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Posts Tagged ‘did Mary Schapiro lie about FINRA merger’

Judge Jed Rakoff’s Ruling on Unsealing FINRA Documents…

Posted by Larry Doyle on January 20th, 2010 10:09 AM |

…will be delivered by February 15th.

Will America ever learn if current SEC Chair and former FINRA head Mary Schapiro and fellow FINRA executives lied verbally and in a proxy statement regarding the merger of NYSE Regulation and the NASD to form FINRA?

Having attended hearings on this case (Standard Investment Chartered v FINRA) in Judge Jed Rakoff’s chambers in October and been informed of further deliberations in December, I was hopeful last Thursday that Rakoff would order the details of pertinent FINRA documents to be made public. Recall that The New York Times, Dow Jones, Bloomberg, and Sense on Cents have all requested the release of these documents.

I was back in Judge Rakoff’s chambers last Thursday. (more…)

Bloomberg Joins Ranks Calling for FINRA Transparency

Posted by Larry Doyle on November 9th, 2009 12:26 PM |

Calls for increased transparency from Wall Street’s self-regulatory organization FINRA continue to mount. How so?

None other than Bloomberg joins the ranks of Barrons, The New York Times, and Sense on Cents in calling on the courts to compel FINRA to release unredacted documents relating to the merger of the NASD with NYSE Regulation. That merger formed FINRA.

As I have highlighted previously, the core of a complaint filed on behalf of Standard Investment Chartered alleges that FINRA and assorted defendants, including current SEC head Mary Schapiro, misrepresented orally and in writing the financial terms involved in this merger. More specifically, the complaint alleges that FINRA and defendants lied in their representation of what the IRS would allow in terms of financial remuneration to FINRA member firms. (more…)






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