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Jahre, the HedgeCap's president and majority owner, violated numerous FINRA rules and provisions of the Securities Exchange Act of Specifically, the FINRA Hearing Panel found that:.
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Accordingly, the FINRA Hearing Panel expelled HedgeCap and barred Jahre in all capacities. This "Street Sweeper" column examines only one aspect of the HedgeCap case: NASD Membership and Registration Rule Before their registration can become effective, they shall pass a Qualification Examination for Representatives appropriate to the category of registration as specified by the Board of Governors.
A member shall not maintain a representative registration with NASD for any person 1 who is no longer active in the member's investment banking or securities business, 2 who is no longer functioning as a representative, or 3 where the sole purpose is to avoid the examination requirement prescribed in paragraph c.
A member shall not make application for the registration of any person as representative where there is no intent to employ such person in the member's investment banking or securities business. A member may, however, maintain or make application for the registration as a representative of a person who performs legal, compliance, internal audit, back-office operations, or similar responsibilities for the member, or a person who performs administrative support functions for registered personnel, or a person engaged in the investment banking or securities business of a foreign securities affiliate or subsidiary of the member.
Persons associated with a member, including assistant officers other than principals, who are engaged in the investment banking or securities business for the member including the functions of supervision, solicitation or conduct of business in securities or who are engaged in the training of persons associated with a member for any of these functions are designated as representatives. FINRA found that in MayLombardy ended her association with another member firm - at that time, her registered representative license was set to expire in May Lombardy's husband was a partner with a compliance consulting firm that leased space from HedgeCap and provided legal and compliance advice to the firm.
FINRA found that in AprilJahre permitted Lombardy to register with HedgeCap as a favor to her husband. Apparently, the favor wasn't so altruistic as the regulator noted that HedgeCap apparently hoped that this arrangement might prompt the husband to reduce the cost to the firm for his services.
In concluding that Lombardy's registration with HedgeCap was not bona fide, FINRA noted that she did not have an office, desk, or email account at the firm, and did not perform any services for or receive any compensation from the firm. Further, the NAC found that Jahre never intended to employ Lombardy in the firm's investment banking or securities business.
Although Jahre apparently asserted that "in the back of his mind" there was an expectation that Lombardy might provide services necessitating registration - FINRA simply did not find Jahre credible on that and other points. As I have long argued, I view FINRA's two-year expiration following the termination of a registration as counterproductive and an often significant factor in creating improper conflicts between registered persons and public customers.
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The unfortunate net effect of this misguided policy is to strengthen the bonds between a registered person and the employer by making the decision to resign or the fact of being laid off far more onerous because of the ticking time bomb. This is not an isolated problem. This is not an issue that only pops up, occasionally, at some small firm.
This is pandemic - at indie and regional firms, and at the big boys. Further, the ramifications of this foolish policy embeds itself in the very core of the industry's relationship with its customers and substantively impacts the ability of firms to pressure subtley or otherwise their salesforces to push house product or to look askance.
What FINRA does not understand or refuse to acknowledge is that registered way to trade forex on daily charts and women should not hesitate to leave an employer simply because of the fear that they may not be able to re-register within two years.
As recent history has demonstrated, Wall Street laid off tens of thousands of registered persons and not all of those folks were able to get rehired within two years. Go talk to some of the former folks from Lehman Brothers or Bear Stearns.
Talk to former employees of Merrill Lynch, Smith Barney, Wachovia, Stock broker trainee scottrade and JP Morgan. As I noted in my August 7, Forbes column: Reform the Registration System.
As a lawyer, I sat for the bar in and have been admitted to the practice of law ever since. My license to practice law exists as long as I satisfy my continuing education requirements every two years 24 hours of courses and have not engaged in any conduct that would disbar me.
I don't lose my license if I quit law firm A and join law firm B, which is essentially what happens to most stockbrokers who find their registrations in limbo during periods of unemployment. Stockbrokers are only deemed registered when they are employed by a member firm, and then have only 24 months to find subsequent employment or their registration expires. That martingale standard for binary options winning has given far option trading simulator dvd much leverage to the employer and has resulted in registered employees pushing unsuitable house product or the lesser-performing funds of a favored affiliate.
The more onerous it is to leave a brokerage firm, the more pliable the stockbroker becomes to the demands of his or her employer-and those demands may well pressure the captive employee to do things that are wrong, if forex auto trading championship illegal.
Think of it this way: Imagine what would happen if you lost your driver's license every time you sold a car or returned a rental. As long as you pass the eye test for your stock broker trainee scottrade, your license is renewed-and I don't know of any driver's license with a mere two- year life.
Am I comparing apples and oranges-yeah, you're right. But still, this issue is often at the root of much consumer fraud on Wall Street. It has to be changed. Nonetheless, for better or worse, this is the rule in place. Given the ongoing softness of Wall Street and the continued announcements of layoffs, it is likely that there will remain a consistent level of pressure from registered persons facing the sunset of their licenses for industry colleagues to do a favor and forex banner ads their registration in order to re-set the timer.
Read this column well and note the consequences. You better sit down before you read today's BrokeAndBroker. Publisher Bill Singer has something complimentary to say about both an AWC and FI You may have been reading recently about the ongoing FINRA push to burnish its image and attack the problem of recidivist stockbrokers and overly acco Benjamin Wey has been embroiled in criminal, civil, and regulatory proceedings for the past few years.
Wey and his legal team have responded with all That saying perfectly addresses the predicaments of m If my aunt were a man, she'd be my uncle.
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That saying perfectly addresses the predicaments of many of my clients. If only the firm didn't have that pol A personal message from Bill Singer, Publisher of the BrokeAndBroker. This is an UPDATE of "Potentially Dubious Flexible Rescheduling Of SEC Hearing" BrokeAndBroker. BILL SINGER is a lawyer who represents securities-industry firms, individual registered persons, Wall Street whistleblowers, and defrauded public investors.
For over three decades, Singer has represented clients before the American Stock Exchange, the New York Stock Exchange, the Financial Industry Regulatory Authority formerly the NASDthe United States Securities and Exchange Commission, and in criminal investigations brought by various federal, state, and local prosecutors.
He has the distinction of representing witnesses during Congressional investigations.
Singer is presently Of Counsel to a law firm and the publisher of the BrokeAndBroker. Singer was formerly Chief Counsel to the Financial Industry Association; General Counsel to the NASD Dissidents' Grassroots Movement; and General Counsel to the Independent Broker-Dealer Association.
He was registered for a number of years as a Series 7 and Series 63 stockbroker.
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An irreverent Wall Street Blog by Bill Singer. Search Broke And Broker Go! Related Topics Bill Singer BrokeAndBroker FINRA Parking Rule Previous Entries VXX Vice Versa Vexes Veteran Stockbroker June 21, You better sit down before you read today's BrokeAndBroker. FINRA Fines And Suspends Husband For Adding His Wife As Customer's Annuity Beneficiary June 20, You may have been reading recently about the ongoing FINRA push to burnish its image and attack the problem of recidivist stockbrokers and overly acco Benjamin Wey Wins Suppression Order In Securities Fraud Criminal Case June 19, Benjamin Wey has been embroiled in criminal, civil, and regulatory proceedings for the past few years.
Stockbroker and Wife Fake Statements For Home Loan June 16, If my aunt were a man, she'd be my uncle. Stephen Kohn and Jim Webb, Candidates for FINRA Small Firm Governor June 15, A personal message from Bill Singer, Publisher of the BrokeAndBroker. Potentially Dubious Flexible Rescheduling Of SEC Hearing And Awry,Alaska Cruise June 14, This is an UPDATE of "Potentially Dubious Flexible Rescheduling Of SEC Hearing" BrokeAndBroker. Tag Cloud Bill Singer BrokeAndBroker FINRA Arbitration AWC SEC BrokeAndBroker.
About Bill Singer BILL SINGER is a lawyer who represents securities-industry firms, individual registered persons, Wall Street whistleblowers, and defrauded public investors.
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