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
Broker ‘Cuts and Pastes’ Herself Out of a Job
by Howard Haykin
Say Nie Sam agreed to a $5K fine and a 2-month suspension to settle FINRA charges that she falsified wire transfer forms totaling $81,300 for a customer by affixing photocopies of the customer’s signature to the wire transfer forms and submitting them to her member firm as authentic documents from the customer.
BACKGROUND. Say Nie Sam, a resident of Millbrae, CA, has 8 years of experience with 2 firms. She was registered with Morgan Stanley as a General Securities Representative (Series 7) from 2008 until August 2016. She briefly registered with another FINRA member firm - from September to December 2016. Ms. Sam has no previous disciplinary history.
FINRA FINDINGS. Between 5/20/16 and 7/13/2016 Ms. Sam falsified 5 wire transfer forms totaling $81,300 for a Morgan Stanley customer by affixing photocopies of the customer's signature to the wire transfer forms. While the customer didn't sign the wire transfer forms submitted to Morgan Stanley, the customer had authorized each transaction - and all transactions were consistent with the client’s instructions.
That said, falsification of a business document violates FINRA Rule 2010.
This case was reported in FINRA Disciplinary Actions for August 2017.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2016051210501.