BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Big Banks
- Regulatory Sanctions
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
A Trusted Broker for 30+ Years Ended Up Stealing Client Blind
by Howard Haykin
Unfortunately, the strong bond and trust between the two men belied the broker’s true criminal intents. In October 2015, the broker started misappropriating funds from the customer IRA account. He did so by forging wire transfer letters of authorization (“LOA”) to permit transfers from the customer’s account to the broker's own SunTrust Bank account. All told, the broker made 74 unauthorized transfers totaling $911,500 - in most cases selling securities in the customer's account and associating the customer's name with the bank account number.
After the customer's death, the executor for the customer’s estate frequently tried to get explanations for the numerous wire transfers. Finally, in May 2019, the broker confessed that he had stolen money from the customer’s account, along with money from another elderly customer.
INVESTOR TAKE AWAY. A system of “checks and balances” is a critical underpinning for financial security – particularly among elderly investors who no longer can look out for themselves. Good and trustworthy brokers and investment advisers will openly welcome the addition of a competent, trusting and independent financial watchdog for customers and clients, young or old.