$74 Million dollar scheme, defrauded over 3,200 investors according to SEC By Mark J. Astarita, Esq. The Commission announced the promoter of a fraudulent prime bank scheme, which raised over $74 million from at least 3,200 U.S. and Canadian victims was sentenced to 30 years in prison. The promoter was […]
Brokers
Commentary, news and links of interest to financial advisers.
NASDAQ Obtains Authority to Halt Trading in OTCBB Stocks
SEC Approves rule change, NASD Notice to Members 00-41 By Mark J. Astarita, Esq. On May 22, 2000, SEC approved a rule change that allows The Nasdaq Stock Market to impose trading and quotation halts in securities quoted in the OTC Bulletin Board. Under the rule change, Nasdaq will halt […]
NAC Upholds Due Process
NASD Adjudicatory Council 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 […]
Hedge Fund Creation, Regulation and Compliance
By Mark J. Astarita, Esq. In its most expansive definition, a hedge fund is a private investment fund, usually structured as limited partnership, managed by the general partner who makes the investment decisions and collects a management and incentive fee. The investors in the fund are the limited partners, who […]
NASD Expungement Proposal Tramples Brokers Rights
NASDR Proposal Contains Provisions to Continue Ignoring the Awards of Its Own Arbitrators, and to Fine Brokers Who Attempt to Obtain Relief From the Courts. By Mark J. Astarita, Esq. The problems associated with the NASD’s CRD Disclosure System are well known to visitors to SECLaw.com, as we have written […]
Everyone Does It Defense Falls Short.
Even coupled with the ever popular “I didn’t know it was a crime” defense, an Investment Advisor loses. Lessons in securities regulation for the self-help minded. By Mark J. Astarita, Esq. Too often I hear clients, or more appropriately, potential clients, explain to me that they did not use […]
Email Pump and Dump Scams Revealed
SEC Cracks Down on Email Pump and Dumps Seven Actions Against 31 Defendants For Violations in Connection with Email and Website Stock Promotions By Mark J. Astarita, Esq. For those of you who are tempted to follow the “investment advice” that you receive in emails, or that you find on […]
Calling England
Foreign Countries Have Their Own Securities Regs, and You Have to Comply With Them Too. By Mark J. Astarita, Esq. Financial professionals who are looking to solicit foreign investors have more to consider than the United States securities laws. Just like the United States has an interest in protecting its citizens […]
Analysts Suits
Analysts take the heat for failing Internet Companies By Mark J. Astarita, Esq. With the burst of the “Internet Bubble” starting in April 2000, and running through the end of that year, investors lost an untold amount of money in the stock market. While one can debate the size of […]
Analyst Conflicts – Problems? Solutions?
The SEC Releases an Investor Alert on Analyst Conflicts and Suggests that Investors do their Own Research. By Mark J. Astarita, Esq. June 30, 2001 The SEC has posted an Investor Alert on Analyst Recommendations and Conflicts Tilted “Analyzing Analyst Recommendations”. According to the Commission, the Alert is intended to warn investors of […]
