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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- 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
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NEWSLETTERS & ALERTS
Selling Private Securities in a Ponzi Scheme [Part One]
by Howard Haykin
MSI Financial Services/MML Investment Services broker was BARRED from the industry … for selling $3.5 million in promissory notes to 13 investors, 11 of whom were Firm customers. The sales, which took place between July 2016 and December 2017, netted the broker $104,000 in commissions. He had 25 years’ experience when discharged by MML. [FINRA AWC #2018058504901]
Foresters Equity Services broker was BARRED … for selling $2.7 million in promissory notes to 21 investors, 7 of whom were Firm customers. The sales, which took place between August 2016 and July 2017, netted the broker $110,000 in commissions. He had 13 years’ experience when discharged by FES. [FINRA AWC #2018057766401]
Farmers Financial Solutions broker was SUSPENDED (1 month), FINED ($5K), DISGORGED ($1.5K) … for selling a $50,000 promissory note to one investor. The sale took place in October 2017. This broker had the misfortune of also personally investing $240,000 in Woodbridge promissory notes. He had 18 years’ experience when discharged by FFS. [FINRA AWC #2018059666301]
Hornor, Townsend & Kent broker was SUSPENDED (5 months), FINED ($5K), DISGORGED ($5K) … for selling $250,000 in promissory notes to 3 investor Firm customers, one of whom was a Firm customer. The sales took place between May 2016 and July 2017. Prior to this violative conduct and being discharged by HTK, this broker had never committed a violation in his 46 year brokerage career. [FINRA AWC #2018058498401]
These cases were reported in FINRA Disciplinary Actions for April 2019.
For further details, go to ... FINRA Disciplinary Actions Online, and refer to the Respective Case Numbers.