Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

August 22, 2020

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5386/securities-industry-commentator/

E-brokers defy odds by recording record trading revenue while dropping commissions to zero (CNBC by Maggie Fitzgerald and Kate Rooney)

Former Chief Security Officer For Uber Charged With Obstruction Of Justice / Joseph Sullivan Allegedly Tried to Cover Up 2016 Hack That Compromised Data Of Millions Of Users and Drivers (DOJ Release)

Federal Court Says SEC Complaint Sufficiently Alleges Dealer Status (BrokeAndBroker.com Blog)

SEC Wins Summary Judgment Against Florida Unregistered Dealers (SEC Release)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5385/securities-industry-commentator/

BREAKING STORY: Leaders Of 'We Build The Wall' Online Fundraising Campaign Charged With Defrauding Hundreds Of Thousands Of Donors / Brian Kolfage, Stephen Bannon, and Two Others Alleged to Have Funneled Hundreds of Thousands of Dollars From the Organization to Kolfage; All Four Defendants Allegedly Profited From Their Roles in the Scheme (DOJ Release)

Six Years And Counting and the SEC Is Still Dicken-ing Around (BrokeAndBroker.com Blog)

The Bank of Nova Scotia Agrees to Pay $60.4 Million in Connection with Commodities Price Manipulation Scheme (DOJ Release)

CFTC Orders The Bank of Nova Scotia to Pay $127.4 Million for Spoofing, False Statements, Compliance and Supervision Violations / Record Civil Monetary Penalties Levied for Spoofing, False Statements, and Swap Dealer Compliance and Supervision Violations (CFTC Release)

Four Individuals Charged With $19 Million Fraudulent Invoicing Scheme Targeting Amazon's Vendor System (DOJ Release)

FINRA Sends Belated Letter Explaining Arbitration Ineligibility

In the Matter of the Application of Donald Anthony Wojnowski for Review of Action Taken by FINRA (SEC Order)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5384/securities-industry-commentator/

FINRA Arbitrators Find Customer Complaint Made Virtually No Sense During Virtual Hearing (BrokeAndBroker.com Blog)

Citigroup Finds $900 Million Mistakes Are Hard to Undo / The U.S. bank says cash it paid out in error should be returned. But the mishap suggests a problem with its controls that supervisors should take seriously (Bloomberg by Chris Hughes)

Operators Of Global Cryptocurrency Ponzi Scheme And Attorney Charged With Fraud And Money Laundering / Defendants Defrauded Victims of Tens of Millions of Dollars (DOJ Release)

"Lottery Lawyer" and Three Co-Conspirators Indicted in $107 Million Scheme to Defraud Lottery-Winning Clients / Two Defendants Also Charged with Threatening to Kill Recipient of Usurious Loan (DOJ Release)

SEC Charges Promoters of Multi-Level Digital Asset Marketing Scheme (SEC Release)

Public Customers Win Escheatment Case Against E*Trade

In the Matter of the Arbitration Between Joshua Travis Anue Trust and Tenaya Laurel Anue Trust, Claimants, v. E*Trade Securities LLC, Respondent (FINRA Arbitration Award)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5383/securities-industry-commentator/

UPDATE: No Rationale And No Explanation In FINRA Arbitration Decision (BrokeAndBroker.com Blog)

FINRA Arbitration Awards Online Crashes

FINRA Disciplinary Actions Online Crashes

Chancery Court Declines to Excuse Demand Upon Directors In MetLife Derivative Suit

In re MetLife Inc. Derivative Litigation (Delaware Chancery Court Opinion)

North Suburban Financial Adviser Indicted on Fraud Charges for Allegedly Swindling $450,000 From Clients (DOJ Release)

SEC Charges Hertz's Former CEO with Aiding and Abetting Company's Financial Reporting and Disclosure Violations (SEC Release)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/5382/securities-industry-commentator/

Perplexing, Baffling FINRA Arbitration Award Affirmed in 4Cir Majority Opinion (BrokeAndBroker.com Blog)

Graham, N.C. Man Is Sentenced To More Than Five Years For $1.1 Million Investment Scheme (DOJ Release)

Attorney Sentenced in International Securities Fraud Scheme (DOJ Release)

California Man Charged with Investment Fraud (DOJ Release)

Ariel Quiros Pleads Guilty to Fraud Charges Related to The Jay Peak EB-5 AnC Vermont Project in Northeast Vermont (DOJ Release)

FINRA Censures and Fines Network 1 Financial Securities for AML lapses and Non-compliance with Arbitration Discovery

In the Matter of Network 1 Financial Securities Inc, Respondent (FINRA AWC)

FINRA Imposes Suspension on Rep for Outside Activity as COO and Loan Officer

In the Matter of Clifton Hideki Roberts, Respondent (FINRA AWC)

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