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Broker Dealers in the News

Minnesota Man Indicted in Baldwin County for Alleged "Prime Bank" Investment Scheme (

Commerce Commissioner Mike Rothman elected to the North American Securities Administrators Association Board of Directors (Commerce Press Release)

Don't Trade on Pump-And-Dump Stock Emails (

Cold Calls From Brokerage Firm Imposter - Beware of Old-Fashioned Fishing (

SEC strengthens broker-dealer audit requirements (

FINRA Actions And The Due Diligence Obligations Of Broker-Dealers In Private Placements (

What Is A "Broker-Dealer" And Why Should You Care? (

A Sneaky Way to Deregulate (The New York Times)

LPL ordered to pay $2M in restitution (Registration Required - Free) - InvestmentNews

Finra checking out B-Ds that sold variable annuities with hedge funds - (Registration Required - Free) - InvestmentNews

Website names tied to crowd funding spike - NASAA - Thomson Reuters

Why nontraded REITs are in Finra's cross hairs, InvestmentNews 
Nontraded real estate investment trusts and potential shortcomings in how broker-dealers sell them are clearly in the cross hairs of examiners with the Financial Industry Regulatory Authority Inc.

Commerce Commissioner Advises Commodity Investors to Proceed with Caution, Press Release 
With the recent collapse of these two high-profile commodity brokers, and the loss of hundreds of millions of dollars in customer funds, the Minnesota Department of Commerce has issued caution to all commodity investors. 

Crowd funding's dark side, delawareonline

SEC's First JOBS Act Proposals, CFIRA

SEC Charges Wells Fargo for Selling Complex Investments Without Disclosing Risks, U.S. Securities and Exchange Commission

Libor Reported as Rigged in ’08 Proving 2012’s Revelation, Bloomberg
Barclays Plc’s admission that it rigged the London interbank offered rate shows regulators, central bankers and politicians weren’t paying attention when everyone from Citigroup Inc. to the Bank for International Settlements indicated that the measure was being manipulated. 

Crowdfunding Rules: Hurry Up and Wait, Forbes
For those of you eager investors, entrepreneurs and brokers out there who want to do crowdfunding tomorrow, you’ll just have to be patient.

As Big U.S. Bond Dealers Retreat as Middlemen, Smaller Firms Step Up, NASDAQ
As bulge-bracket dealers scale back their roles as middlemen in bond trading to conform to new regulations and corporate strategies, a host of smaller broker-dealers have been scurrying to fill the void.

Doing Equity Crowd Funding Right, The Wall Street Journal
Small businesses are about to get a powerful new tool for raising capital—crowd funding.

Jumpstart Our Business Startups Act: Frequently Asked Questions About Crowdfunding Intermediaries, SEC
In these Frequently Asked Questions (FAQs), the Division of Trading and Markets is providing guidance on the implementation of the crowdfunding intermediary provisions of the Jumpstart Our Business Startups Act (JOBS Act).

FINRA Sanctions Four Firms $9.1 Million for Sales of Leveraged and Inverse Exchange-Traded Funds, FINRA News Release
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that it has sanctioned Citigroup Global Markets, Inc; Morgan Stanley & Co., LLC; UBS Financial Services; and Wells Fargo Advisors, LLC a total of more than $9.1 million for selling leveraged and inverse exchange-traded funds (ETFs) without reasonable supervision and for not having a reasonable basis for recommending the securities. 
SEC Charges Florida Stock Scheme Mastermind and 10 Cohorts, SEC News Release
Washington, D.C., May 2,
2012 — The Securities and Exchange Commission today charged a Florida man and 10 cohorts involved in two separate schemes to illegally sell stock, including one that sought to capitalize on circumstances in Haiti following the earthquake that destroyed much of the country's infrastructure in January 2010.

Facebook at 99 Times Profit Exceeds 99% of S&P 500 Index, Bloomberg
Facebook Inc. (FB) is betting its growth prospects will persuade investors to pay 99 times earnings for its initial public offering, a higher multiple than 99 percent of companies in the Standard & Poor’s 500 Index.

ECB-Loan Profits, Carry Trades, Basel Boundaries: Compliance, Bloomberg
Banks may have to disclose profits from carry trades derived from 1 trillion euros ($1.3 trillion) in European Central Bank loans and exclude the money from bonus pools, under draft proposals from European Union lawmakers.

New York Fed Seeks Bids For CDO Holdings In Maiden Lane III, Bloomberg
The Federal Reserve Bank of New York is seeking bids for parts of two collateralized debt obligations tied to real-estate debt, after acquiring the securities in the government rescue of American International Group Inc. (AIG) in 2008. 

Investor Alerts




North American Securities Administrators Association (NASAA)
The North American Securities Administrators Association NASAA has protected Main Street investors from fraud for 100 years, longer than any other securities regulator. State securities regulation predates the creation of the federal Securities and Exchange Commission (SEC) by more than two decades. The primary goal of NASAA is to advocate for the protection of investors.

U.S. Securities and Exchange Commission (SEC)
The U.S. Securities and Exchange Commission (SEC) protects investors, maintains fair, orderly, and efficient markets, and facilitates capital formation.

FINRA is the largest independent regulator for all securities firms doing business in the United States. They oversee nearly 4,450 brokerage firms, 161,065 branch offices and 629,755 registered securities representatives. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

Minnesota Statute § 80A
MINN. STAT. § 80A defines broker dealers and the licensing and registration of individual broker dealer representatives, their firms, and the securities they sell.