BrokeAndBroker.com by Bill Singer, 917-520-2836 :: Irreverent Wall Street Blog

Time 2020-12-20 19:04:56

Web Name: BrokeAndBroker.com by Bill Singer, 917-520-2836 :: Irreverent Wall Street Blog

WebSite: http://www.brokeandbroker.com

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Federal Court Says Former Morgan Stanley Advisor's Discrimination Claims Are Time Barred(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5594/morgan-stanley-ada-fmla/A Morgan Stanley Wealth Advisor Associate alleged that she was the victim of discrimination and retaliation based, in part, on sex, race, and ethnicity in violation of the ADA, Title VII, and FMLA.In furtherance of her claims, she moved to compel a FINRA arbitration, which the firm contested.A History of SOES, Daytrading, NASD, NASDAQ, DOJ, SEC, Congress, and Robinhood -- and a Massachusetts Complaint and Another FINRA Fine (BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5595/robinhood-daytrading-massachusetts/Ultimately, even if flawed by one of five claims, the innovative Massachusetts Complaint against Robinhood raises many valid points in furtherance of investor protection. I do not and will not fault the State for filing an edgy pleading when the press is daily filled with horror stories about recurring outages at Robinhood and other online firms. In this online brokerage sector, operational capacity does not seem able to keep pace with growth. At some point, as the Complaint suggests, in-house compliance loses containment, and unresolved problems cross over into sanctionable regulatory events. Like I said, I'm not going to criticize Massachusetts for its laudable efforts to seek redress for many allegedly victimized traders. To that extent, my comments are more critique than criticism. On the other hand, I am going to criticize FINRA for being an ineffective regulator but a very effective cash register. For FINRA, Wall Street regulation seems more about ringing up fines rather than pursuing innovative regulation.Lawyer Says His Compulsive Hoarding Fostered Failure to Timely Pay Taxes(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5581/gilmore-3cir-taxes/There are times when the Universe can be cruel: The stars align against us. More often than not, if we're being honest, the messes we get ourselves into are of our own creation. As William Shakespeare so famously wrote: "The fault, dear Brutus, is not in our stars / But in ourselves, that we are underlings." (Julius Caesar, Act I, Scene III, L. 140-141). Lawyer George Gilmore became a defendant in a criminal tax case, and the blame for his predicament seems to fall largely upon his shoulders. Still, Gilmore wasn't quite ready to go down without a fight. The fault wasn't truly, simply, clearly his . . . or so he argued.SEC Commissioner Peirce Sounds the Due Process Alarm In Response To FINRA Rule Amendment (BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5593/peirce-finra-due-process/In numerous other statements and comments that she has published over the years, SEC Commissioner Hester Peirce's leitmotif is an acknowledgement that many regulatory concerns and goals arejustified; however, Peirce pushes back against the inroads of the Nanny State and is unapologetic in defending individual rights and liberties. She recognizes the value of afairregulatory agenda but is not shy about questioning the costs, both financial and from a libertarian perspective.As Commissioner Peirce often argues, it is not government's role or place to ensure that every investment we make is profitable. Virtually no successful trader exists who has not been forced to eat losing trades and learn the invaluable lessons that failure teaches. Inherent in all investments is the success of the buyer at the loss of the seller, or vice versa -- it is an arena where the zero-sum game plays out in each and every trade. Wall Street is not the place for awarding Participation Certificates. The regulation of Wall Street is not supposed to be an exercise in social engineering.As I have often set forth in my own published works, there is a dynamic and tension in regulation. We must always exalt investor protection over the industry's desires for profit. Wall Street is besieged by criminals and fraudsters who prey on the vulnerable and exact a horrific cost when it comes to the integrity of the markets. As such, both investors and industry participants have a common interest in the fair and effective regulation of Wall Street. As a long-time and vocal advocate for Wall Street reform, I am all to aware of the carnage caused by those who prey upon the elderly, the uneducated, and the vulnerable. Unfortunately, ineffective rules and inept regulators achieve nothing worthwhile. What is always needed is effective regulation via fair and thoughtful rulemaking and enforcement. In policing the industry, Due Process is not an inconvenience, and the constitutional rights of investors and market participants are not obstacles to be circumvented by otherwise well-meaning but misguided politicians and regulators. That is a belief that Commissioner Peirce and I share.After Midnight It All Hangs Out In Morgan Stanley Arbitration(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5592/morgan-stanley-finra-sanction/A couple of public customers sued Morgan Stanley citing losses in Puerto Rico bond investments. As has been well documented by now, investments in Puerto Rico bonds were not so much investments as the act of flushing good money down the toilet -- consequently, we have a long and building record of litigation. In today's featured lawsuit, a Panel of FINRA Arbitrators ordered Morgan Stanley to produce discoverable materials by midnight. Midnight came and went. No production.After midnight, the arbitrators slammed Morgan Stanley with a $3 million sanction for its non-compliance. BrokerAndBroker Bill Singer BrokeAndBroker.com Blog by Bill Singer Esq WEEK IN REVIEW December 19, 2020 Federal Court Says Former Morgan Stanley Advisor's Discrimination Claims Are Time Barred(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5594/mo... Read On Federal Court Says Former Morgan Stanley Advisor's Discrimination Claims Are Time Barred December 18, 2020 On February 8, 2019, pro se Plaintiff Amy Victoria Ramirez Rodriguez filed a Complaint in the United States District Court for the Southern District o... Read On A History of SOES, Daytrading, NASD, NASDAQ, DOJ, SEC, Congress, and Robinhood -- and a Massachusetts Complaint and Another FINRA Fine December 17, 2020 We awoke yesterday to news that the State of Massachusetts/Securities Division filed an administrative Complaint against Robinhood Financial, LLC.&nbs... Read On Lawyer Says His Compulsive Hoarding Fostered Failure to Timely Pay Taxes December 16, 2020 There are times when the Universe can be cruel: The stars align against us. More often than not, if we're being honest, the messes we get ourselves in... Read On SEC Commissioner Peirce Sounds the Due Process Alarm In Response To FINRA Rule Amendment December 15, 2020 On December 10, 2020, the SEC approved a proposed rule change submitted by FINRA. Order Approvinga Proposed Rule Change, as Modified by Amendmen... Read On After Midnight It All Hangs Out In Morgan Stanley Arbitration December 14, 2020 A couple of public customers sued Morgan Stanley citing losses in Puerto Rico bond investments. As has been well documented by now, investments in Pue... Read On BILL SINGER is a lawyer who represents securities-industry firms, individual registered persons, Wall Street whistleblowers, and defrauded public investors. For over three decades, Singer has represented clients before the American Stock Exchange, the New York Stock Exchange, the Financial Industry Regulatory Authority (formerly the NASD), the United States Securities and Exchange Commission, and in criminal investigations brought by various federal, state, and local prosecutors. He has the distinction of representing witnesses during Congressional investigations. In 2015, Singer achieved a significant award in excess of $1 million from the Securities and Exchange Commission on behalf of a whistleblower client. Singer is presently Of Counsel to a law firm and the publisher of the Securities Industry Commentator feed and the BrokeAndBroker.com Blog, which was rated as one of the industry's top eight destination websites and the leading legal/regulatory blog by "Investment News." Before entering the private practice of law, Singer was employed in the Legal Department of Smith Barney, Harris Upham as a regulatory attorney with both the American Stock Exchange and the NASD (now FINRA); and as a Legal Counsel to Integrated Resources Asset Management. Singer was formerly Chief Counsel to the Financial Industry Association; General Counsel to the NASD Dissidents' Grassroots Movement; and General Counsel to the Independent Broker-Dealer Association. He was registered for a number of years as a Series 7 and Series 63 stockbroker. Singer regularly appears as a commentator on television and radio, and is frequently quoted in the press. He is an outspoken critic of ineffective regulation and an advocate for economic and political sanity. Email: rrbdlawyer@gmail.com Phone:917-520-2836 Please enter your email address below if you wish to subscribe to Bill Singer's mailing list. Subscribe Unsubscribe

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