SEC

Unfortunately for the brokerage, regulators like the SEC and FINRA keep dredging up the distant past of two years ago, when the firm was perhaps a little more lax vis-à-vis market access. But that’s ancient history, history which, Wedbush would like to add, does not include any losses to anyone at any time, and for which it should really just get a pass. Read more »

  • 15 Aug 2014 at 4:52 PM

Cynk Technology Had An Auditor

Two, actually! And a lawyer. And it wasn’t the only high-flying penny stock said accountants and said attorney have worked for. Go figure. Read more »

We all know that no one listens to what credit ratings agencies say, and that if you were buying up all of that RMBS eight years ago marveling at what a great deal you were getting on triple-A rated stuff, you had it coming. But wouldn’t it be neat if you could put the tiniest bit of stock into a credit rating? Wouldn’t it be great if the folks at Fitch and Moody’s and S&P actually had to do the things they get paid to do?

The SEC thinks so, too. Although, this being Mary Jo White’s SEC, it wouldn’t want to be accused of going too far, or far enough, for that matter. Read more »

  • 11 Aug 2014 at 6:24 PM
  • Banks

Legal Reserve Watch ’14: JPMorgan Chase

Jamie Dimon may have to squirrel away a few extra dollars, as the SEC and OCC team up to see whether JPMC was a little bit too proud of some of its world-class investment funds. Read more »

Last week, Judge Shira Scheindlin made pretty clear that she doesn’t think it is reasonable to ascribe 13 years of stock appreciation to a couple of elderly men’s scheme to hide their trading in said stock, even if they were on the board of said stock’s company and even if a jury found them to be very bad men, indeed. So the SEC went back to the drawing board and is now willing to settle for half of it. No word as to whether it offered a “credible explanation” for the new math. Read more »

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 »