{"id":1123,"date":"2012-09-11T19:23:13","date_gmt":"2012-09-11T19:23:13","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/09\/securities_roundup_finra_fines"},"modified":"2022-03-09T16:28:17","modified_gmt":"2022-03-09T22:28:17","slug":"securities-roundup-finra-fines","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-roundup-finra-fines\/","title":{"rendered":"Securities Roundup: FINRA Fines Rodman &#038; Renshaw $315K, Convictions Reached in $1B High Yield Fraud Scam Involving FBI, SEC Sues Wwebnet over $2.1M Fraud, and Ex-Hedge Fund Manager Settles Unsuitable Investment Recommendation Allegations for Over $421K"},"content":{"rendered":"<p>\t\t\t\tTo settle Financial Industry Regulatory Authority allegations that it committed numerous violations involving dealings between investment banking and research functions, Rodman &amp; Renshaw LLC has agreed to pay a $315,000 fine. According to the SRO, from January 2008 to March 2012, the financial firm <a href=\"https:\/\/www.investorlawyers.com\/failure-to-supervise.html\">did not have an adequate supervisory system<\/a> in place to properly monitor these interactions. Rodman &amp; Renshaw also allegedly did not keep research analysts from soliciting investment banking business, compensated one analyst for such contributions, and did not stop Rodman&#8217;s CEO (he was on its Research Analyst Compensation Committee while taking part investment banking activities) from having control or influence over research analyst evaluations and compensation. <\/p>\n<p>Also fined over this matter are ex-Rodman &amp; Renshaw CCO William A. Iommi Sr., who must pay $15,000, is suspended from serving in a principal capacity for 90 days, and has to requalify as a general securities principal, research analyst Lewis B. Fan, who must pay $10,000 fine and is suspended for 30 business days for allegedly trying to solicit investment banking business from public companies, and research analyst Alka Singh, who must pay $10,000 and is suspended for six months for allegedly trying to set up a concealed fee from a public company that she provided with research coverage. Although all of the parties have consented to an entry of FINRA&#8217;s findings, they have not denied or admitted to the securities charges.<\/p>\n<p>In an unrelated securities case, a California jury has found ex-Rodman &amp; Renshaw broker and investment adviser William Ferry and former real estate investment manager Dennis Clinton guilty of conspiracy, wire fraud, and mail fraud in a high-yield investment fraud scam that involved efforts to bilk a rich investor of $1 billion. The investor was actually someone who was working undercover for the Federal Bureau of Investigation.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-roundup-finra-fines\/\"  title=\"Continue Reading Securities Roundup: FINRA Fines Rodman &#038; Renshaw $315K, Convictions Reached in $1B High Yield Fraud Scam Involving FBI, SEC Sues Wwebnet over $2.1M Fraud, and Ex-Hedge Fund Manager Settles Unsuitable Investment Recommendation Allegations for Over $421K\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>To settle Financial Industry Regulatory Authority allegations that it committed numerous violations involving dealings between investment banking and research functions, Rodman &amp; Renshaw LLC has agreed to pay a $315,000 fine. According to the SRO, from January 2008 to March 2012, the financial firm did not have an adequate supervisory system in place to properly [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3741],"tags":[],"class_list":["post-1123","post","type-post","status-publish","format-standard","hentry","category-finra","category-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Roundup: FINRA Fines Rodman &amp; Renshaw $315K, Convictions Reached in $1B High Yield Fraud Scam Involving FBI, SEC Sues Wwebnet over $2.1M Fraud, and Ex-Hedge Fund Manager Settles Unsuitable Investment Recommendation Allegations for Over $421K &#8212; Investor Lawyers Blog &#8212; September 11, 2012<\/title>\n<meta name=\"description\" content=\"To settle Financial Industry Regulatory Authority allegations that it committed numerous violations involving dealings between investment banking and &#8212; September 11, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-roundup-finra-fines\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Roundup: FINRA Fines Rodman &amp; Renshaw $315K, Convictions Reached in $1B High Yield Fraud Scam Involving FBI, SEC Sues Wwebnet over $2.1M Fraud, and Ex-Hedge Fund Manager Settles Unsuitable Investment Recommendation Allegations for Over $421K &#8212; Investor Lawyers Blog &#8212; September 11, 2012\" \/>\n<meta name=\"twitter:description\" content=\"To settle Financial Industry Regulatory Authority allegations that it committed numerous violations involving dealings between investment banking and &#8212; September 11, 2012\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Securities Roundup: FINRA Fines Rodman & Renshaw $315K, Convictions Reached in $1B High Yield Fraud Scam Involving FBI, SEC Sues Wwebnet over $2.1M Fraud, and Ex-Hedge Fund Manager Settles Unsuitable Investment Recommendation Allegations for Over $421K &#8212; Investor Lawyers Blog &#8212; September 11, 2012","description":"To settle Financial Industry Regulatory Authority allegations that it committed numerous violations involving dealings between investment banking and &#8212; September 11, 2012","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/securities-roundup-finra-fines\/","twitter_card":"summary_large_image","twitter_title":"Securities Roundup: FINRA Fines Rodman & Renshaw $315K, Convictions Reached in $1B High Yield Fraud Scam Involving FBI, SEC Sues Wwebnet over $2.1M Fraud, and Ex-Hedge Fund Manager Settles Unsuitable Investment Recommendation Allegations for Over $421K &#8212; 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