Month: April 2021


SEC Fast Answer – Removing Restrictive Legends

“Restricted” securities are securities acquired in an unregistered, private sale from the issuing company or from an affiliate of the issuer. They typically bear a “restrictive” legend clearly stating that you may not resell them in the public marketplace unless the sale is exempt from the SEC’s registration requirements. Rule 144 under […]

FINRA Office

Robinhood’s CEO is not Licensed?

CNN is reporting that the CEO of Robinhood is not licensed with FINRA and implies that he is required to be licensed and that it is a “big deal” that he is not licensed. CNN is correct that absent an exemption, FINRA requires senior executives of a broker-dealer, including the […]


SEC Obtains Emergency Relief, Charges Florida Company and CEO with Misappropriating Investor Money and Operating a Ponzi Scheme

The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme and misappropriation of investor proceeds perpetrated by Melbourne, Florida resident Jonathan P. Maroney through several entities he controls. According to the […]