Category Archives: Securities Law

SEC Proposes Offering Reforms for Business Development Companies and Registered Closed-End Funds

The Securities and Exchange Commission today voted to propose rule amendments to implement certain provisions of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act.  The proposal would improve access to capital and facilitate investor communications by business development companies and registered closed-end funds. Business development companies—or “BDCs”—are a type of closed-end fund established by Congress that primarily invest in small and developing companies.The proposed amendments would modify the registration, communications, and offering processes available to BDCs and registered closed-end funds, building on offering practices that operating companies currently use.  “This congressional mandate recognizes the importance of an efficient and cost-effective approach for these funds to raise capital in our public markets, which should ultimately benefit….. To continue reading this legal news please click Read full information...

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Sebastian Wyczawski-Joseph Stone Capital Broker-Discloses $250,000 Customer Suit-Center Moriches, NY

Rex Securities Law- Stockbroker Malpractice Attorney. Nationwide representation. March 2019- Center Moriches, NY According to publicly available records , Sebastian Wyczawski (CRD #2835135),  a  stockbroker employed with Joseph Stone Capital, disclose one pending and one prior customer dispute. The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as … Continue reading Sebastian Wyczawski-Joseph Stone Capital Broker-Discloses $250,000 Customer Suit-Center Moriches, NY → The post Sebastian Wyczawski-Joseph Stone Capital Broker-Discloses $250,000 Customer Suit-Center Moriches, NY appeared first on Rex Securities Law BLOG... To continue reading this legal news please click Read full information...

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Judith A. Johnston Barred from Securities Industry

Judith A. Johnston – NYLife Securities – Investigation According to the Financial Industry Regulatory Authority (FINRA) yesterday, the regulator has barred financial advisor Judith A. Johnston from the securities industry. In the Letter of Acceptance, Waiver & Consent dated March 18, 2019, FINRA states that during its staff’s investigation into multiple customer complaints regarding the sale of variable annuities when Johnston was registered with NYLIFE, Johnston failed to cooperate by not providing on-the-record testimony in violation of FINRA Rules 8210 and 2010. Consequently, she has been barred from associating with any FINRA member at any time. According to Johnston’s FINRA BrokerCheck report, she was a registered representative with NYLife Securities in Frisco, Texas from October 2009 until October 2016. Johnston has 8 customer complaints listed on her broker report involving sales of variable annuities. She is not currently registered as a….. To continue reading this legal news please click Read full information...

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FDIC Settles PwC Colonial Bank Negligence Action for $335 Million

In the latest twist in a long-running legal saga, on March 15, 2019, the FDIC announced that it had reached a $335 million settlement of the negligence action the agency had brought against PwC in connection with the accounting firm’s audit work for the defunct Colonial Bank. The curious thing about this settlement is that it represents only a little more half of the amount that a federal district court judge awarded the FDIC as damages in a July 2018 order in the case. The FDIC’s terse March 15, 2019 press release announcing the settlement can be found here.   Background When Colonial Bank failed in August 2009, it was the sixth largest U.S. bank failure of all time (as discussed here). In a series of actions filed in its capacity as the failed bank’s receiver, the FDIC alleged that the FDIC alleged Colonial’s failure was triggered by a massive, multi-year fraud against the bank by the bank’s largest mortgage banking customer,….. To continue reading this legal news please click Read full information...

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J’Accuse !!!!: New York Broker Michael Fasciglione Suspended by FINRA. Claims settled for $525,000 and $80,000

Two FINRA claims were filed involving Michael Fasciglione’s and National Securities Corporation. The claims allege suitability, breach of contract, breach of fiduciary duty, negligence, and/or churning. The claims were settled for $525,000 and $80,000. FINRA reports of 6 other settled claims involving with prior brokerages. Michael Fasciglione has been licensed with Aegis Capital Corp since September 2017; previously Fasciglione was licensed with National Securities Corporation. In December 2014, Fasciglione was suspended from the securities industry for 1 month and fined $5,000 by FINRA. Continue reading.. To continue reading this legal news please click Read full information...

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