Published by Herskovits PLLC

FINRA Lawyer Blog

SEC and CFTC Say Cryptocurrency and ICO Trading No Longer Off Their Radars

SEC and CFTC Say Cryptocurrency and ICO Trading No Longer Off Their Radars

February 17, 2018

In a commentary that appeared in the Wall Street Journal, Jay Clayton, chairman of the Securities and Exchange Commission, and J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, referred to the new regulation scenario for cryptocurrency trading.
In fact, they...


CFTC Targets Multi-Million Dollar Cryptocurrency Fraud with Multiple Suits

CFTC Targets Multi-Million Dollar Cryptocurrency Fraud with Multiple Suits

February 16, 2018

In line with its expressed intent to increase its oversight over the cryptocurrency market, the Commodity Futures Trading Commission has filed three related fraud suits in a single week.
The third lawsuit targets the creators of “My Big Coin,” who allegedly used $6 million dollars...


FINRA Plans to Crack Down on High-Risk Brokers, Are You at Risk?

FINRA Plans to Crack Down on High-Risk Brokers, Are You at Risk?

January 11, 2018

In conversation with Chip Jones, FINRA’s Senior Vice President of Member Relations and Education, Mike Rufino, Executive Vice President and Head of FINRA Member Regulation—Sales Practice expanded on Robert Cook’s 2018 Priorities Letter, which was released during the first days of...


FINRA Rules 2165 & 4512 - Elder Abuse in the Securities Industry

FINRA Rules 2165 & 4512 - Elder Abuse in the Securities Industry

December 14, 2017

Based on research conducted by the National Center on Elder Abuse, 16% of elder abuse was caused by financial exploitation, which ranked third followed right after self-neglect and neglect by others. This percentage had increased from 12.3% since 2001; however, elder abuse is vastly under reported....


Former SEC Chair Warning: Lack of Oversight of Registered Investment Advisors an Impending Disaster

Former SEC Chair Warning: Lack of Oversight of Registered Investment Advisors an Impending Disaster

December 11, 2017

According to former Securities and Exchange Commission Chair Mary Jo White, the SEC insufficient examination of registered investment advisors is a “disaster waiting to happen.” 
Without adequate oversight, misconduct at small advisory firms could be building up for years....


Morgan Stanley No Longer Bound by the Protocol for Broker Recruiting

Morgan Stanley No Longer Bound by the Protocol for Broker Recruiting

November 30, 2017

In a move that could be categorized as ‘seismic,’ Morgan Stanley has decided to quit the Protocol for Broker Recruiting. Originated in 2004, the document created a methodology to engineer the departure of brokers from one firm to join another.
Since then, it has protected...


SEC Enforcement Actions and Fines Plummet Under Trump

SEC Enforcement Actions and Fines Plummet Under Trump

November 20, 2017

Much has been said about the Trump’s administration effect on the SEC’s regulatory activities. Now, hard data confirms what we all suspected: under Trump, the Securities Exchange Commission has brought fewer enforcement actions and reduced its financial sanctions.
A new study by a...


Sandlapper Securities and CEO Trevor Gordon Named in FINRA Exorbitant Fees Complaint re: Saltwater Well Investments

Sandlapper Securities and CEO Trevor Gordon Named in FINRA Exorbitant Fees Complaint re: Saltwater Well Investments

November 13, 2017

FINRA recently filed a complaint against a South Carolina-headquartered broker-dealer that allegedly charged exorbitant fees in connection with saltwater disposal well investments. The defendant, Sandlapper Securities, is a mid-size firm that employs about 60 brokers across its 13...


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