FINRA Mulls A Defaulted Bond's Worth (BrokeAndBroker.com Blog)
Bill Singer
A critic of the inept and incompetent, and an advocate for economic and political sanity. It's a lonely journey but I walk it. Wall Street legal, regulatory, and compliance veteran since 1982.
https://www.brokeandbroker.com/6241/finra-defaulted-bond/
FINRA Mulls A Defaulted Bond's Worth?(BrokeAndBroker.com Blog)
In a recent regulatory settlement, FINRA charged an industry respondent with violating FINRA Rule 3220's limit of a $100 gift. You'd think that with such a hard dollar amount that the published regulatory settlement would have alleged the value of the cited gift. Making matters worse, the gift in question involved a defaulted bond. How much is a defaulted bond worth? According to the settlement: "still well beyond the gift limit allowed by FINRA Rule 3220." That's a ridiculous allegation to be found in a final, FINRA, regulatory, settlement document -- "well beyond?" Are you serious? What's next? Charging folks with "a lot" or "often?"?