SEC

FINRA has had an awful lot dumped onto its plate in recent months. Since, as it turns out, its members aren’t the best at reporting little things like criminal convictions, personal bankruptcies, tax liens, etc., to the self-regulator, it’s had to order member firms to do some background checks themselves, rather than just take the word of the new guy who’s joining his 34th brokerage in eight years. Worse still, it’s had to tell those member firms to give it all of the information, which it had promised to go through with a fine toothed-comb and check against court records to minimize the number of paroled felons doling out financial advice under its august banner.

Well, if the highly-compensated folks at FINRA thought they might be able to deal with the ensuing backlog with their old delete-red-flags-from-BrokerCheck strategy, it is sorely mistaken. Read more »

  • 11 Jul 2014 at 4:45 PM

SEC, FINRA Halt CYNK Freefall At 33%

You can’t trade the revenue-less, asset-less, member-less social network for two weeks, because, well, you know. Read more »

  • 26 Jun 2014 at 12:44 PM

Mary Jo White’s Leniency Only For The Pure Of Heart

If you aren’t going to be sincere when confessing all of your employees’ sins to the SEC, don’t bother: Mary Jo White can tell, and it will just make her angrier. Read more »

Having already put the mysterious, opaque platforms on notice, Mary Jo White & Co. are beginning to undress them. One’s already in the soup for taking a little too much pride in the folks it was quietly and very untransparently trading for. The rest are now having some light shone upon the disclosures they’re supposed to be making but maybe aren’t. Read more »

After a high-profile setback involving a certain outspoken NBA owner (not that one), the SEC thought it had figured out how to get a jury to see things its way. Did one not just find that a Texas septuagenarian was every bit the conniving fraudster that the SEC said he was?

Well, Mary Jo White & co.’s winning streak did not last long, so they’re doing what it takes to prevent the start of another losing streak. Read more »

As many of you know, in 2010, the SEC created a whistleblower program wherein a person who “comes forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered” can collect a nice little payout (awards range from 10-30% of the total collected). So you can’t really blamed the unnamed man or woman who submitted 196 applications1 for awards over the last 3.5 years in an attempt to win a nice li’l finder’s fee for him/herself, but the SEC can decide to make it official policy that any future cases submitted by this person shall be used for kindling, which it did last month. Read more »

  • 21 May 2014 at 2:40 PM

Could Somebody Help A Regulator Out?

The SEC would love to do something about all of those brokers doing all of those bad things and then lying about it while FINRA looks the other way. It really would. But it just doesn’t have the time, by which it means money. So it would really appreciate it if someone, say, FINRA, would step up to the plate and do its job. Read more »