Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW - BrokeAndBroker.com

Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

February 18, 2023

Securities Industry Commentator: A legal, regulatory, and compliance feed curated by veteran Wall Street lawyer Bill Singer https://www.rrbdlaw.com/6888/securities-industry-commentator/

SEC Press Release Fails To Disclose that OCC Settled Charges Without Admitting or Denying Findings (BrokeAndBroker.com Blog)

Calling All Unreasonable Financial Professionals: a personal message from Bill Singer Esq (BrokeAndBroker.com Blog)

Notice Regarding Paxos-Issued BUSD (Consumer Alert / New York State Department of Financial Services)

Should owning index funds be grounds for judicial recusal? No, says California judge (Bloomberg by Alison Frankel)

New York Securities Fraud Ruling Threatens US White-Collar Cases (Bloomberg Law by Ben Penn)

DOJ RELEASES

Recidivist Defendant Charged In Connection With Million-Dollar Fraud Scheme Targeting Senior Executives Of Investment Firms / Jonathan Ghertler Also Allegedly Impersonated the Partner of a Global Law Firm on Telephone Calls with Federal Agents Investigating His Scheme (DOJ Release)

Seven Defendants Charged With Million-Dollar Identity Theft And Fraud Scheme (DOJ Release)

Former Beulah Bank President Sentenced to Two Counts of Bank Fraud (DOJ Release)

Former Bond Trader And Hedge Fund Founder Jeffrey Soberman Parket Pleads Guilty To $65 Million Ponzi Lending Scheme (DOJ Release)

California Residents Indicted For Defrauding Architecture Firm Of More Than $91,000 By Using Fictitious Law Firm And Fraudulent Target Letter (DOJ Release)

Idaho I.T. Professional Sentenced To 28 Months In Prison For Insider Trading Scheme / David Stone Electronically Accessed an Investment Advice Service’s Unannounced Stock Picks and Used that Information to Generate Millions in Trading Profits and to Provide Inside Tips to Another (DOJ Release)

SEC RELEASES

SEC Charges NBA Hall of Famer Paul Pierce for Unlawfully Touting and Making Misleading Statements about Crypto Security (SEC Release)

SEC Charges Final Participant in Multi-Million Dollar Scheme to Spread and Trade on False Rumors about Public Companies (SEC Release)

SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes (SEC Release)

SEC Charges Options Clearing Corporation with Rule Failures (SEC Release)

SEC Sues Texas Company and Two Executives to Halt $34 Million Scheme (SEC Release)

SEC Charges Former CEO of Slync in $67 Million Offering Fraud / Defendant Kirchner Misappropriated More Than $28 Million of Investor Proceeds to Fund His Lavish Lifestyle (SEC Release)

SEC Obtains Court Order for Partial Asset Freeze and Other Temporary Relief in Fraud Action Against Microcap Public Company and CEO (SEC Release)

Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges (SEC Release)

SEC Proposes Enhanced Safeguarding Rule for Registered Investment Advisers (SEC Release)

SEC Finalizes Rules to Reduce Risks in Clearance and Settlement / Final rules will shorten process for settling securities transactions from two business days to one (SEC Release)

SEC Chair/Commissioner Statements on RIA and Clearance Rules Proposals

SEC Awards 30% Whistleblower Award to Claimant
Order Determining Whistleblower Award Claim

SEC Award Almost $3 Million Whistleblower Award to Claimant
Order Determining Whistleblower Award Claim

CFTC RELEASES

CFTC Orders The Options Clearing Corporation to Pay a $5 Million Penalty for Violations of Core Principles and Regulations Related to Operational Risk Management / Second CFTC Action for Core Principle Violations (CFTC Release)

CFTC Charges California-based Company and Its CEO with Fraudulent Solicitation and Misappropriation of Digital Asset Commodities (CFTC Release)

CFTC Charges Three Puerto Rico Residents and Their Companies with Misappropriating Over $13 Million in Connection with Commodity Pool Ponzi Scheme (CFTC Release)

FINRA RELEASES

FINRA Fines and Suspends Rep for Excessive/Unsuitable Trades
In the Matter of Lon Charles Faccini Jr, Respondent (FINRA AWC)

FINRA Sanctions Member Firm and Its CEO for Permitting Association of Statutorily Disqualified Individual
In the Matter of Quint Capital Corporation and Alexander Quint, Respondents (FINRA AWC)

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