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HomeLt. Colonel Elton Johnson ‘Strongly Recommends’ In Bed with Wall Street
Posted by Larry Doyle on July 23rd, 2014 9:55 AM |
I am honored and humbled to read a message that was recently widely disseminated to FINRA member firms. The full body of the e-mail is an endorsement by Lieutenant Colonel Elton Johnson Jr. of Karen Fischer, a candidate for a position on the FINRA Board of Governors. Johnson prefaces his endorsement of Ms. Fischer by writing:
My name is Elton Johnson, Jr. I am an Iraq-Afghanistan war vet having served two tours in Iraq and one tour in Afghanistan and a small broker-dealer owner who took FINRA to task to provide more meaningful transparency.
Much of my story is prominently detailed in the book “In Bed With Wall Street” written by Larry Doyle which I would strongly recommend to EVERY FINRA member (Mr. Doyle was introduced to me by Karen Fischer). (more…)
Amerivet Wins Round in Amerivet v. FINRA
Posted by Larry Doyle on March 5th, 2011 10:01 AM |
Did the Wall Street regulator FINRA have funds from its own internal investment portfolio invested directly or indirectly in Bernie Madoff’s Ponzi scheme? Did FINRA effectively front run the auction-rate securities market in 2007 when it liquidated a position of approximately $647 million ARS from that same internal portfolio?
Do you think investors and all Americans would like to know the answers and details to these questions and much more? Do you think we deserve to know these answers? You think?
After developments this week, we are that much closer to learning answers to these questions and potentially much more about Wall Street’s regulator FINRA. How so? Let’s navigate.
The donnybrook legal battle continues between Amerivet Securities of Moreno Valley, California and the Wall Street self-regulatory organization FINRA. For those keeping score, the latest round this week was a decided victory for Amerivet. Why do I believe this specific case and the allegations made by Amerivet are so important? (more…)
“The Lack of Transparency and Accountability at FINRA Is Absurd”
Posted by Larry Doyle on December 10th, 2010 6:46 AM |
I detest those people and organizations paying mere lip service to issues needing real transparency and accountability.
I love having the voice provided by Sense on Cents so I can highlight a wide array of these issues and so people can more effectively navigate the economic landscape. I also love being able to ask the hard questions and call out those whom I think are not serving the public interest.
What else do I love? I love when a voice far stronger than my own echoes my thoughts, shares my opinion, and blasts away in pursuit of real truth, transparency, and integrity along our economic landscape.
With only a few exceptions, the media as a whole has shown itself unwilling to truly take the gloves off and go after the aforementioned ‘lip serving’ individuals and institutions. Independent watchdogs in pursuit of good government are far more aggressive.
On this note and against this backdrop, I have to admit my adrenaline picked up yesterday. How so? Let’s navigate as I was informed of the following: (more…)
FINRA vs Amerivet Attorneys: Mano a Mano
Posted by Larry Doyle on September 30th, 2010 8:29 AM |
Will America ever learn what truly transpired within Wall Street’s self-regulatory organization, FINRA? Will FINRA be allowed to placate its members and America while not addressing the hard questions those constituencies want answered?
FINRA member firms voted overwhelmingly in support of a number of non-binding proxy proposals sponsored by Amerivet Securities. I highlighted the overwhelming vote in my August 14th commentary, FINRA Gets New ‘Sheriffs’; Amerivet Proxy Proposals Approved!! Well, I know that our financial regulatory system is far from democratic but FINRA’s response to the overwhelming votes leads one to believe FINRA looks to redefine the term, “autocratic.” Let’s review the FINRA statement and the counterpunch provided by the attorneys representing Amerivet Securities. (more…)
SEC Probe of Money Managers Should Also Include FINRA
Posted by Larry Doyle on September 13th, 2010 10:11 AM |
In reading a Bloomberg commentary this morning, I could not help but think that policy implementations the SEC would like to impose upon money managers also need to be imposed in retrospect upon its regulatory kin at the Financial Industry Regulatory Authority (FINRA). Let’s navigate. Bloomberg writes, SEC Probes Money Managers for Conflicts in Choosing Hedge Funds:
The U.S. Securities and Exchange Commission, stepping up its oversight of investment advisers, is examining whether asset managers that channel money to hedge funds are acting in investors’ best interest.
The agency asked money managers for information about their “due diligence” in selecting alternative investments such as hedge funds, private equity and venture-capital funds, according to a letter from the SEC’s Office of Compliance Inspections and Examinations obtained by Bloomberg News.
Longtime readers of Sense on Cents are well aware that in my reading and review of FINRA’s 2007 Annual Report (embedded in this link), I asked for information and disclosures regarding FINRA’s own internal investment portfolio. (more…)
Is FINRA’s Board Tone Deaf?
Posted by Larry Doyle on August 20th, 2010 3:15 PM |
When might a voting process with overwhelming returns be negated by the wishes and desires of the powers that be? Am I speaking of those who may occupy bully pulpits in third world nations? No, that guess would not be close.
Am I referring to political leaders who are protected by military and business minions? Nope, still quite cold.
How about a board that is more affiliated with an organization’s executives than with its members? We are getting warmer.
What about financial regulators and a board who have the reputation of being much more closely aligned with major players within the financial industry than their rank and file members and American investors at large? Bingo!!
Let’s get more specific. A week ago, FINRA’s member firms voted overwhelmingly in favor of seven non-binding proxy proposals put forth by Amerivet Securities. In light of the vote and the overwhelming results, one would have thought that FINRA’s board would have absolutely no choice but to fully address these proposals. To do otherwise, one would think that the FINRA board might run the risk of further alienating its membership while sending a message to the American public at large that transparency and disclosures are virtues this financial regulator speaks of but does not truly practice. (more…)
What Is FINRA Hiding?
Posted by Larry Doyle on August 3rd, 2010 7:30 AM |
Time and again, Wall Street’s self-regulator FINRA has failed to provide real transparency into its inner workings and operations. Despite FINRA’s intransigence, the pursuit continues. Sense on Cents salutes Lt. Colonel Elton Johnson, Jr., President of Amerivet Securities, for persevering in this admirable effort to provide a window into FINRA.
Johnson appeals to FINRA’s members to compel the regulator to accede to requests for transparency at its upcoming 2010 Annual Meeting. Johnson’s requests have already been rebuffed by FINRA’s board. Why is the board unwilling to open FINRA’s books and records? Johnson’s requests are non-binding. (more…)
Madoff Investors Deserve Better from Julie Jason
Posted by Larry Doyle on July 18th, 2010 7:55 AM |
America is full of financial writers who have 20-20 hindsight. While I am fully respectful of writers everywhere who legitimately try to help investors, I have limited regard for those writers who are less than thorough in their pursuit of truth and transparency in the process. I witness just such a syndicated writer, Julie Jason, this morning. I welcome sharing a letter I just wrote to her in response to her weekly commentary:
Julie,
I truly appreciate your desire to help people but I also believe you provide a false impression as to the integrity and effectiveness of the financial regulator FINRA. (more…)
FINRA Board to Form Committee to Review Claims of Schapiro Misconduct
Posted by Larry Doyle on February 12th, 2010 4:53 PM |
When in doubt, form a committee and have more meetings. This rope-a-dope style of leadership is all too prevalent in our nation. Why is it that the Wall Street-Washington incest can not be exposed for what it really is? When will somebody in our country display integrity and leadership while acknowledging the existence and stench of this incest?
Recall that the board of FINRA was meeting this past Wednesday to address allegations of misconduct by Mary Schapiro and other FINRA execs. Although the media has presented this meeting as merely addressing questions of excessive compensation for Ms. Schapiro and others, the allegations of misconduct made by attorneys for Amerivet Securities run far deeper than that.
These allegations address the following: (more…)
FINRA Board to Address Allegations of Schapiro Misconduct
Posted by Larry Doyle on February 4th, 2010 11:40 AM |
Are the wagons circling around Mary Schapiro and her former FINRA colleagues?
Regular readers of Sense on Cents are familiar with the issues and concerns I have raised repeatedly with Wall Street’s self-regulator, FINRA. I continue to believe the issues embedded within this self-regulatory organization lie near the heart of what I deem the Wall Street-Washington nexus.
Perhaps America will learn more about these issues soon. Why? Next week, FINRA’s Board of Directors will address alleged wrongdoings by Ms. Schapiro et al. What are the issues? (more…)
