Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

January 7, 2023

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer https://www.rrbdlaw.com/6827/securities-industry-commentator/

Imagine That a $10 Million FINRA Arbitration Claim Settles for $100,000 (BrokeAndBroker.com Blog)

Federal Court Says Customer Had Duty To Notify Schwab of Malfunctioning Order System (BrokeAndBroker.com Blog)

Removal of FINRA Arbitrator Cited by Schwab and Interactive Brokers in HFT Customer Dispute (BrokeAndBroker.com Blog)

Attorney General James Sues Former CEO of Celsius Cryptocurrency Platform for Defrauding Investors / Alex Mashinsky Lied to Investors, Concealed Celsius's Dire Financial Condition, and Failed to Register as Required by State Law (NYSAG Release)

FTC Proposes Rule to Ban Noncompete Clauses, Which Hurt Workers and Harm Competition / Agency estimates new rule could increase workers' earnings by nearly $300 billion per year (FTC Release)

Superintendent Adrienne A. Harris Announces $100 Million Settlement with Coinbase, Inc. after DFS Investigation Finds Significant Failings in the Company's Compliance Program / DFS Investigation Found Wide-Ranging and Long-Standing Failures in Coinbase, Inc.'s Anti-Money Laundering Program, Including with Regard to its Know Your Customer/Customer Due Diligence, Transaction Monitoring, and Suspicious Activity Reporting Systems, Among Others / Settlement Requires Coinbase to Pay $50 Million Penalty and to Invest an Additional $50 Million in its Compliance Program (NYS Department of Financial Services Release)

DOJ RELEASES

Former Bank Manager in Orange County Pleads Guilty to Bank Fraud for Stealing $1.2 Million from Elderly Customers' Account

Italian Citizen Pleads Guilty To Multi-Year Manuscript Theft And Impersonation Scheme (DOJ Release)

Reality Show Cast Member Jennifer Shah Sentenced To 78 Months In Prison For Running Nationwide Telemarketing Fraud Scheme (DOJ Release)

Tampa Man Sentenced to 72 Months in Prison for Bank Fraud Conspiracy (DOJ Release)

Monmouth County Man Sentenced to 33 Months in Prison for $2.8 Million Securities Fraud Scheme (DOJ Release)

Ohio Man Pleads Guilty for Unlawfully Stealing Over 712 Seized Bitcoin Subject to Forfeiture in Brother's Pending Criminal Case / Defendant's Brother Convicted of Running the Money Laundering Service Helix (DOJ Release)

Digital Advertising Business Owner And Operator Sentenced To Prison For $5 Million Ponzi Scheme (DOJ Release)

Non-Fungible Token (NFT) Developer Charged in Multi-Million Dollar International Fraud Scheme / Purchasers of "Mutant Ape Planet" NFTs Were Defrauded of $2.9 Million (DOJ Release)

Arizona man arraigned in the District of New Mexico on mail and wire fraud indictment (DOJ Release)

Former Chief Financial Officer Of Two SPACs Pleads Guilty To Fraud Scheme / Cooper Morgenthau Embezzled More Than $5 Million and Caused False Statements to Be Made to Accountant and Auditor and in SEC Filings (DOJ Release)

SEC RELEASES

SEC Charges Former Public Company Chairman and Officers in Fraudulent SEC Filings and $8 Million Pump-And-Dump Scheme (SEC Release)

SEC Obtains Emergency Asset Freeze, Charges Colorado Pharmaceutical Company with Fraud (SEC Release)

SEC Awards About $5 Million Whistleblower Award to Claimant

Order Determining Whistleblower Award Claims

SEC Charges Former BlackRock Portfolio Manager with Undisclosed Conflict of Interest (SEC Release)

SEC Charges Creator of CoinDeal Crypto Scheme and Seven Others in Connection with $45 Million Fraud / Orchestrator used investors' funds to buy cars, real estate, and a boat (SEC Release)

SEC Obtains Judgment Against Individual in Multi-Million Dollar Securities Offering Fraud (SEC Release)

SEC Obtains Partial Judgments Against Two CodeSmart Defendants (SEC Release)

SEC Charges Former SPAC CFO for Orchestrating $5 Million Fraud Scheme (SEC Release)

SEC Obtains Final Judgment Against Individual Behind Bogus Tender Offer (SEC Release)

CFTC RELEASES

FINRA RELEASES

FINRA Fines and Suspends Rep For Unapproved Borrowing from Customers and Undisclosed Settlements

In the Matter of Scott P. Smith, Respondent (FINRA AWC)

FINRA Censures and Fines UBS Securities LLC for OTC Options Reporting and Position Limits

In the Matter of UBS Securities LLC, Respondent (FINRA AWC)

FINRA Censures and Fines Sequence Financial Specialists LLC for Contingency Offering

In the Matter of Sequence Financial Specialists LLC, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep For Forging Customer's Signature

In the Matter of Kevin Dominic Klickna, Respondent (FINRA AWC)

FINRA Censures and Fines Blaylock Van, LLC for MSRB Supervision

In the Matter of Blaylock Van, LLC, Respondent (FINRA AWC)

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Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

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