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

Securities Industry Commentator by Bill Singer Esq WEEK IN REVIEW

May 27, 2023

Securities Industry Commentator:
A legal, regulatory, and compliance feed
curated by veteran Wall Street lawyer Bill Singer https://www.rrbdlaw.com/7056/securities-industry-commentator/

Light Bulbs, Coffee Cakes, and FINRA's Regulation of Stockbrokers Designated As Estate Beneficiaries (BrokeAndBroker.com Blog)

Questioning if Alleged Harm Was Irreparable, Federal Court Denies TRO (BrokeAndBroker.com Blog)

FINRA Pulls Its Punches In Felony Non-Disclosure Settlement (BrokeAndBroker.com Blog)

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SCOTUS Reverses 6Cir and Remands to FDIC
HARRY C. CALCUTT, III v. FEDERAL DEPOSIT INSURANCE CORPORATION (Opinion, United States Supreme Court)

CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing / Citizens failed to properly manage and respond to customers’ credit card disputes and fraud claims (CFPB Release)

Kyle Bass Says SEC ‘Blew It’ Twice in Handling of UDF Scandal (Bloomberg by Senior Investigative Reporter John Holland)

DOJ RELEASES

Long Island Man Sentenced to 41 Months in Prison for Multi-Million-Dollar Ponzi Scheme (DOJ Release)

Former Morgan Stanley Financial Advisor Sentenced to Over 7 Years in Prison for Executing a Multimillion Dollar Ponzi Scheme (DOJ Release)

Two Men Sentenced in Multimillion Dollar Fraud Scheme (DOJ Release)

Florida man charged in multi-million dollar elder fraud scheme (DOJ Release)

Hudson County Man Sentenced to 21 Months in Prison for Conspiracy to Steal Cryptocurrency (DOJ Release)

Watertown Father and Son Sentenced to Prison for Decade-Long Lottery and Tax Fraud Scheme / More than 40 Massachusetts lottery agent licenses to be revoked or suspended (DOJ Release)

Woman Guilty of Using Threats and Intimidation to Bilk Elderly Victim Out of More Than $1.6 Million (DOJ Release)

SEC RELEASES

SEC Resolves Fraud Case Against Former CEO of New York-Based iFresh, Inc. (SEC)

SEC Awards Over $600,000 Whistleblower Award to Claimant 3 and Joint Claimant 4
Order Determining Whistleblower Award Claim

SEC Denies Whistleblower Award to Joint Claimants
Order Determining Whistleblower Award Claim

SEC Denies Whistleblower Award to Claimant 1 and Claimant 2
Order Determining Whistleblower Award Claim

SEC Awards Over $600,000 Whistleblower Award to Claimant
Order Determining Whistleblower Award Claim

SEC Awards Over $600,000 Whistleblower Award to Claimant
Order Determining Whistleblower Award

SEC Charges Investment Adviser for Compliance Failures (SEC Release)

SEC Obtains Final Judgments Against Stock Promoter and Microcap Issuer in Penny Stock Fraud Scheme (SEC Release)

SEC Charges Internet Streaming Company for Overstating Paying Subscribers and Violating the Whistleblower Protection Provisions (SEC Release)

SEC Shuts Down WeedGenics $60 Million Cannabis Offering Fraud (SEC Release)

Bear in the Woods” Remarks before the Investment Company Institute by SEC Chair Gary Gensler

CFTC RELEASES

CFTC Orders a California Commodity Trading Advisor to Pay More Than $4 Million for Fraud and Registration Violations (CFTC Release)

CFTC Charges Five Defendants with Fraudulent Digital Assets Trading Scheme (CFTC Release)

FINRA RELEASES

FINRA Censures and Fines Vanguard Marketing Corp. for Overstating Yield and Income
In the Matter of Vanguard Marketing Corp., Respondent (FINRA AWC)

FINRA Censures and Fines Firm for BSA/AML Compliance
In the Matter of Financial Security Management, Incorporated, Respondent (FINRA AWC)

FINRA Fines and Suspends Rep Over High-Risk Options Strategy
In the Matter of Matthew Platnico, Respondent (FINRA AWC)

FINRA Bars Associated Person For Accessing Internet During Series 7 Examination
In the Matter of Antonino Giaccone, Respondent (FINRA AWC)

FINRA Censures and Fines J.P. Morgan Securities LLC For Erroneous Orders
In the Matter of J.P. Morgan Securities LLC, Respondent (FINRA AWC)

FINRA Suspends Rep Over Private Securities Transaction and Outside Business Activities
In the Matter of Lizbeth Saavedra, Respondent (FINRA AWC)

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