By Mark J. Astarita, Esq. SEC FILES LAWSUIT AGAINST HOUSTON INTERNET STOCK PROMOTION FIRM On August 18, 2000, the SEC announced that it filed a civil complaint against an Internet company and its owners, alleging that the company distributed press releases and other communications via the Internet touting numerous OTC […]
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NASD NAC Upholds Due Process Strikes Case because of delays
Follows SEC Lead in Upholding Rights to Due Process and Fundamental Fairness after 7 year delay in commencing proceedings. By Mark J. Astarita, Esq. Delays by regulators in bringing enforcement actions is a recurring problem for brokers and firms, as well as their defense counsel. As those of us who […]
NASD Makes Arbitrator Awards Available Online
Finally, an easy way to obtain past awards. By Mark J. Astarita, Esq. A recurring complaint in the NASD sponsored arbitration process is the difficulty in obtaining copies of past awards by prospective arbitrators. The NASD will provide copies of such awards in hard copy to litigants, but only provides […]
Misrepresentation in Securities Arbitration
MISREPRESENTATION IS ONE OF THE MOST used and abused claims in securities arbitration. A form of a fraud claim, misrepresentation involves knowingly making false statements that a listener will rely and act upon. Obviously, this violates a broker’s professional obligation to deal fairly with customers and breaches a customer’s […]
This is Your Life – Your FINRA CRD
CRD, Your Permanent Record, and Your Future By Mark J. Astarita, Esq. When you were young and in high school, a big threat from administrators and teachers was that your latest transgression was going to be “part of your permanent record”, a mysterious document that followed you around for the […]
Brewing Trouble?
Internet public offerings the new rage? By Mark J. Astarita, Esq. BY MARK J. ASTARITA, ESQ. By now, you’re probably aware of Spring Street Brewing’s successful initial public offering completed last year. The company conducted a self-underwriting almost entirely on the Internet and then commenced trading of its securities on […]
The SEC’s Bad Form
The SEC’s Bad Form By Mark J. Astarita, Esq. On July 5, 1996, the Securities and Exchange Commission (SEC) announced it had approved changes to Form U-4 and Form U-5 proposed by the National Association of Securities Dealers (NASD). Incredibly, the SEC received no comments during the two-month period in […]
Old Content
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The Securities Law Blog: Be Wary of Famous People Promoting Penny Stocks
The penny stock market has the potential for significant profits, and of course, significant losses. Investing in start-ups and small companies is speculative, and high risk, but has an allure for a certain type of investor.One problem with this market segment is the promotion of such investments to individuals who […]
FINRA Fines Morgan Stanley $2 Million for Short Interest Reporting and Short Sale Rule Violations | FINRA.org
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Morgan Stanley & Co. LLC $2 million for short interest reporting and short sale rule violations that spanned a period of more than six years, and for failing to implement a supervisory system reasonably designed to detect and […]
