on the public governors who sit on FINRA’s
FINRA
No Bar For Submitting False Expense Reports?
By UB Greensfelder on
Here is a post from Michael about a recent settlement involving the submission of false expense reports. The issue isn’t the misconduct, but, rather, the rather tepid sanctions imposed. Do I sense the pendulum starting to swing back? – Alan
It is no secret that FINRA’s Department of Enforcement is attempting to maintain a lower…
PIABA’s New President Is A Nice Guy, Sure, But He’s Hardly Your Friend
By UB Greensfelder on
I have stated more than once in these posts that among claimants’ counsel, I have perhaps the greatest respect for Andrew Stoltmann, a fellow Chicagoan. I am not saying that I ever agree with anything he has to say, because I don’t, but he is a gentleman, he acts ethically, he is fun to listen…
FINRA In The News, And Not In A Good Way
By UB Greensfelder on
Posted in FINRA
It has been said that there’s no such thing as bad publicity, but I wonder if FINRA feels that way after having been featured in a number of less-than-favorable, or at least curious, media stories over the last couple of weeks.
First, two weeks ago, Bruce Kelly of Investment News ran a story with this…
This Case Could Mean An End To Bars And Suspensions…Maybe
By UB Greensfelder on
Bear with me here as I relate the tale of John Saad and his tortuous path through the FINRA Enforcement process and, ultimately, the court system. It is worth following me on this journey, as the upshot of the story is that FINRA, which is so quick to want to bar every respondent it sees,…
FINRA’s Heavy Hand Questioned…By FINRA
By UB Greensfelder on
I am on the record, many times, with my belief that, at least in theory, FINRA should never lose any Enforcement cases it files. This is for the simple reason that if FINRA has any genuine doubts about its ability to prevail in front of a hearing panel, due to the quality of the evidence…
The Equifax Breach May Be A Problem For More Than Just Equifax
By UB Greensfelder on
All of you who use Equifax to conduct a part of your CIP responsibilities, raise your hands. Ok, now, only to those of you whose hands are in the air: how many of you have checked your firm’s incident response plan to determine the steps that need to be taken in the event of a…
What Is FINRA’s Job?
By UB Greensfelder on
Posted in Compliance, FINRA
A client of mine bought a BD, thereby requiring him to go through the CMA process. It was a very small firm, with fewer than ten registered reps. He was a newly minted 24, so he had other, more experienced principals on board to handle all supervisory responsibilities. His job, as outlined in the firm’s…
Has FINRA Completed Its Inquiry?
By UB Greensfelder on
Here is a very interesting post from Michael Gross about what happens at the end of a FINRA exam. One point that he omitted, but worth mentioning, is that in the event FINRA does issue a close-out letter stating that its exam is done and no disciplinary action will be taken, that letter cannot be…
Ransomware In 2017: Not A Pretty Picture
Posted on
I am happy to share this post from my colleague, Greg Stein, about ransomware. While ransomware is not something unique to the financial services industry, because, as criminal Willie Sutton famously answered when asked why he robbed banks, our industry is “where the money is,” BDs, IAs and banks do seem to attract more than…