Brokers

Attempt to Void Settlement

Arbitration Panel Orders Return of Settlement Payment, and Awards Nothing. WEINBERG v. BEAR STEARNS & CO., INC., NYSE ID #2000-008216 (Los Angeles, 10/18/00): Recently confirmed, this Award presents an unusual outcome in a “two-bites-of-the-apple” scenario. According to the “Case Summary” section of the Award, Israel and Molly Weinberg entered into […]

NASD Release on Unregistered Persons and Client Contact

NTM 00-50 Drops 1998 Proposal, Re-affirms NTM 88-50 By John M. Baker, Esq. The NASD posted a Notice to Members concerning marketing activities and supervision of unregistered persons. NASD Notice to Members 00-50 (August 2000). The Notice withdraws a pending rule proposal and provides guidance on the activities of unregistered […]

Hire Standards

Regulators Call For Increased Scrutiny of Brokers with Disclosures By Mark J. Astarita, Esq. WHETHER JUSTIFIED OR NOT, the hiring and continued employment of brokers with disclosable events on their Central Registration Depositary (CRD) reports is an increasing concern. Just last year, a report issued by regulators recommended stringent hiring […]

Forms in Need of Reform –

Proposed NASD Rules Will Allow Allegations Against Brokers to be Made Public By Mark J. Astarita, Esq. Some of you may recall my column from October, 1996, “The SEC’s Bad Form”, which addressed changes that the NASD proposed, and SEC approved, to Forms U-4 and U-5. The changes caused serious […]