Archive

Chicago Cryptocurrency Trader Pleads Guilty to Stealing $3 Million in Litecoin and Bitcoin

Joseph Kim, a young Chicago trader just pleaded guilty to stealing $3 million worth of cryptocurrency from the firm that employed him and investors. The case, which involves charges of wire fraud, is the first…
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A Pre-ICO Deal You Cannot Miss? Meet The SEC’s Brainchild, HoweyCoins

If you exchanged an official email with any SEC employee recently, you have seen the banner for Howeycoins Travel Network. And if you like to get in on a profitable deal, you probably thought, “well,…
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Georgia Court Ruling Diminishes Protocol Protections for Brokers

Ever since it was implemented, brokers have relied on the Protocol for Broker Recruiting to be able to take some of their clients with them when they leave a firm, but a recent ruling by…
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Massachusetts Watchdog Targets Broker-Dealers’ Inadequate Oversight of Private Placements

The head of Massachusetts’ state securities regulatory body, Secretary of the Commonwealth William F. Galvin, issued a public statement announcing an inquiry into the practices of some of the top local broker-dealers related to private…
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FINRA Regulatory Notice Encourages Members to Disclose Participation in Any Cryptocurrency-related Activities

FINRA has announced it will increase its scrutiny of the cryptocurrency market. As several regulatory bodies endeavor to establish their jurisdiction over the crypto space, FINRA will now boost its oversight of registered firms’ participation…
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WELLS FARGO Will Pay $480 Million to Settle Fraud & Insider Trading Class Action Brought by Shareholders

Wells Fargo will pay $480 million to resolve fraud and insider trading allegations brought in a class action in California. According to the plaintiffs, top executives at the bank engaged in insider trading after employees…
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California Attorney Found Guilty in Pump-and-Dump Scheme Case Involving Greenway Technology and Crown Marketing

Jehu Hand, a California-based attorney has been found guilty of securities fraud and is now awaiting sentencing. Following his trial, which took place in Boston, the defendant could be facing  up to eight years in…
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Merrill Lynch FAs Will Experience Pay Cuts Unless They Meet Certain Targets

As Merrill Lynch brokers appear to lag behind their competitors at Morgan Stanley, some FAs at the firm are probably not looking forward to seeing their paychecks this summer season. Based on Merrill’s new compensation…
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CFTC Tells Judge It Has Jurisdiction Over Cryptocurrencies

A few days before issuing the recent advisory for the cryptocurrency market, the Commodity Futures Trading Commission told the judge in the case against My Big Coin Pay Inc. that cryptocurrencies are commodities, and are therefore…
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CFTC Staff Advisory Offers Guidance for Listing Cryptocurrency Derivative Products

On May 21st, the Commodity Futures Trading Commission issued a new document offering valuable guidance for registered market participants. The head of the CFTC’s Division of Market Oversight, Amir Zaidi said in an accompanying press…
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