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Dispute Resolution Statistics - June 2014
FINRA has released the Dispute Resolution Statistics for June 2014. To view, click  here .

FINRA Creates Another Useless "Gotcha" Rule on Expungements
It is interesting how regulators can sometimes create an issue that really doesn't exist, and then create a rule to address that non-issue. FINRA has been up in arms, alleging that brokers and firms are conditioning the settlement of a customer...

SEC Charges Seattle Firm and Owner With Misusing Client Assets for Vacation Home and Vintage Automobile
The SEC charged the owner of a Seattle-based investment advisory firm with fraudulently misusing client assets to make loans to himself to buy a luxury vacation home and refinance a rare vintage automobile.   An SEC investigation found...

SEC Charges Self-Described Bankers, Dishonest Brokers, and Microcap Company Executive in Pump-And-Dump Scheme
The SEC charged individuals who pocketed millions of dollars running an elaborate pump-and-dump scheme involving shares of a medical education company in Pennsylvania and two other microcap stocks.  The SEC alleges that the stock market...

James Robertson to Lead BNY Mellon Wealth Management in New Jersey
BNY Mellon Wealth Management has promoted a company veteran to the position of market leader for the firm's New Jersey region. James Robertson will develop and execute the wealth manager's overall strategy in New Jersey, which is the fifth largest...

SEC Charges Penny Stock Company CEO and Purported Business Partner for Defrauding Investors With False Press Releases
The SEC charged a serial con artist and a penny stock company CEO with misleading investors in a supposed vaccine development company by issuing false press releases portraying it as a successful venture when it was in fact a failing enterprise....

SEC Charges Investor Relations Executive With Insider Trading While Preparing Clients’ Press Releases
The SEC charged a partner at a New York-based investor relations firm with insider trading on confidential information he learned about two clients while he helped prepare their press releases.  The SEC alleges that the partner sold his...

FINRA Announces Arbitration Task Force
FINRA announced today the formation of a 13-member Arbitration Task Force to consider possible enhancements to its arbitration forum to improve the transparency, impartiality and efficiency of FINRA's securities arbitration forum for all...

Citigroup 7 Billion Dollar Mortgage Backed Securities Settlement
Citigroup Inc. (C) agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis. The bank took a $3.7 billion charge in...

Jennifer Pacella: Bounties for Bad Behavior: Rewarding Culpable Whistleblowers under the Dodd-Frank Act and Internal Revenue Code
Abstract:       In 2012, Bradley Birkenfeld received a $104 million reward or “bounty” from the Internal Revenue Service (“IRS”) for blowing the whistle on his employer, UBS, which facilitated a major offshore tax fraud scheme by assisting...


SEC Litigation Releases:

Volt Information Sciences, Inc. and Debra L. Hobbs; Jack J. Egan, Jr.
Final Judgment Entered in SEC’S Accounting Fraud Case Against John (“Jack”) J. Egan, Jr.

International Stock Transfer Inc and Cecil Frederick Speight
SEC Charges Florida-Based Transfer Agent and Owner with Scheming Investors

Kevin McGrath
On July 22, 2014, the Securities and Exchange Commission Charged a Partner At a New York-Based In...

Cedric Canas Maillard, et al.
Spanish Trader Agrees to Pay Disgorgement and a Penalty to Settle Insider Trading Case

Christopher Plummer, Lex M. Cowsert, and CytoGenix, Inc.
The Securities and Exchange Commission Today Charged a Serial Con Artist and a Penny Stock Compan...

Abraxas J. Discala, Marc E. Wexler, Matthew A. Bell, Craig L. Josephberg, and Ira Shapiro
The Securities and Exchange Commission Today Charged Individuals Who Pocketed Millions of Dollars...

Patrick G. Rooney and Solaris Management, LLC
SEC Obtains an Officer and Director Bar and Over $1.5 Million in Disgorgement and Penalties from ...

Bernard H. Butts, Jr., Fotios Geivelis, Jr., also known as Frank Anastasio, Worldwide Funding III Limited LLC, Douglas J. Anisky, Sidney Banner, Express Commercial Capital LLC, James Baggs (Defendants), Bernard H. Butts, Jr. PA, Butts Holding Corporation,
Florida-Based Attorney Ordered to Pay Nearly $4 Million in Court Judgment of Prime Bank Investmen...

Robert G. Pearson and Illinois Stock Transfer Company (d/b/a/ ist Shareholder Services)
Court Enters Permanent Injunction Against Owner of Illinois-Based Transfer Agent

Tyson D. Williams and Stanley D. Parrish
SEC Charges Tyson D. Williams and Stanley D. Parrish with Violations of the Federal Securities Laws

News Stories:
UPDATE 2-Consumer Reports wants Toyota to recall older Camry hybrids
DETROIT, July 28 (Reuters) - An influential consumer magazine on Monday called on Toyota Motor Co...

CORRECTED-California and Mexico sign pact to fight climate change
(In paragraph 7, please read that Mexican lawmakers implemented a carbon tax last year, not "are ...

Consumer Reports wants Toyota to recall some 177,500 Camry hybrids
DETROIT, July 28 (Reuters) - An influential consumer magazine on Monday called on Toyota Motor Co...

UPDATE 7-Court orders Russia to pay $50 bln for seizing Yukos assets
* Russian RTS share index down 3 percent (Adds comment from former Yukos CEO)

UPDATE 2-Microsoft targeted in apparent Chinese antitrust probe
BEIJING, July 28 (Reuters) - Microsoft Corp appears to be the latest U.S. company targeted by Chi...

Nasdaq CEO says maker-taker model has value, but fees too high
WASHINGTON, July 28 (Reuters) - Nasdaq OMX's chief urged U.S. regulators on Monday to re-examine ...

MOVES-Deloitte Corporate Finance names Vin Batra as MD in New York office
July 28 (Reuters) - Deloitte Corporate Finance LLC, part of Deloitte & Touche LLP's financial adv...

UPDATE 1-Obama could curb corporate 'inversions' on his own -ex-U.S. official
* By invoking 1969 law, Obama could bypass Congress -former Treasury official

REUTERS INSIDER-WATCH LIVE: Roundtable on markets
Rep. Scott Garrett, chairman of the Financial Services Subcommittee on Capital Markets, hosts a r...

U.S. FAA proposes $12 mln civil penalty against Southwest Airlines
WASHINGTON, July 28 (Reuters) - U.S. Federal Aviation Administration on Monday proposed a $12 mil...



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Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article. SECLaw.com was created by and is sponsored by Mark J. Astarita, Esq., a securities attorney and partner in the law firm of Beam & Astarita, LLC, who represents all participants in the financial markets. Mr. Astarita can be contacted by email at astarita@beamlaw.com.

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