Stock Loan Fraud Bites Firms
Written by Mark J. Astarita, Esq. on Friday, June 19, 2009The investigation into stock loan practices and the trials that arose from that investigation did not gain much press, but the impact on the business practices surrounding stock loan programs are being felt. On Wednesday, FINRA announced fines, and suspensions against Raymond James and RBC for their alleged participation in the process.
FINRA - FINRA Fines Raymond James, RBC Capital Markets Corporation, Stock Loan Trader for Improper Stock Loan Practices
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1 comments: Responses to “ Stock Loan Fraud Bites Firms ”
By Anonymous on Friday, 11 September, 2009
Government regulators trying to prove they are not asleep at the wheel. Where real fraud exists, fine. But in most cases these days, whether FINRA or the SEC, they are more concerned with phony stats derived from attacking small companies guilty of little more than accidental paperwork violations than catching the big fish. Get ready for the SEC, IRS, and FINRA to start thumping their chest "proving" they are no longer asleep at the wheel like in the supposedly bad old Bush administration days. Only problem is, they are simply attacking small, 99% innocent American busineses, threatening them with huge court costs if they don't settle the bogus accusations.
Someday the modern insane witch hunt by these agencies, particularly the SEC, will come to light. I can't wait for an enterprising reporter to out these self-important regulatory phonies.