Twenty New Awards, Ten Awarding Damages to Customers Twenty Awards issued from the New York Stock Exchange’s Arbitration Department in February, ten of which awarded Claimants damages on their claims. Three of the losing Awards and one of the winners for customer-Claimants were the ML Media Opportunity Partners disputes that […]
Compliance
NYSE Awards 02/03 From the Securities Law Home Page
]]> Home | Message Board Home Search Arbitration Investors Brokers Finance Law Compliance Archives NYSE Awards of Note – 02/03 ML Media Cases, Broker Cross Claims against Settling BD and more NYSE AWARDS, 2/03: 24 of the 28 Awards issued by the Exchange in this monthly period were […]
NASD Arbitration Award Vacature Statistics
NASD Vacature Statistics Reveal Surprises More attempts to vacate, higher success rate revealed As a consequence of NASD’s efforts to track payment of the arbitration Awards it issues, statistics are now available that indicate the incidence with which Awards favoring customers are challenged and how often those challenges meet with […]
NASD Proposal Regarding Unpaid Awards
Membership approval will include review of unpaid awards, and more. A Rule proposal regulating the membership application process will make it more difficult for brokerage firms and associated persons to avoid paying arbitration Awards through the camouflage of reorganization. The transfer of assets from one brokerage firm to […]
Control and Associated Person Status of Foreign BD
Control, and therefore associated person status, lacking SEC v. Zahareas, No. 00-3047 (8th Cir., 11/29/01): The SEC failed to show that a foreign broker-dealer was “controlled by” and, therefore, an “associated person” of a U.S. broker-dealer. In 1993, the SEC brought a civil enforcement action against Nicholas Zahareas, the president […]
Dingell-Markey Present Laundry List of Arbitration Inquiries
Seeking Information from the GAO, SEC and NASD Regarding Arbitrator Bias, Motions to Dismiss and Unpaid Awards In an April 15 letter addressed to the GAO, SEC and NASD-DR, Congressmen John D. Dingell (D-MI) and Edward J. Markey (D-MA) describe five arbitration-related items as to which they request further investigation […]
Analyst Disclosure Issues
Analyst Disclosure Issue Would Snag Brokers New NASD Proposal will require more disclosures by retail brokers. The war on analysts is now threatening brokers. In proposing heightened disclosures from analysts, the NASDR has included retail brokers as well. The July proposal, NASD Notice to Members 01-45, broadens disclosure obligations for […]
Regulation FD FAQ
SEC FAQ on REG FD By Mark J. Astarita, Esq. The SEC Staff has supplemented its Telephone Interpretations Manual to include some frequently asked questions about the Commission’s new Regulation FD. The update is available at the SEC website, at http://www.sec.gov/offices/corpfin/phonits4.htm Regulation FD was adopted by the Commission on August […]
SEC Judgment Against Momentum Stock Site
SEC Judgment Against Momentum Stock Picking Site By Mark J. Astarita, Esq. The SEC announced that on May 25, 2001, the U.S. District Court in Eugene, Oregon entered judgments against Jared R. Leisek and his brother, Byron J. Leisek. According to the SEC, its complaint, filed on March 1, 2001, […]
SEC Regulation FD
SEC Approves Regulation FD On August 10, 2000 the Securities and Exchange Commission approved a new rule that would end the practice of selective disclosure, whereby officials of public companies provide important information to Wall Street insiders prior to making the information available to the general public. The Commission also […]
