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Wall Street Investment Fraud Lawyer Blog

Mary Jo White to “Crunch Numbers” Before Crafting SEC’s Fiduciary Duty Rule
The Doss Firm

On March 4, 2013, we published a blog entitled SEC Requests Comments and Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisors, that detailed the SEC’s request for comments on the its possible uniform fiduciary duty. On March 12, 2013 at Mary Jo White’s confirmation hearing before the Senate Banking Committee,…

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SEC Charges Private Equity Firm, Former Executive, and Consultant for Improperly Soliciting Investments
The Doss Firm

On March 11, 2013, the SEC charged New York-based private equity firm Ranieri Partners, one of its former senior executives, and an unregistered broker with securities law violations for illegally soliciting more than $500 million in capital commitments for funds managed by the firm. William M. Stephens was the unregistered broker. Donald W. Phillips was the former…

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Oppenheimer Advisors Face Charges of Misleading Investors in Oppenheimer Global Resource Private Equity Fund
The Doss Firm

Recently, the SEC charged two investment managers at Oppenheimer & Co. with misleading investors about the valuation policies and performance of a private equity fund, Oppenheimer Global Resource Private Equity Fund I L.P. (OGR). Additionally, on March 11, 2013, the Massachusetts Attorney General’s office announced a related action and additional financial penalties against Oppenheimer. According to the SEC, Oppenheimer…

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Illinois State Bar Issues Opinion Regarding Non-Lawyer Representation in FINRA Arbitration
The Doss Firm

The Illinois State Bar Association recently issued an opinion stating that a non-lawyer’s representation of parties in a FINRA arbitration generally constitutes the unauthorized practice of law. This opinion arose from an inquiring attorney who served as the chair of an FINRA arbitration panel. The arbitrator presided over a dispute between customers and a brokerage firm…

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FINRA Investigating REIT “BOSS” Tony Thompson
The Doss Firm

Recently, FINRA stated that it is investigating REIT seller Tony Thompson and his broker dealer, TNP Securities LLC, for failing to turn over documents to FINRA. This all comes in the wake of Mr. Thompson already facing significant financial hurdles, most notably the default last year on $21.5 million of private notes that he sold in…

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SEC Charges the State of Illinois With Securities Fraud
The Doss Firm

On March 11, 2013, the SEC filed claims against the state of Illinois for securities fraud. The SEC claims that Illinois misled municipal bond investors about the state’s approach to funding its pension obligations and liabilities while it raised more than $2.2 billion in series of bond offerings from 2005-2009. According to the SEC, Illinois failed to inform…

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MSRB Follows FINRA on Investment Suitability Rules
The Doss Firm

On March 11, 2013, the Municipal Securities Rulemaking Board (MSRB) asked for comments on its proposed changes to its suitability rule that would parallel the revisions FINRA made in its suitability rules in July 2012. MSRB General Counsel Gary Goldsholle said “our goal is to align suitability jurisprudence as much as possible.” Most notably, the MSRB wants…

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SEC Proposes New Rules, Regulation SCI, to Improve Systems Compliance and Integrity
The Doss Firm

On March 7, 2013, the SEC unanimously proposed new rules to require certain key market participants to have comprehensive policies and procedures in place surrounding their technological systems. The new rules would provide “more explicit technology and control standards to help ensure that our markets remain resilient against technological vulnerabilities.” The SEC’s proposal, called Regulation SCI,…

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Prospect for SEC Enforcement Chief Also Has Ties to Wall Street
The Doss Firm

According to recent reports, Andrew J. Ceresney, is the leading prospect for in-coming SEC Commissioner Mary Jo White’s enforcement chief. Mr. Ceresney served as Ms. White’s lieutenant as both a defense lawyer and as a federal prosecutor in Manhattan. However, Ms. White, who has a Senate confirmation hearing on Tuesday the 12th, must first confront…

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FINRA Bars Florida Broker for Unsuitable Recommendations to 31 NFL Players
The Doss Firm

On March 7, 2013, FINRA barred Lighthouse Point, Florida broker dealer Jeffrey Brett Rubin from the securities industry for making unsuitable recommendations to his client. Rubin recommended to his customer, an NFL Player, to invest in illiquid, high-risk securities issued in connection with a now-bankrupt casino in Alabama. As a result, the customer lost approximately $3 million.…

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