Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

December 18, 2021

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6208/securities-industry-commentator/

Found Guilty of Wire Fraud, Bank Fraud, and Money Laundering Bear Man Sentenced to Three Years in Federal Prison (DOJ Release)

The Collision of the Inept With The Incompetent -- A Wall Street Compliance and Regulatory Tale (BrokeAndBroker.com Blog)

McKinsey's $31-billion RIA for McKinsey staffers pays $18 million fine, a real 'slap on the wrist' considering 'repeated violations' related to having zero recusal process for insiders in its compliance plan, a lawyer says / Federal regulators allowed McKinsey to settle without admitting insider trading violations for its in-house RIA but censured the firm and ordered it to 'cease and desist' from future violations. (RIABiz.com by Oisin Breen)

NatWest Markets Pleads Guilty to Fraud in U.S. Treasury Markets / Global Banking and Financial Services Firm to Pay $35 Million in Fine, Restitution, and Forfeiture (DOJ Release)

SEC Halts Texas-Based Ponzi Scheme Targeting Veterans (SEC Release)

Nikola Corporation to Pay $125 Million to Resolve Fraud Charges / Company Also Agrees to Continue Cooperating with the SEC (SEC Release)

SEC Charges Additional Unregistered Brokers Who Sold Equialt Securities to Retail Investors (SEC Release)

FINRA Arbitrator Won't Rewrite Indemnification Clause (BrokeAndBroker.com Blog)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6206/securities-industry-commentator/

FINRA Arbitrator Won't Rewrite Indemnification Clause (BrokeAndBroker.com Blog)

NatWest Markets Pleads Guilty to Fraud in U.S. Treasury Markets / Global Banking and Financial Services Firm to Pay $35 Million in Fine, Restitution, and Forfeiture (DOJ Release)

Nikola Corporation to Pay $125 Million to Resolve Fraud Charges / Company Also Agrees to Continue Cooperating with the SEC (SEC Release)

SEC Charges Additional Unregistered Brokers Who Sold Equialt Securities to Retail Investors (SEC Release)

Chicago Physician Charged With Insider Trading (DOJ Release)

SEC Charges Clinical Drug Trial Investigator with Insider Trading (SEC Release)

Russian National Extradited for Role in Hacking and Illegal Trading Scheme / Defendant among five charged in multi-million dollar scheme to trade based on inside information stolen from U.S. computer networks (DOJ Release)

SEC Charges Five Russians in $80 Million Hacking and Trading Scheme

United States Files Civil Action to Return $150 Million in Embezzled Funds to Sony; FBI Tracks Money to Bitcoin (DOJ Release)

SEC Charges Private Equity Fund Adviser with Fee and Expense Disclosure Failures (SEC Release)

Statement of Commissioner Elad L. Roisman (SEC Release)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6220/securities-industry-commentator/

FINRA Arbitrator Won't Rewrite Indemnification Clause (BrokeAndBroker.com Blog)

Chicago Physician Charged With Insider Trading (DOJ Release)

SEC Charges Clinical Drug Trial Investigator with Insider Trading (SEC Release)

Statement of Commissioner Elad L. Roisman (SEC Release)

James E. Grimes Named Chief Administrative Law Judge at SEC (SEC Release)

Fraudster Sentenced to Over Three Years in Federal Prison for Bank Fraud Conspiracy / Engaged in a Second Fraud Scheme After His Guilty Plea and While on Pre-Trial Release (DOJ Release)

U.S.-Swiss Dual National Sentenced to Three Years in Prison for Bank Fraud Charges Connected to Investment Fraud Scheme / Defendant Bought One-Way Ticket and Headed Overseas as Scheme Unraveled (DOJ Release)

Federal Court Orders Washington State Feedyard to Pay $263 Million for Phantom Cattle Fraud Scheme and Violating Position Limits (CFTC Release)

SEC Awards Over $900,000 To Whistleblower But Denies Award to Second Claimant

Order Determining Whistleblower Award Claims

JPMorgan Admits to Widespread Record-Keeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges / Firm also agrees to implement significant improvements to its compliance controls (SEC Release)

CFTC Orders JPMorgan to Pay $75 Million for Widespread Use by Employees of Unapproved Communication Methods and Related Recordkeeping and Supervision Failures / JPMorgan Admits Employees Used Texts and WhatsApp on Personal Devices to Conduct Business (CFTC Release)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6215/securities-industry-commentator/

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6214/securities-industry-commentator/

SECURITIES REGULATION / SEC Could Take Further Actions to Help Achieve Its FINRA Oversight Goals (United States Government Accountability Office ("GAO") Report to Congressional Committees / December 2021)

Former Analyst Pleads Guilty To Securities Fraud For Committing Insider Trading By Front-Running Employer's Pending Trades (DOJ Release)

Former Management Consulting Firm Partner Pleads Guilty To Insider Trading / Defendant Was a Lead Consulting Firm Partner Advising an Investment Bank on Its Acquisition of GreenSky, Inc. (DOJ Release)

Husband and Wife Sentenced to Prison Terms for Operating Ponzi Scheme Relating to Investments in Foreign Currencies (DOJ Release)

Wedbush Securities Charged with Unregistered Sales of Microcap Securities and Failing to Report Suspicious Transactions / Broker-dealer to pay more than $1.2 million (SEC Release)

SEC Proposes Amendments Regarding Rule 10b5-1 Insider Trading Plans and Related Disclosures / The proposal would strengthen the requirements to access the affirmative defense to insider trading and improve related transparency around insider transactions in company securities (SEC Release)

Statement on Rule 10b5-1 and Insider Trading by SEC Chair Gary Gensler

Stock Trading Plans Should Prevent - Not Enable - Insider Trading: Statement on Proposed Amendments to Rule 10b5-1 by SEC Commissioner Allison Herren Lee

Statement on the Proposed Amendments to the Availability of the Affirmative Defense to Allegations of Insider Trading Provided by Exchange Act Rule 10b5-1 by SEC Commissioner Caroline A. Crenshaw

Statement on Rule 10b5-1 and Insider Trading Proposing Release by SEC Commissioner Hester M. Peirce (SEC Release)

Statement on the Proposed Rules Regarding 10b5-1 Plans by SEC Commissioner Elad L. Roisman

SEC Proposes Amendments to Money Market Fund Rules / Proposed amendments would improve the resilience and transparency of money market funds (SEC Release)

Statement on Money Market Fund Reform by SEC Chair Gary Gensler

Statement on Proposed Money Market Fund Reforms by SEC Commissioner Allison Herren Lee

Statement on Proposed Amendments to Money Market Fund Rules by Commissioner Caroline A. Crenshaw

Statement on Money Market Fund Reforms by SEC Commissioner Hester M. Peirce

Statement on Proposed Money Market Fund Reforms by SEC Commissioner Elad L. Roisman

SEC Proposes New Share Repurchase Disclosure Rules / The proposal would establish new Form SR for reporting issuer share repurchases and enhance existing periodic disclosure (SEC Release)

Statement on Share Repurchase Disclosure Modernization by SEC Chair Gary Gensler

Enhancing Transparency Around Stock Buybacks: Statement on Corporate Share Repurchase Proposal by SEC Commissioner Allison Herren Lee

Statement on Issuer Share Repurchase Disclosure Modernization by SEC Commissioner Caroline A. Crenshaw

Dissenting Statement on Buybacks Disclosure Proposal by SEC Commissioner Hester M. Peirce

SEC Proposes Rules to Prevent Fraud in Connection With Security-Based Swaps Transactions, to Prevent Undue Influence over CCOs and to Require Reporting of Large Security-Based Swap Positions (SEC Release)

Statement on Exchange Act 10B and Rule 9j-1 by SEC Chair Gary Gensler

Standing Up the Security-Based Swap Regime: Statement on Proposed Rules for Antifraud, Position Reporting and CCO Support by SEC Commissioner Allison Herren Lee

Statement on Re-Proposed Prohibition Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps by SEC Commissioner Caroline A. Crenshaw

Dissenting Statement on Proposed Security-Based Swap Rules by SEC Commissioner Hester M. Peirce

Dissenting Statement on Proposed Security-Based Swaps Rules by SEC Commissioner Elad L. Roisman

FINRA Arbitrators Award $1 In Response to $1 Million In Damages Sought (Sort of)

(BrokeAndBroker.com Blog)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6213/securities-industry-commentator/

Stock Trading Plans Should Prevent - Not Enable - Insider Trading: Statement on Proposed Amendments to Rule 10b5-1 by SEC Commissioner Allison Herren Lee

Statement on Rule 10b5-1 and Insider Trading Proposing Release by SEC Commissioner Hester M. Peirce (SEC Release)

SEC Proposes Amendments to Money Market Fund Rules / Proposed amendments would improve the resilience and transparency of money market funds (SEC Release)

Statement on Proposed Money Market Fund Reforms by SEC Commissioner Allison Herren Lee

SEC Proposes New Share Repurchase Disclosure Rules / The proposal would establish new Form SR for reporting issuer share repurchases and enhance existing periodic disclosure (SEC Release)

Enhancing Transparency Around Stock Buybacks: Statement on Corporate Share Repurchase Proposal by SEC Commissioner Allison Herren Lee

Dissenting Statement on Buybacks Disclosure Proposal by SEC Commissioner Hester M. Peirce

Standing Up the Security-Based Swap Regime: Statement on Proposed Rules for Antifraud, Position Reporting and CCO Support by SEC Commissioner Allison Herren Lee

San Diego Man Indicted for Multimillion-Dollar Investment Scheme (DOJ Release)

SEC Charges San Diego-Based Companies and Their Principal with Operating $15 Million Ponzi Scheme (SEC Release)

CEO of Shreveport Federal Credit Union Pleads Guilty to Charges in Federal Court (DOJ Release)

Virtual Remarks at the Center for American Progress and Sierra Club: Down the Rabbit Hole of Climate Pledges (Speech by SEC Commissioner Caroline A. Crenshaw)

FINRA Arbitrators Award $1 In Response to $1 Million In Damages Sought (Sort of)

(BrokeAndBroker.com Blog)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6212/securities-industry-commentator/

FINRA Arbitrators Award $1 In Response to $1 Million In Damages Sought (Sort of) (BrokeAndBroker.com Blog)

Several sentenced in $50M pump-and-dump scheme (DOJ Release)

Operating Partner of Oil and Gas Maintenance Business Sentenced to Prison for Wire Fraud (DOJ Release)

SEC Cites Failure to Exhaust Administrative Remedies in Dismissing Appeal by Rep Barred for Failure to Respond to FINRA Document/Information Demands

In the Matter of the Application of Shad Nhebi Clayton for Review of Disciplinary Action Taken by FINRA (SEC Opinion)

SEC Dismisses Untimely Appeal by Rep Barred for Failure to Respond to FINRA Testimonial Demands

In the Matter of the Application of Shlomo Sharbat for Review of Disciplinary Action Taken by FINRA (SEC Opinion)

Falling Further Back - Statement on Chair Gensler's Regulatory Agenda (Statement by SEC Commissioner Hester M. Peirce and SEC Commissioner Elad L. Roisman)

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer http://www.rrbdlaw.com/6211/securities-industry-commentator/

FINRA Arbitrators Award $1 In Response to $1 Million In Damages Sought (Sort of) (BrokeAndBroker.com Blog)

Operating Partner of Oil and Gas Maintenance Business Sentenced to Prison for Wire Fraud (DOJ Release)

Falling Further Back - Statement on Chair Gensler's Regulatory Agenda (Statement by SEC Commissioner Hester M. Peirce and SEC Commissioner Elad L. Roisman)

Pueblo Cattle Investment Operator Sentenced to Federal Prison for Wire Fraud and Money Laundering (DOJ Release)

Rat Farms and Rule Comments - Statement on Comment Period Lengths (Statement by SEC Commissioner Hester M. Peirce)

Trader Indicted for Commodities Insider Trading Scheme (DOJ Release)

CFTC Charges Puerto Rico Resident and His Firm for Misappropriation of Nonpublic Information and Fictitious Trading (CFTC Release)

SEC Charges Three Canadians with Securities Fraud (SEC Release)

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