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LEGAL EMPLOYMENT
1989 - Present
Since 1989, I have been affiliated with law firms as a
partner/shareholder whose private practice
focuses on securities-industry matters. I am presently a shareholder
in the Securities Practice Group of the law firm of Stark
& Stark (offices in New York City, Philadelphia, Marlton
(NJ), and Lawrenceville (NJ)).
My core areas of concentration are as follows:
Regulatory/Compliance Counsel
I provide ongoing regulatory counsel (SRO, state, and SEC) by
- reviewing initial investigative demands,
- preparing responsive submissions,
- representing witnesses during interviews,
- representing members during on-site examinations and investigations,
- negotiating settlements with regulatory staff, and
- representing members during disciplinary hearings and subsequent
appeals.
As part of my regulatory practice I visit clients' OSJs and Branch
Offices, and perform SRO-quality examinations/investigations for
purposes of ascertaining possible compliance deficiencies or inadequate
practices. Similarly, I provide daily counsel on a wide range of
retail and trading matters.
I
often submit comments to various regulatory organizations pursuant
to proposed rulemaking. Such
critiques have been offered on behalf of trade organizations and
clients, or as an expression of my personal perspective.
Among the more prominent contributions I have made are
- Order
Granting Approval to Proposed Rule Changes and Notice of Filing
and Order Granting Accelerated Approval to Amendment No. 2, Relating
to the Combination of the American Stock Exchange, Inc. and the
National Association of Securities Dealers, Inc. (Securities And
Exchange Commission, Release No. 34-40622; File Nos. SR-Amex-98-32;
SR-NASD 98-56; SR-NASD 98-67, October 30, 1998)
http://www.sec.gov/rules/sro/nd9867o.htm
- Order
Approving and Notice of Filing and Order Granting Accelerated
Approval to Amendment Nos. 2 and 3 to the Proposed Rule Change
by the National Association of Securities Dealers, Inc. Relating
to the Delivery Requirement of a Margin Disclosure Statement to
Non-Institutional Customers (Securities And Exchange Commission,
Release No. 34-44223; File No. SR-NASD-00-55, April 26, 2001)
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=2001_register&docid=01-11049-filed
White-Collar Criminal
With the advent of increased criminalization of industry misconduct,
I represent targets,
subjects, and witnesses before the United States Department of Justice
(Antitrust Division), Federal Bureau of Investigation, United States
Attorneys, state Attorneys General, and District Attorneys. Towards
that end I negotiate Queen-for-a-Day letters, counsel clients
as to the ramifications of cooperation with various law enforcement
agencies, and provide representation from pre-indictment through
arraignment phases.
Membership/Issuers
I counsel applicants on initial membership issues and existing members
seeking to modify the terms of their membership. Towards those ends
I negotiate with regulatory staff and, when
necessary, represent applicants/members during regulatory proceedings
and subsequent administrative appeals. I was counsel
to the successful Applicants in the SEC's reversal
of the NASD's denial of Restriction Agreement modifications In
the Matter of the Application of Domestic Securities, 34-37559,
http://www.sec.gov/litigation/opinions/3437559.txt (August 13, 1996).
The Domestic case is considered a seminal decision in the
area of membership applications/modification requests. Similarly, I counsel
public issuers and companies contemplating public listing on listing-related problems.
Litigation/Arbitration
I represent member firms, registered personnel, and public customers
during litigation/arbitration matters. I provide counsel/expert
witness review to other lawyers on the regulatory ramifications
of various litigation issues. Additionally, my service as
a Chairperson or panelist on American Arbitration Association and SRO arbitration panels has provided me
with a dynamic perspective that allows me to better assess the merits
of particular cases and to fashion appropriate hearing strategies.
Congressional
I communicate with various House and Senate Committees on topics
of interest to my clients. In
1999 and 2000 I represented several clients before the Senate's
Permanent Subcommittee on Investigations of the Committee on Governmental
Affairs. That representation included responding to document requests,
defending Staff investigative and deposition testimony, and attending
publicly televised hearings. I have been referenced in Congressional Testimony
(the Subcommittee on Capital Markets, Insurance and Government Sponsored
Enterprises Committee on Financial Services U.S. House of Representatives:
Hearing on "Reviewing US Capital Market Structure: The New
York Stock Exchange and Related Issues") http://financialservices.house.gov/media/pdf/101603jg.pdf
2006 - 2007
FINANCIAL INDUSTRY ASSOCIATION
Chief Counsel and Director
I provided legal counsel to this independent/regional broker-dealer
trade group.
2003 - present
Published Columnist
I write monthly compliance/legal/regulatory columns for Registered Rep. magazine, the
Wall Street
Letter, RRBDLAW.com, and BrokeAndBroker.com.
2002 - 2004
NASD DISSIDENTS' GRASSROOTS MOVEMENT
General Counsel/Founder
NDGM brought together member firms and registered persons
seeking to change the self-regulatory landscape. In 2005, NDGM
joined forces with the "reform" movement under the
umbrella of the Financial Industry Association.
2001 - 2003
eSecurities
Adviser
I was appointed to this Law Journal Newsletters publication's
Board of Advisers.
For the Year 2000
NASD CHAIRMAN'S ADVISORY GROUP
Member
I was appointed to serve on this group, which met
four times a year to review and discuss NASD initiatives with NASD
Chairman Frank Zarb.
1998 - 2000
INDEPENDENT BROKER-DEALER ASSOCIATION, INC.
General Counsel
I provided legal counsel to this
organization. I communicated with the SEC and NASD on matters
of relevancy to IBDA. I was instrumental in the planning and management
of IBDA's historic opposition slate in the NASD's 1998 Board of
Governors election, resulting in the upset election of two Industry
candidates.
1988 - 1989
INTEGRATED RESOURCES ASSET MANAGEMENT, INC.
Associate General Counsel, Vice President, and Secretary
Supervised the Blue Sky and SEC filings of 16 mutual funds and the
firm's investment adviser entity. Represented witnesses during SEC
interviews concerning the positioning of various Drexel Burnham
Lambert originated securities into IRAM's funds and accounts. Managed
litigation by oversight of outside counsel or through personal involvement.
Responded to daily branch inquiries concerning compliance and legal
matters.
1989
CITY OF NEW YORK: ENVIRONMENTAL CONTROL BOARD
Hearing Officer
Adjudicated cases and issued decisions arising from the violation
of the City's environmental code.
1986 - 1988
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Regional Attorney, Metropolitan New York (District #12 n/k/a #10)
Investigated and prosecuted violations of NASD
rules. Assisted in the supervision and training of the Special Investigations
Unit, which handled the District's customer-complaint and termination-for-cause
dockets. Developed and prosecuted the standard complement of SRO
matters.
1985 - 1986
AMERICAN STOCK EXCHANGE
Staff Attorney (Compliance Department)
Investigated and prosecuted violations of securities laws and Exchange
rules. Caseload consisted of On- and Off-Floor matters, with an
emphasis on options and insider trading.
1983 - 1985
SMITH BARNEY, HARRIS UPHAM & CO., INC.
Paralegal and Associate Attorney (Legal Department)
Prepared pleadings for arbitrations, reparations, disciplinary proceedings,
and civil litigation. Initiated collections activity and handled
employment-related matters. Performed P&L and churning analyses.
EDUCATION
1981 - 1984 NEW YORK LAW SCHOOL, JD 1984
1969 - 1972 NEW YORK UNIVERSITY, BA 1972
1980's NEW YORK
INSTITUTE OF FINANCE
ADMISSIONS
New York State (Second Department)
United States District Court:
- Eastern District of New York
- Southern District of New York
- Western District of New York
REGISTRATIONS
General Securities Representative (Series 7 and Series 63) 1989-1994
MEMBERSHIPS
Securities Industry Association (Compliance and Legal Division)
PUBLISHED ARTICLES
BrokeAndBroker.com
I am the publisher and principal writer of this blog. http://BrokeAndBroker.com
eSecurities
- Examining NASDAQ's Zero-Tolerance Policy for Criminal/Regulatory
Violators Vol. 3, #2 (October 2000)
- Online Securities Fraud in Global Telemedia And St.
Heart: Is the SEC Overreacting? (May 2001)
- Reappraising Self-Regulation: Examining Judicial Findings of
Quasi-Governmental Status for SROs:
-
Part I, Volume 3, No. 12 (August 2001);
-
Part II, Volume 4, No. 3 (November 2001);
-
Part III, Volume 4, No.6 (February 2002)
- Quick Fixes on Wall Street and Their Effect On an Electronic
Trading Landscape, Vol. 4, #10 (June 2002)
- The Disclosure of NASDAQ Inquiries: Counseling Clients on Their
Options (November 2002)
New Jersey Law Journal
- End the Occupation of Wall Street (May 18, 2007)
Registered Rep. Magazine
http://www.rrmag.com
Rookie Day Trader
Contributing Legal Editor to this day traders' online community.
http://www.rookiedaytrader.com
RRBDLAW.com
I am the publisher and principal writer for this on-line
publication, which follows significant cases and regulatory
developments. http://rrbdlaw.com
Securities Arbitration 1992
Practicing Law Institute
Situs Selection in Employment Agreement Arbitration Clauses:
Can You Really Pick The Place?
Securities Industry Digest
National Association of Investment Professionals, Volume 1, No.
1, Fall 1997 Retaining a Lawyer for Securities Industry Matters
Securities Week
"Soapbox"
- NASD: Ebbets Field or Yankee Stadium?
Volume 27, No.36 (Sept. 4, 2000)
- Bona Fides: A Matter of Perspective
Volume 28, No.1 (January 4, 2001)
- NASD/AMEX Autopsy Report
Volume 28, No. 19 (May 7, 2001)
wallstreetlawyer.com
Glasser Legalworks
- Volume 3, No. 5, October 1999
Self-Regulation: An Idea Whose Time Has Come and Gone?
- Volume 4, No. 1, June 2000
Online Broker-Dealer Margin Practices: Godot Called, Said He'll
Be Right Back, Please Hold
Wall Street Letter (Institutional Investor)
I author the monthly Summary Discipline column on
self-regulatory cases of note, and provide commentary as to their
ramifications.
SPEAKER/PANELIST
International Association For Financial Planning, Responding
to Customer Complaints (Fall 1991)
Practicing Law Institute, Securities Arbitration 1998
(August 1998)
American Conference Institute, Securities Trading on the
Internet
Panelist:: Daytrading regulation (January 2000)
NF Communications, Inc., Big Producer Workshop, How
to Avoid Ruining Your Career: Litigation and Regulatory Pitfalls
(March 2000)
New York Law School, Securities Arbitration Class,
Arbitration Panel Chairman for Mock NASD Arbitration Finals (April 2000)
American Conference Institute, Internet Securities Regulation
Panelist:: Digital signatures and multimedia recordkeeping
(June 2000)
American Conference Institute, Securities Trading on the
Internet
Panelist: Ensuring Adequate Communication of Margin Practices
(November 2000)
American Conference Institute,
Securities Trading on the Internet
Panelist: Managing Your Online Customers
(and Their Complaints!)
Moderator:
Online Suitability-Drawing the Line Between Information
Delivery and Recommendation. (September 2001)
Association of the Bar of the City of New
York, Self Regulatory Organizations: Effectively Representing
Clients During Examinations, Interview, Hearings & Appeals
Program
Chair (December 2001)
The Wall
Street Journal Online
Roundtable Panelist: Merrill Lynch
Settlement (May 2002)
Million Dollar Roundtable
Topic: Regulatory Pitfalls: How to Avoid Them,
Annual Meeting in Nashville (June 2002)
Association of the Bar of the City of New
York, Self Regulatory Organizations Practice: Defusing the
Flashpoints
Program Chair
(January 2003)
American
Conference Institute, The
Defense Counsel’s Forum on Securities
Arbitration:
Winning Strategies for Prevailing in Customer Claims
(June 2004)
Panelist: Minimizing the Impact
of Pro-Claimant Decisions On The Broker-Dealer
Moderator: Winning Over
the Arbitrators: Strategies for Defense Counsel Before and During Arbitration Hearings
American Conference Institute, Broker/Dealers
Defense Forum: Prevailing Against Customer Claims
(May 2005)
Moderator: Winning Over the Arbitrators: Strategies for
Defense Counsel Before and During Arbitrations
Moderator: Minimizing the Impact of Unfavorable Decisions
On the Firm’s Reputation, Practices, Profits, And
Personnel
Cantella & Co., Inc., Annual
Continuing Education Seminar (October 2005)
Keynote Speaker
American Conference Institute, Techniques
and Strategies for Defending and Settling Broker-Dealer
Enforcement Actions
(October 2005)
Panelist: NASD and NYSE Investigations from Start to “Wells”
Type Notices: Working with Regulators in Your Client’s Best
Interest
American Conference Institute, Broker/Dealer Forum: Resolving
Customer Claims
(May 2006)
Moderator/Panelist: Regulatory Developments that Will
Drive the Next Wave of Customer Claims
Cantella & Co., Inc., Annual
Continuing Education Seminar (September 2006)
Keynote Speaker
New York Law School, Securities Arbitration Clinic
Guest Lecturer (September 2007)
RADIO
Bloomberg Radio
- Final Word: Eliot Spitzer Tied to Prostitution Ring (March
10,2008)
- The First Word: Criminal and SEC Cases Against Bear Stearns'
Cioffi and Tannin (June 20, 2008)
National Public Radio
- Smith Barney Boom Boom Room Class Action Fairness Hearing (April
8, 1998)
- Public Interest: Call-in with Paul Roye, Director, SEC Division
of Investment Management (March 31, 1999)
- Marketplace: Emulex Suit? (Sept. 1, 2000)
- Marketplace: One Month Anniversary of WTC Attacks (Oct. 11,
2001)
- Marketplace: NYSE Regulatory Reform (November 5, 2003)
http://www.marketplace.org/shows/2003/11/05_mpp.html
- Marketplace: NASDAQ Seeks Dual Listings of NYSE Stocks (January
8,2004)
http://www.marketplace.org/shows/2004/01/08_mpp.html
- Marketplace: NYSE's New Public Nomination Proposal (March 13,2004)
http://www.marketplace.org/shows/2004/03/12_mpp.html
- Marketplace: SEC Charges NYSE Specialists (March 30,2004) http://www.marketplace.org/shows/2004/03/30_mpp.html
- Marketplace: ETRADE System Crash (November 22,2004) http://www.marketplace.org/shows/2004/11/24_mpp.html
- Marketplace: Merger of NYSE and NASD SROs (March 9, 2006) http://marketplace.publicradio.org/shows/2006/03/09/PM200603092.html
- Marketplace: An End to Commissions on Wall Street (May 22,
2006) http://marketplace.publicradio.org/shows/2006/05/22/PM200605225.html
- Marketplace: Breaking Up With A Broker (August 4, 2006) http://marketplacemoney.publicradio.org/display/web/2006/08/04/breaking_up_with_a_broker/
- Marketplace: Wall Street Simplifies (November 29, 2006) http://marketplace.publicradio.org/shows/2006/11/28/PM200611282.html
WLIE 540AM/Long Island Talk Radio
Dash Live (March 7, 2005)
Stockpatrol.com (WWDJ 970AM)
- Discussion of NYSE nomination of Sandy Weill to its Board and
the development of independent research (March 28, 2003)
- Discussion of Global Settlement of Wall Street's practices (May
2, 2003)
TELEVISION
Bloomberg
CNN
- Take It Personally: SEC/NASD Settlement (August 9, 1996)
- Money Line: Insider Trading (April 9, 1997)
- In Play: NASDAQ/AMEX Merger (March 16, 1998)
- Money Line: NASDAQ/AMEX Merger (March 16, 1998)
- By Staff Writer Alex McMillan: Options Markets Slapped (September
11, 2000)
- Burden of Proof: The U.S. Stock Markets (October 19,
2000)
- This Week in Business: Analyst Research Investigations
(May 25/26, 2002)
- How Flush Are Your Funds (October 18, 2007) http://www.cnn.com/video/#/video/us/2007/10/18/hunter.housing.decline.cnn·
-
American Morning: Housing Crisis (November 1,
2007)
CNBC
- Inside Opinion: SEC/NASD Settlement (August 9, 1996)
- Today's Business: Test Taking Arrests (January 9, 1997)
- Inside Opinion: Arbitration Punitive Damages (February
3, 1997)
- The Money Club: NASDAQ (February 19, 1997)
- Market Wrap: NYSE Rule 500 (November 5, 1997)
- Today's Business: Michael Milken Investigation (November
14, 1997)
- Today's Business: Michael Milken Investigation (November
17, 1997)
- Money Wheel: Mob Arrests (November 25, 1997)
- Power Lunch: Insider Trading (November 26, 1997)
- The Edge: Battle of Public Servants (USANY/DANY) (December
4, 1997)
- The Edge: NYSE Floor Traders Indicted (February 26, 1998)
- Power Lunch: NASDAQ/AMEX Merger (March 16, 1998)
- America Under Attack: Regulation After the World Trade
Center Attacks (September 13, 2001)
- Closing Bell: NYSE Nomination of Sandy Weill (March
24, 2003)
- Power Lunch/Closing Bell: LaBranche and E-mail
controversy (August 22, 2003)
PBS
Nightly Business Report: SEC/NASD Settlement (August 7, 1996)
WNBC/Channel 4 Metropolitan New York Area
Naked Short Selling (February 14, 2005)
QUOTED FOR PUBLICATION
American Banker
NASD Praised for Taking Stand on Web Issue (March 26, 2001)
Associated Press News Service
- SEC Handed a Victory to Small Nasdaq Dealer (August 14, 1996)
- BZW Securities Probe (July 19, 1997)
- Smith Barney Offers Settlement (November 18, 1997)
- Nasdaq Settlement (December 19, 1997)
- Merrill Lynch's Discrimination Plan (January 22, 1998)
- Smith Barney - Arbitration (March 20, 1998)
- SEC Trading Probe (July 9, 1998)
- Broker Disclosure (August 13, 1998)
- NASDAQ Settlement (January 6, 1999)
Axcess News Service
IIROC: New Securities Watchdog Leaps Onto Scene (June 13, 2008)
Barron's
Spared Rod: Critics Say the Regulators Let the NASD Off Too Easy
(August 19, 1996)
BD Week
Group Plans to Contest
NASD Elections; Considers Formation of New Self Regulator (June
17, 2002)
Bloomberg
- SEC Voids NASD Disciplinary Decision on Former Texas Dealer
(August 16, 1996)
- SEC Probed Trading in Upjohn (April 5, 1997)
- Monroe Parker Got $4.4 Mln From Fraud, NASD Charges (January
6, 1998)
- NASD's Martin Kuperberg Resigns to Join Merrill Lynch (April
7, 1998)
- Thain's NYSE Deal, Done With Stealth, May Win Grudging
Approval (May 4, 2005)
- Kerviel Haunts Credit Agricole, HSBC and Toronto-Dominion Too
(February 8, 2008)
- Ex-Bear Managers Face Strong Case, Singer Says (June 20, 2008)
BNA/Securities Regulation & Law Report
- Stock Markets: NASD Decision Limiting Firm's Market Making Activities
Set Aside by SEC (Vol.28, No.33, Page 1001, August 16, 1996)
- Stock Markets: Competition Seen as Probable Result if NASD and
AMEX Merger Takes Place (Vol. 30, No.12, Page 443, March 20, 1998)
- Day Trading Firm Agrees to $25,000 Fine (Vol.31, No. 27, Page
910, July 9, 1999)
BD Week
Mixed Reviews (October 4, 1999)
Business Week
- A Regulator with His Own Conflicts of Interest (February 4,
2002)
- Revenge of the Investor (December 16, 2002)
- The SEC: This Watchdog Must Sharpen Its Bite (March 31, 2003)
- The Brokers Strike Back (August 16, 2004)
Caribbean World News
- Bear Stearns Collapse Is Opportunity for One Caribbean
Exchange (March 20, 2008)
CBS MarketWatch
- SEC Enforcers Losing Teeth (August 31, 1999)
- Fraud will cost Wall St. in court cases (April
28, 2003)
- SEC proposes lifting of short sale rule (October
22, 2003)
- Can Wall Street Police Itself? (April 15, 2005)
CCH Wall Street
- Did Regulators Drop the Ball on Bear? (March 25, 2008)
CFA Magazine
Scandal and Fraud: Can Regulatory Reform Change
Wall Street? (April/May 2004)
CNNMoney Online
SEC flags 13 Problem Firms (August 19, 2002)
Compliance Reporter
- NASD Could Face Class-Action Lawsuits (August 19, 1996)
- NYSE Goes After Brokers for Concealing Outside Business (April
28, 1997)
- NYSE Attorney's Move to PaineWebber Raises Conflict of Interest
Questions (May 12, 1997)
- NYSE Finds No Wrongdoing in Lawyer's Resignation (June 9, 1997)
- Collins To Investigate Abuses in Microcap Stock Market/Quote
of the Week (July 7, 1997)
- Industry Up In Arms Over Gripe Process at NASD (July 21, 1997)
- One Year Ago In Compliance Reporter (August 18, 1997)
- NASD Staff Recommends Dropping A.J. Michaels Case (September
15, 1997)
- One Year Ago In Compliance Reporter (September 15, 1997)
- Meyers Pollock Compliance Team Calls It a Day/ Quotes of the
Year (December 22, 1997)
- Compliance Clarified: Failure to Supervise (February 2, 1998)
- Former Compliance Chief Fights NASD; Says Court-Appointed Counsel
Was In Charge (March 2, 1998)
- Baron Case Points to More Criminal Actions Against B/D Officials
(March 16, 1998)
- NASD May Have Trouble Filling Top NY Slot (April 13, 1998)
- Recent Fraud Cases Show Stricter Sentencing (June 8, 1998)
- Decision Adds Wrinkle to Arbitration Disputes (June 8, 1998)
- NASD Critics to Link Market Manipulation to Lack of Small Firm
Representation (August 31, 1998)
- OCIE Sets Tight Deadline for Online Firm Records (March 15,
1999)
- NASD to Simplify Small Firm Exams (March 29, 1999)
- States Threaten to Name Bad Brokers in the Wake of SIA Licensing
Proposal (June 7, 1999)
- NASD to Add Brokers to Equity Trader License List (August 16,
1999)
- NASD N.Y. Office Hires Deputy Director (September 13, 1999)
- NASD Plans Branch Offices Exams (November 8, 1999)
- Broker Wins $32,000 From SEC in Unfair Charges Award (November
22, 1999)
- NASD Eyes Industry Input in Disciplinary Process/Quotes of the
Year (January 3, 2000)
- NASDR Starts Up Probe of Instinet Users (January 17, 2000)
- NASDR Expand Instinet Probe Into ARB Case (January 31, 2000)
- NASDR Eyes Enforcement Procedure Reforms (March 13, 2000)
- Traders Face Tight Deadline to Pass NASD Exam (March 27, 2000)
- NASD Eyes Enforcement Concessions (April 10, 2000)
- Lawyers Say Investors Plan Suits Over Margin Sales (April 24,
2000)
- NASDR Faces New Hearing For Sterling Foster Case (July 3, 2000)
- Securities Attorneys Offer Varying Opinions of GAO Report on
Unpaid Arbitration Awards (July 10, 2000)
- NASD Surveys Decimalization Readiness; C/Os See New Requirement
(July 17, 2000)
- Weighty Arb Ruling Expected to Turn the Screws on Clearers (October
23, 2000)
- Wis. Judge Puts NASD on the Hook for CRD Liability (October
23, 2000)
- NASDR Moves to Force Compliance Chiefs to Become Principals
(January 15, 2001)
- Critics Claim NASD Election Proposal Blocks Dissidents (January
29, 2001)
- NASDR Eyes External Hire for Top District 10 Slot (May 20, 2001)
- Day Trading Margins (June 3, 2001)
- SEC Backs NASD Action on Excessive Markups (June 3, 2001)
- Judge Humbles SEC Over Suitability Charge (October 7, 2001)
- High-Profile Singer, Frumento Head to New Law Firm (January
28, 2002)
- NASD
Deputy Director Tapped To Head New York (August 25,
2003)
- Question & Answer: Personal Trades By Research Analysts
(December 8, 2003)
- NASD Vilified Again For Certification Proposal (December 8,
2003)
- Year In Preview: Bill Singer, partner with Gusrae, Kaplan &
Bruno in New York
. (January 5, 2003)
- NASD Taps Goldman Director For District 10 Top Slot (March 12,
2004)
- Regulator of the Year (May 24, 2004)
- NASD Repeals Short Sales Rules (January 7, 2005)
- NASD Says New Orleans Office Closure Will Not Delay
Inspections (September 12, 2005)
- SEC's Penalty Rethink Seen Reaching Beyond Public Cos.
(January 13, 2006)
- NASD Asking for CEO Certification Policies (April 21, 2006)
- NYSE Proposal Could Shift Claims Away from NASD (September 1,
2006)
Crain's New York Business
- Stock Exchange Deal Could Spark IPO (March 16, 1998)
- Antiquated Amex Tested as Sale Nears (May 19, 2003)
- Registery Freezes Cold Calls (November 2, 2004)
- NASD chief quits board of insurer tied to members (May 23,
2005)
Daily News
Independents Fight NASD/Amex Merger (September 14, 1998)
The Dallas Morning News
Nasdaq's Top Cop Pushes Reform (February 28, 1997)
TheDeal.com
- Levitt's Exit May Slow SEC's IPO Probe (December 22, 2000)
- Easing of SEC rules possible this year (January 3, 2001)
- SEC passes rules for analysts (May 9, 2002)
- Analyst Reforms Not Bulletproof (May 23, 2002)
Dow Jones News Service
- Critics Say Tougher Listing Rules At Nasdaq Not the Answer (May
15, 1996)
- Lawyer Proposes Disciplinary Point System for Brokers (June
5, 1996)
- Nasdaq's Top Cop Pushes Reform, Use of Technology (February
28, 1997)
- SEC Enforcement Chief McLucas Says He's Leaving Agency (January
22, 1998)
- NASDAQ/Amex Merger (March 12, 1998)
- Lawyers Mixed on Regulatory Viability of AMEX/NASDAQ (March
12, 1998)
- Nasdaq Market-Makers, ECNs Battle Over Fees, Best Execution
(June 4, 1998)
- Private Trading Network All-Tech Petitions Department of Justice/Antitrust
(June 18, 1998)
- Alabama Securities Watchdog Has Southern Bark, N.Y. Bite (October
15, 1998)
- NASD Makes It Harder To Clean Up Broker Disciplinary Files (January
22, 1999)
- Govt Watching NYSE-Nasdaq (February 26, 1999)
- For Top NASD Regulator in NY, Professionalism Is Byword (April
30, 1999)
- NASD Censures, Fines Great Neck Firm (July 7, 1999)
- NASD Could Face Contested Board Election In December (September
30, 2002)
- Prudential Changes Wording On Form To Calm Irate Brokers (March
13, 2003)
- U.S. Court Affirms Arbitration Award For Fla. Widow (August 2,
2006)
Financial NetNews
Regulatory Talk: Bill Singer (March 17, 1997)
Financial Planning
Defining the Details of the Adviser Act (March 1, 1997)
Financial Times/FT.com
Salomon May Be Close to Deal with Regulators (September
23, 2002)
Forbes
The Informer (December 27, 2004)
Ex-Employees Say HSBC Oversold Annuities (February 24, 2005)
Houston Chronicle
In Eyes of Investigators, Enron's Words as Relevant as Deeds (February
11, 2002)
The Fall of Enron (February 15, 2002)
Ignites.com
SEC Slaps Scudder Over Rogue Trader (December 23, 1999)
Institutional Investor News
AFL-CIO Looks To Unionize (March 23, 2003)
International Securities Regulation Report
SEC Streamlines Offering Requirements (November 5, 1998)
Investment Dealers' Digest
- Is Arbitration Fair? (April 20, 1992)
- NASD Warns Online Brokers of Rules (April 9, 2001)
- NASD Warns Online Brokers of Rules; Arbitration Next? (April
9, 2001)
- Hard Times (January 28, 2002)
- Williams' Boomerang: Should Merrill and Salomon Have Known?
(February 11, 2002)
- Sarbox Violations Alleged at Wachovia (August 15, 2005)
- SEC Takes Aim at "Best Price" Rule (January 9, 2006)
- NASD Proposal Risks Starting Turf War (May 22, 2006)
- Regulatory Union: A Joint NYSE/NASD Effort Could Increase
Efficiency (December 4, 2006)
InvestmentNews (Crain's)
- Small brokers to NASD: Deal us in (August 5, 2002)
- Red-tape riot afoot at NASD (January 20, 2003)
- Pru Fiasco: Whose fingerprints? (March 17, 2003)
- NASD looking into why routine agreement was changed, lawyer
says (March 17, 2003)
- Many expect to receive less research support (May 7, 2003)
- NASD cracks down on stock research violations (May 10,2004)
- Insurers smell timing in frequent VA trades (November 7, 2005)
- Fraudsters pose as broker firms (November 16, 2005)
- NASD investment fund swells from sale of Nasdaq stock (June
12, 2006)
- New NASD Chief Faces Hostile Environment (September 11, 2006)
- Regulator heavyweights jump into SRO merger fray (January 22,
2007)
- MetLife Accused of Coercing Advisers (February 16, 2007)
- Insurers Said to Steer Reps to In-house Wares (March 5, 2007)
- Hey there, insurance agent: We can make you an RIA (April 23,
2007)
- Small firms upset by an NASD hiring (May 7, 2007)
- New criticism for name of self-regulator (August 5, 2007)
- SEC appeals case against former AMEX chief (September 10,
2007)
- Small BDs Say They Have Lost Key Voice (June 9, 2008)
Investors Business Daily/ Investors.com
- Eliot Spitzer's Rise To Gov. May Mark End Of Wall St. Era
(January 8, 2007)
Knight-Ridder Financial News Service (November 6, 1995)
Small-Order Traders, NASD In Talks On Allegedly Unfair Rules
Los Angeles Times
- Wall Street Warms Up to Day-Trading Brokerages (July 14, 1999)
- Senate Panel Will Look at Day Trading (February 22, 2000)
- E-Brokerages Face Backlash After "Margin" Debacle (June 11,
2000)
- 4 U.S. Options Exchanges Settle Price-Fixing Case (Sept. 12,
2000)
- New Trading Ideas Lose Momentum (January 2, 2001)
- For NYSE Unit, It's Get Tough or Get Out (September 11, 2005)
The Milwaukee Journal Sentinel
- Investors Beware (July 21, 1996)
- Critics Fault Rogue-Broker Disclosure (April 21, 1998)
The National Law Journal
- NASD Weighs Investment in Due Process Guarantees (November 13,
1995)
- Small Traders: NASD Pact Not Enough (August 26, 1996)
New Jersey Law Journal
- On the Move (October 16, 2006)
Newsday
- Former Stratton Brokers Accused (January 6, 1998)
- Brokerage on LI Censured, Fined (July 8, 1999)
The New York Law Journal
- Suing Kidder (July 7, 1994)
- Electronic Trading: SEC Takes Solomonic Approach to Regulation
(April 30, 1998)
New York Law School In Brief
- Alumni Recognition (Summer 1994)
New York Post
- Broker Makes NASD Naughty List (November
24, 2002)
- Grubman May Sing (September 21, 2002)
- Large Firms' Woes (September 22, 2002)
- Dissident Members Dis' NASD on Fees (February 9, 2003)
- Pru Brokers Unite? (March 16, 2003)
- Pros Worry Abuses Might Come Back (April 29, 2003)
- SEC Probing Firms' Trading Patterns (November 9, 2004)
- ETRADE Players Shocked by Vanishing Money (November 24,
2004)
- NYSE Floored (May 13, 2005)
- Dead Man Walks As Lay Is Cleared (October 18,2006)
- Wall Street Fear (September 2, 2007)
- Wall Street Hawks Eye New ATM Scam (April 27, 2008)
The New York Times
- N.A.S.D. Board Approves Plan For Revamping (November 18, 1995)
- Deal is Expected in U.S. Inquiry into Nasdaq (July 13, 1996)
- Broker Charged With Stock Manipulation (January 7, 1998)
- Two Independents Are Elected to NASD Board (December 22,
1998)
- After Uniform: White-Collar Blues (October 28, 2005)
On Wall Street
- The Little Guy Strikes Back (April 1998)
- NASD Makes Detailed Broker Records Available (April 1998)
- Brokers, Unite! (May 1998)
- Prosecutors Taped Conversations in Radio Show Case (June 1998)
- NASDR Proposes Painful U-4 Changes (February 1999)
- Pru Creates "No Poaching" Pacts (April 2000)
- Lights, Camera, Broker (February 2002)
- Instant Messages Push Brokers Into Action (June 2002)
- Attorney Seeks Broker Voice on NASD Board (August 2002)
- Where Does All the Settlement Money Go? Maybe Not Where You
Think (November 2002)
- Fighting Back: Frivolous Lawsuits (December 2004)
- Street Smart Enforcer (July 2005)
- Single Regulator Slated for Wall Street (January 2007)
Portolio.com (Conde Nast)
- Cuomo the Cop (March 13, 2008)
Registered Rep.
- Common Criminal (January 1994)
- The Beginning of the End of Self-Regulation (November 1996)
- Banned for Life (January 1997)
- Monthly Marketing (January 1997)
- When Should You Hire an Attorney (March 1997)
- All in the Family (September 1997)
- Who Manages the Managers (December 1997)
- You've Been Served (March 1998)
- Is the NASD Still Chasing SOES Firms? (March 1998)
- Ex-Top Securities Cops Change Sides (July 1998)
- NASD Puts AMEX Deal to Member Vote, Sort of (September 1998)
- Zarb Tells California Firms AMEX Merger Won't Cost Anything
(October 1998)
- Industry Howls Over NYSE Mandate to Report Oral Complaints
(October 1998)
- Arbitration Step by Step (November 1998)
- Disappearing Regulators (January 1999)
- Red Flag Prospects (February 2001)
- What's Your Book Worth (August 2001)
- The Seven Deadly Sins
(July 2002)
- Another NASD Election, Another Brawl? (August 2002)
- Busting a CAP: Opponents of Salomon Smith Barney’s Capital Accumulation
Plan to get a day in court (January 22, 2003)
- Out, Damn Spot (May 2004)
- Meting Out Justice (August 2004)
- A Monster Issue (February 2005)
- Mutual Fund Enforcement Picks Up Steam (March 2005)
- "Merrill Rule" Debate Not Over (April 2005)
- Scandal Scorecard: Mutual Funds On Top (May 2005)
- SEC Loses Head (June 2005)
- Reinventing the Branch Manager (July 2005)
- Brokers Call Up for Active Duty Face Licensing Headaches
(August 2005)
- Proprietary Matters for AEFA and UBS (August 2005)
- Regulate Thyself (Better) (September 2005)
- The Management Letter: The Tough Call (October 2005)
- Schapiro in for Glauber at NASD (January 12, 2006)
- Dissidents Elected to NASD Board (February 3, 2006)
- Broker Fights for His Reputation—and Wins (Some of It Back)
(March 1, 2006)
- Does the SEC Have It Out for Small Firms? (July 31, 2006)
- Smith Barney Golden Handcuffs Hard to Crack (June 21, 2007)
- Sub-Prime Collapse Bombs Into Brokerage Industry; Indie
Brokerage Can’t Meet Margin Calls (June 22, 2007)
- Let's Litigate (May 14, 2008)
Reuters Ltd.
- NASD Settles SEC Probe of Nasdaq Practices (August 8, 1996)
- SEC Approves Nasdaq-proposed Lower Quote Size (January 10,
1997)
- First Albany Settles NASD Charges on Muni Payments (May 16,
1997)
- AMEX merger with NASDAQ Seen Good for Both (March 12, 1998)
- SEC Queried on AMEX/NASDAQ Merger (August 10, 1998)
- U.S. SEC Settles with Firms, Ends NASDAQ Probe (January 11,
1999)
- NASD Fines Great Neck trading firm (July 8, 1999)
- Risks of day-trading spur U.S. regulators into action (July
31, 1999)
- NASDAQ Says Zarb to Step Down as Chairman (July 26, 2001)
- Wall Street recovers but not quite business as usual (October
10, 2001)
- Congress To Hear Officials on Enron, Pitt Declines (December
10, 2001)
- Former Andersen Partner Seeking Deal (March 25, 2002)
- American Stock Exchange Facing Further Challenges (August 19,
2003)
- Amex sale remains on track, but questions linger (October 14,
2003)
Seattle Post Intelligencer
- Microvision stock tumbles after suspect article on Web (June 23,
2008)
Securities Week
SmartMoney.com
- The Battle Brewing at NASDAQ (December 6, 1999)
- The SEC Drops the Hammer on Enterprises Solutions (April 7,
2000)
- The Expensive Emulex Lesson (August 29, 2000)
- A Most Unsuitable Rule (April 17, 2001)
- The Signs Everyone Missed (Enron) (December 5, 2001)
- Who Else Got Rich on Enron (January 7, 2002)
- Next Stop on the Enron Express: Wall Street (February 26, 2002)
TheStreet.com
- Electronic Trading Networks Find a Lucrative Middle Ground
(March 1, 1999)
- Make My Day, Market Makers Grumble to Encroaching Trading Networks
(March 3, 1999)
- Few Mourn Death of the Amex-Philly Deal (April 22, 1999)
- Department of Justice Probes IPO Underwriting Fees (April 30,
1999)
- Nasdaq Small Brokers Revolt: Threaten to Scuttle IPO (March
3, 2000)
- Investors Challenging Brokers in Margin-Call Clashes (May 17,
2000)
- Raiders of Lost Daytraders: Desperate Fight for Customers (Sept.
29, 2000)
- Online Broker Survey: Margin Calls? No Problema, Say Readers
(October 31, 2000)
- Ex-New York Giant, Once-Jailed Broker Tangle Over Payments,
Trades (January 25, 2001)
- Document Chaos Isn't Sorted Out (Sept. 9, 2002)
- Latest Dragnet May Not Go Much Beyond Blodget (January 6, 2003)
- Holly Becker Case Would Be Hard to Prove (January 17, 2003)
- Shotgun Wedding for Nasdaq, Instinet? (August 29, 2003)
- Massachusetts Fund Probe Targets Prudential (September 5, 2003)
- Patience for Grasso Not Unlimited (September 15, 2003)
- SEC's Holly Becker Case Slowly Fades Away (November 12, 2003)
- Ex-NYSE's Chief Grasso's Riches Probably Untouchable (December
22, 2003)
- Martha Stewart May Resist Desperation Defense (February 20,
2004)
- Cooking Up Doubt for Martha (February 27, 2004)
- Spitzer Leaves Mutual Fund Symphony Unfinished (June 30, 2004)
- Squawk Probe Targets Payoffs (March 8, 2005)
- AB Watley Questioned in SEC's 'Squawk' Probe (March 10,2005)
- Spitzer Fumbles in Red Zone (November 22, 2005)
- Vonage Keeps Sinking (May 31, 2006)
- Wall Street's Scapegoat Scrape (September 26, 2006)
Ticker
- Gadfly Takes on NASD (March 1997)
Traders
- Approval for NASD-AMEX Merger Is Challenged (December 1998)
- Dispute Pits SOES Bandit Against Wholesaler (July 1999)
- All-Tech vs. Knight Settlement Unease: Both Sides Charge NASD
Arbitration with Amateurish Decision (March 2000
- Legal Steps to Block NASDAQ Sale (May 2000)
- General Counsel Resigns from Small Firms
Group (May 2000)
- Marriage on the Rocks? (July 2000)
- The Fall Out Over NASDAQ Sale Plan (August 2000)
- NASDAQ Pricing Discrimination? (May 2002)
- Small Firms Uprising Averted at NASD (November 2002)
- Taking the NYSE Specialists to Court (January 2004)
- Another Multi-Million Dollar Hosing? (May 2004)
- What's Next After Directed Brokerage? (October 2004)
- Breaking Up the System of Self-Regulation (January 2005)
- NYSE and NASD Investigate Guaranteed VWAP (September 2005)
- Regulatory Showdown (March 2006)
- The Selling of the NASD/NYSE Regulatory Merger (January 2007)
USA Today
- SEC Yet to Rule in Jett Case (May 18, 1998)
- 12 Forced Out In Trading Probe At Prudential Securities (October
1, 2003)
The Wall Street Journal:
- Angry Commodity Players Can Get Even (May 6, 1991)
- Merrill Faces State Inquiry Over Tactics (May 12, 1994)
- SEC Takes Steps Involving All-Pro Offer (September 25, 1995)
- Critics of Nasdaq React Warily to News of Talks that Could
Wrap Up Probe (November 3, 1995)
- SEC Turns Aside Curbs Set by NASD On Market Maker (August 15,
1996)
- Prosecutors Look at Ties in Test Scam (January 9, 1997)
- Regulators Probe Unit of Barclays (July 18, 1997)
- Broker for Meyers Got a Big Surprise in Calling Utah (November
26, 1997)
- Monroe Parker Securities Is Charged With Price Manipulation
and Fraud (January 6, 1998)
- NASD System to Tell More About Brokers (March 9, 1998)
- Big Board Brokers Face 'Frontrunning' Probe (March 20, 1998)
- NASD Disciplines Brokers (June 10, 1998)
- NASD May Limit Data On Brokers (August 13, 1998)
- Big Payday for a Whistleblower (April 9, 1999)
- Disputes with Online Brokers Could Be Frustrating to Resolve
(June 28, 1999 Interactive Edition)
- Bold Strategy Faces Hurdles (August 17, 1999)
- Senate Panel Plans to Hold Hearings This Month on Day-Trading
Industry (September 8, 1999)
- Small-Stock Site Collects Fees From Some Firms It Features
(November 12, 1999 Interactive Edition)
- Tokyo Joe Uses Free Speech as Defense in Securities Case (April
11, 2000 Interactive Edition)
- Heard on the Net: Alleged "Recidivist" Shows SEC
Limits with Online Action (January 23, 2001)
- McCall Confirms IPO Is Considered as Way to Split Market’s
Role (Sept. 19, 2003)
- MarketBeat: Bloggers on Bear Stearns (Online WSJ, March 17,
2008) http://blogs.wsj.com/marketbeat/2008/03/17/bloggers-on-bear-stearns/?mod=googlenews_wsj
Wall Street & Technology
- Can the SEC Regulate Electronic Trading While Nurturing Innovation?
(February 1998)
Wall Street Letter
- Congress to Review Justice Department's Nasdaq Price Fixing
Settlement (August 5, 1996)
- Ex-Examiner Alleges Drinking, Sexism in NASD District 10 (September
6, 1996)
- NASDAQ Critics To Launch Group to Push for Single SRO (February
19, 1997)
- NASD Critic Appointed to Zarb's Advisory Board (March 6, 2000)
- Quote of the Week (March 6, 2000)
- Quotes of the Year (December 24, 2000)
- Critics Claim NASD Election Proposal Blocks Dissidents (January
28, 2001)
- NASDR Draws Up Short List for Top District 10 Slot (May 21,
2001)
- Big Board Said to Have E-Record Retention Cases in Its Crosshairs
(August 27, 2001)
- NASDR: Female Condoms Aren't Suitable! (September 10, 2001)
- Judge Humbles SEC Over Suitability Charge (October 8, 2001)
- Will New SEC Commissioners Work Harmoniously? (August 12, 2002)
- Lawyers, Slam, Defend NASD's Salomon Fine (September 30, 2002)
- NASD Targets Small Firms For Criticism, Critic Charges (September
30, 2002)
- Dissident Group Drops Election Bid After NASD Agrees To Meeting
(October 21, 2002)
- Broker Drops Bid for NASD Board, Joins Small Firms Movement
(October 28, 2002)
- NASD Bars Broker For "Converting" Funds From Christmas
Charity (November 25, 2002)
- Dissident Group To Meet NASD Officials Friday (January 31, 2003)
- NASD Dissident Group Unveils Demands for Reform (February 3,
2003)
- Dissident Group Lobbies PCX To Become SRO For Small Brokers
(March 10, 2003)
- Pru Brokers Claim Non-Solicit Clause Hidden In New Employment
Contract (March 13, 2003)
- AFL-CIO Looks To Unionize (March 24, 2003)
- NASD Seeks More Disclosure On Forms (June 9, 2003)
- NYSE Proposes Higher Fines for Minor Violations (June 16, 2003)
- SEC Settlement With Prudential Opens Door For Future Claims
(July 11, 2003)
- Small Broker Dealers To Create New Trade Group (July 14, 2003)
- SEC Settlement May Spell FutureClaims On Prudential (July 14,
2003)
- Big Board Panel Whacks Fahnestock (August 3, 2003)
- Big Board Panel Whacks Fahnestock, Sends Clear BD Governance
Message (August 4, 2003)
- NASD Set To Appoint Director For N.Y. Office (August 25, 2003)
- NASD Seeks Fee For Arbitrator Checks (September 8, 2003)
- Small Brokers Plan NASD Board Election Coup (September 27, 2003)
- NASD Faces Tough Executive Search, Observers Say (October 13,
2003)
- Seligman among NASD Board Nominees (October 20, 2003)
- UBS Faces Liability Over Stock Research Omissions
(May 16,2004)
- Conflict of Interest? NYSE's New Enforcement Chief Sidelined
(May 21, 2004)
- NASD Botches Its First Cease and Desist (February 4, 2005)
- NASD Repeals Short Sale Rules (January 7, 2005)
- NYSE Eyes More Brokerages In Stock Loan Trading Probe
(February 25, 2005)
- NASD Invokes Tough Guidelines For Analyst Rule Violations
(March 18,2005)
- NASD Proposes Filing Ads for New Products (April 18, 2005)
- Regulator Hits Brokerages Hard for Late Filings (September 23,
2005)
- CFO Really Honked: Lazard Analyst Caught In Subterfuge
(September 30, 2005)
- SEC Brings Fewer Internet Securities Fraud Cases (November 4,
2005)
- Pay Up Or Else! Merrill Goes After Former Advest Brokers For
Forgivable Loans (January 27, 2006)
- Will Morgan Stanley Join Broker Accord? (May 5, 2006)
- SIA Requests Changes in Proposed Variable Annuity Rules (July
31, 2006)
- Regulators Come Down Hard on E-Communications Regulations
(July 31, 2006)
The Washington Post
- NASD to Be Split Into Two Units; New Agency Will Be Regulator
(November 18, 1995)
The Westchester Journal News
- Day Trading School (March 3, 1999)
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