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FINRA SEPTEMBER DISCIPLINARY ACTIONS
► FIRM EXPELLED, INDIV. SANCTIONED
► FIRM AND INDIVIDUAL FINED
► FIRMS FINED
► INDIVIDUALS BARRED OR SUSPENDED
► FINRA Rule Filing: Securities Reporting.
► FLY On the WALL:
► JPMorgan Faces "WHALE OF A FINE."
► UBS Can't Sell Wealth Mgmt Biz.
► Citi Loses $3.1Mn Arb Case.
► Barclays Contests 2008 Sanctions.
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"We are dead I tell you. It is hopeless now. They are going to destroy us."
– Bruno Iksil, aka the London Whale, in one of hundreds of messages to JPMorgan trader Julien Grout before the firm lost $6.2 billion.
"I liken [insider trading] to the steroid era in Major League Baseball; it wasn't about right and wrong but about getting an edge in a game where the stakes were huge."
– Turney Duff, former stock trader author, whose book, "The Buy Side," relates to the government multi-year investigation into insider trading.
Sunday, November 23rd, 2014
It's 2 p.m., trading has not resumed – though Nasdaq expects to open 'shortly.' [ by Howard Haykin ] Hit by a mid-day shut-down, all Nasdaq equities and options trading have been halted until further notice. The problem was attributed to malfunctioning ...READ FULL STORY
"When so many people from a single hedge fund have engaged in insider trading, it is not a coincidence." - - Preet Bharara, Federal Prosecutor in Manhattan. 'THE WHOLE IS GREATER THAN THE SUM OF ITS PARTS.' With that the Federal government ...READ FULL STORY
[ by Melanie Gretchen ] JPMorgan Chase is taking a cutting knife to its mortgage unit, true to its February announcement that it would cut up to 17,000 jobs. This season, a recovering credit landscape will dispense the need for 1,800 ...READ FULL STORY
[ by Howard Haykin ] The SEC on Tuesday issued a scathing release detailing alleged regulatory failures by the Chicago Board Options Exchange (CBOE) and an affiliate, the C2 Options Exchange, along with the ensuing settlement involving significant monetary, personnel, procedural ...READ FULL STORY
Expects SEC Fine Over Regulatory Failings Related to this Case. [ by Howard Haykin ] An SEC Judge on Friday ruled that optionsXpress, its former CFO, and a customer had violated Regulation SHO from late 2008 to March 2010, in the naking ...READ FULL STORY
Top Execs Then Help CEO Conceal Theft. [ by Howard Haykin ] The SEC on Monday charged the founder of a Detroit-based investment adviser with stealing over $3 million from the pension fund that his firm manages for the city's police officers ...READ FULL STORY
[ by Howard Haykin ] It's not every day that an SRO, or Self-Regulatory Organization, is fined for regulatory failures. If fact, it had never happened until this week. On Monday, the SEC fined and sanctioned the Chicago Board Options Exchange ("CBOE") ...READ FULL STORY
[ by Melanie Gretchen ] FINRA's Chief Legal Officer Robert Colby sat down with Chip Jones, SVP for Member Relations, to discuss where FINRA's rules are headed. Compliance Insights prepared the following a transcript: >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Chip Jones. At FINRA's annual conference a couple ...READ FULL STORY
… as in "Personal Electronic Devices," not "Performing Enhancement Drugs." [ by Howard Haykin ] FINRA ONLINE LEARNING released a 6 minute podcast – the 2nd of a 2-part series – covering how FINRA's rule governing "Communicating with the Public" applies ...READ FULL STORY
[ by Howard Haykin ] The SEC Commission proposed new money market rules intended to make the funds less susceptible to runs that ultimately could harm investors. The SEC proposal includes 2 principal alternative reforms that could be adopted alone or ...READ FULL STORY
To Whatever Extent You Participate, It Pays to Do So Objectively. [ by Howard Haykin ] FINRA is conducting job analysis surveys for the purpose of gathering information to update the Series 4, 9 and 10 qualification examinations. By surveying currently registered ...READ FULL STORY
[ by Howard Haykin ] NYSE Rule 1000 was amended for immediate effectiveness to increase the price threshold for those securities ineligible for automatic executions from $1,000 to $10,000 or more. The change to Rule 1000(a)(vi), “Automatic Executions,” increases the price ...READ FULL STORY
[ by Melanie Gretchen and Howard Haykin ] New York-based interdealer broker, the GFI Group, has agreed to acquire certain assets and staff members – brokers and operations and management staff – of the Phoenix Partners Group. Among those joining GFI ...READ FULL STORY
[ by Melanie Gretchen and Howard Haykin ] Nomura, the largest Japanese brokerage firm bank, is expanding its presence in America, with the addition of several senior bankers to its investment bank. To date, the bank doubled its staff between March ...READ FULL STORY
Which is Stranger – Mr. Shargel Going BigLaw, Or a BigLaw Firm Bringing On Shargel with His Ensemble of Clients? [ by Melanie Gretchen ] Criminal defense lawyer Gerald Shargel has closed his law office, the long-time base of operations for ...READ FULL STORY
[ by Howard Haykin ] I was disappointed to learn that Stephen Hester will step down as Chief Executive of Royal Bank of Scotland. Not everyone shares that opinion. The RBS Board of Directors decided to jettison its Chief Executive – 'time ...READ FULL STORY
"Bank Lobbyists Help in Drafting Bills on Finance." – NYT, 5/24/13, Front Page – Second Column Left. [ by Howard Haykin ] [Editor's Note: "ROI" = "Return on Investment"] The epic battle over how best to regulate big Wall Street banks is playing ...READ FULL STORY
[ by Melanie Gretchen ] SAC Capital looks set to fight the government tooth and nail, in an investigation into insider trading, the most recent development of which has founder Steven Cohen's firm withdrawing its "unconditional" cooperation. Dealbook's Peter J. Henning ...READ FULL STORY