Posted by Larry Doyle on July 3rd, 2014 7:26 AM |
Selling counterfeit stock would seem to be a nefarious undertaking worthy of meaningful exposure.
A recent suit against the SEC under the Freedom of Information Act looks to do just that. Let’s navigate as the law offices of highly acclaimed and widely respected SEC whistleblower Gary Aguirre recently released the following statement:
Lawsuit seeks to tear down SEC’s veil of secrecy
Journalist Mark Mitchell has filed a lawsuit under the Freedom of Information Act against the Securities and Exchange Commission (SEC) to obtain the agency’s investigative files relating to more than a dozen aborted investigations and cases involving naked short selling. (more…)
Posted by Larry Doyle on November 1st, 2013 10:53 AM |
“The message is simple: Wall Street crime pays and there is no downside.”
Will there be another market crisis and if so what will precipitate it?
In what is an instant Sense on Cents classic, noted attorney and former SEC whistleblower Gary Aguirre takes us on a walk down the path that seems self-evident to me will cause our next market crisis.
Can you imagine if you discovered a businessman went about selling a product, collecting revenues on those sales, but never actually delivered the product sold?
Think that sort of fraud might attract the interest of the authorities? But what if the authorities, in this case our financial regulators, turned a blind eye to the practice? (more…)
UBS, FINRA, and Naked Short Selling: “Duration, Scope and Volume of The Trading Created a Potential for Harm to The Integrity of The Market.”
Posted by Larry Doyle on February 25th, 2013 9:27 AM |
Last summer I tagged Wall Street’s industry funded police at FINRA as being little more than meter maids. With a recent review of FINRA’s largest fine imposed in its history, I now realize that I have actually done a serious disservice to those diligent and hard working meter maids patrolling our cities and towns. How so?
Let’s navigate and look more deeply into FINRA’s $12 million fine imposed on those paragons of virtue who ran Union Bank of Switzerland’s equity operations.
What did UBS do to deserve FINRA’s “largest” fine? (more…)
Posted by Larry Doyle on May 16th, 2012 4:34 AM |
How many people in America today are questioning the very integrity of our markets?
More than we can measure.
Regrettably, there has been strong evidence of practices in selected corners of Wall Street which have violated the trust of investors, betrayed any semblance of fair dealing, and destroyed the development of otherwise viable businesses and companies.
Yesterday, Bloomberg dropped a bombshell on this practice in reporting . . . . . (more…)