The SIPA

Recently members of the board of the IBDA questioned whether certain individuals had a secret agenda in supporting a candidate that was not one of their own handpicked nominees. Karen Fisher now lists hereself along with Dumb and Dumber (Davidson and Kohn) as on the Board of IBDA and questioned other peoples agenda all the [...]

Could be time for certain NAC members to step down   Last week the SIPA shocked some in the industry by supporting David Sobel for the open position on the National Adjudicatory Council.  The fact that he was nominated by the FINRA nominating committee did not dissuade us and many members have indicated they think [...]

Another reason we are supporting Sobel is that he is a man of his word and so are we. In 2009 Stephen Kohn and David Sobel were locked in a battle to contest the FINRA nominee for the open NAC seat and we decided to intervene so as to not split the contested dissident vote. After many conversations, David decided it was best for the small firm movement to step aside, support Stephen Kohn and not dilute the small firm vote and Kohn won in a landslide.

The Sipa has learned that Ken Norensberg has been elected to a second term on the Finra Board of Governors by a relatively large vote. Although not official, we believe Ken received 836 votes while Alan Davidson received 525 votes

Recap of the last several months since the last election. The team of Ken, Joel and Jed have: · Voiced Members concerns with Representatives from the PCAOB, OATS, Enforcement, Examinations, the Ombudsman, Various Districts and many more. · Created transparency by issuing letters to the Members after each Board meeting informing you what happened at [...]

Erroneous policies of the Regulators, whose one size fits all approach, are eroding the business and causing our small firm saviors to shut their doors. It is the equivalent of dropping an Atom bomb on an ant. They just do not get it!

This election is very important and we need the Members to show a unified front. If you surround yourself with positive people, you will achieve positive results....believe it! Enclosed is my resume and other important information about this election and my history.

Do you feel like we have lost the “self” in Self Regulatory Organization? As a small b/d owner, I am disheartened that my b/d is being treated in the same category as Madoff and Stanford, although I understand why. FINRA and the SEC both failed to protect public customers in the face of overwhelming evidence at both of those firms that something was seriously wrong.

Zeus Securities, Inc. 111 Smithtown Bypass, Suite 209 Hauppauge, NY 11788 631-382-2663 FAX 915-200-1381 ADAVIDSON@ZEUSSECURITIES.COM Click Here for Alans Petition Alan Davidson Biography THE FIRST AND HOPEFULLY THE LAST TRIUMviRATE Good Day Fellow Members of FINRA, On 5/3/11, FINRA announced changed procedures for Board nomination. On 4/19/11, under the guise of a “Member Update,” Ken [...]

I wanted to thank you for the support that you have shown the team of Ken, Joel and Jed. What the Members did was unprecedented! Please sign the attached petition so that the team can continue to be informed voices on the Board of Governors. Ken’s Petition for the Board of Governors United we stand! All the best, [...]

When choosing a candidate take into account this staggering number we just quoted. Ask them what they intend to do to help stop the slaughter of small firms through excessive regulation and costly rule implementation that does little or nothing to protect the public. Ask them what rules they would change and keep the same and ask them if they know what it costs to implement the various trade reporting, AML and PCAOB audits

Some where along the way the unions went from protecting workers to intimidating them as well as our Government. I never really understood this phenomenon. GM, Ford and Chrysler have had strong unions for years and years and it afforded workers solidarity and negotiating power. That was until a guy with a high school education started making $80,000 per year to run a bolt through some sheet metal.

We hope that FINRA's attempt in all this is to allow a truly fair and open system rather then trying to dilute the vote among small firm candidates while counting on their pet trade organizations to support a single candidate of their choosing. Even if that's the case it will still be the voice of the small firm and this is what we have been fighting years for The SIPA intends to sit this election out and allow the members to decide for themselves who should speak for them.

The decision by the Trustee is puzzling on so many levels I almost do not know where to begin so In keeping with my theme from my speech last week to Broker Dealers at the Financial Services Exchange meeting in Atlanta: Follow the money!

AS WELL AS AN INCREASE IN COMMISSIONS Houston we have a problem. Perhaps no phrase has ever spoken more about a problem than these famous words from Apollo 13 years ago. One little problem turned into thousands of people working day and night to try and solve a ‘problem’ that eventually led to the safe [...]

Say what? Merrill Lynch is a small firm? Last I checked they were one of the largest firms on the street with more reps then most cities. Now I know that they have many divisions and brokerage arms at these mega firms but give me a break.

We can only do so much here and we think its important to let the candidates know how you feel instead of just beating us up. We are here to help the small firms and brokers out there and unlike other group sout there we believe in accountability and if our guys aren't living up to their word then we will find others that will.

The recent FINRA Board election was nothing less then astounding considering the fact that the SIPA members faced not only strong challenges by well known FINRA nominees but by habitual board candidates that appeared to try and dilute the dissident vote as a favor for FINRA. Much to our surprise though, the members and supporters came out in droves and quite frankly the margin of victory was nothing short of astonishing.

The SIPA has been asked to help moderate a “Meet The Candidates” forum on Friday July 30th at the Financial Services Exchange meeting being held this week at the Ritz Carlton in Fort Lauderdale Florida. Candidates for the three FINRA Board of Governors seats include Jed Bandes, Joel Blumenschein and Ken Norensberg. In addition, invitations were also extended to other candidates who were appointed by FINRA and as of this writing only Lisa Roth has agreed to attend and we credit her for being open to this question and answer.

With this in mind all three candidates have agreed that upon being voted onto the board their first order of business will be to immediately demand the board to distribute a minimum of $35,000 in funds to all member firms of record. In addition, the candidates believe that if a higher payment is possible, that the funds above that also be immediately distributed to the member owners. This is your money not the regulators

Do you trust FINRA? It’s a simple yes or no answer that is at the heart of this election. Do you believe FINRA has YOUR best interests in mind or do they cater to a certain segment of Firms? If you believe that FINRA has shown itself to be completely trust worthy, then by all means vote for their handpicked candidates.

By Larry Doyle Sense on Cents FINRA can talk about transparency and integrity all it wants. We all know talk is cheap. FINRA’s board and executives need to show America how they truly define and embrace transparency and integrity. How so? FINRA is scheduled to hold its first Annual Meeting in almost three years on August [...]

The SIPA is pleased to announce that the petition candidates for the FINRA Board of Governors have obtained the necessary number of petitions and will be on the ballot as a slate this summer. The candidates contested previously appointed Board members of FINRA and have worked diligently to obtain not only your support but your input and have made themselves available to al FINRA members with concerns or questions.

changes the Safe Harbor rule limiting your expansion capabilities (makes you ask permission from FINRA for virtually any new lines of business or expansions beyond “safe harbor”). Again, preventing you from potential revenue while the district takes its time to approve.

PETITION FOR NOMINATION

We are writing you as individuals to solicit your support for this noble effort “to clean the dirty house.” The views contained herein are our own and do not reflect those of FINRA.

One would think that in light of the financial meltdown as well as the Financial Reform being proposed by Congress that FINRA would seek to reform or maybe even change its current Board and get new blood in the system…But no, not FINRA. FINRA re nominated the existing Head Governor as well as numerous other existing board members to new terms. This makes sense only if there is a bigger picture which fools like me often overlook.

The Securities Industry Professional Association and the Independent Broker-Dealer Association today called the recent FINRA Board nominations “a back room closed door process.” In an unusual joint release, they charged the FINRA Board Nominating Committee with appointing “selected” proxies who will continue the dysfunctional policies of the Board.

Rants and raves from the SIPA C & C music factory had a whole generation of people uttering these now famous words back in the 1990’s. As we review some of the changes that are occurring right before our eyes with the financial system, its apparent that there is more confusion then ever before instead [...]

There is no excerpt because this is a protected post.

The SIPA has been receiving countless e-mails and phone calls from members and non members asking how they should vote. Based upon the NAC election many feel comfortable the SIPA will give them a blunt and honest assessment of the candidates. We would love to wave a magic wand and tell thousands across the country how we think they should vote but quite frankly, the SFAB is a quite confusing and mostly ineffective group

Now that the NAC election is over, and the next big election is on the horizon, the Board of Governors, it is probably time to discuss the FINRA election process

Small firm voice being heard…Board of Directors next? Stephen Kohn’s contested bid to win a seat on the FINRA National Adjudicatory Council was a smashing success for all small firms. Although FINRA does not release the actual figures, an independent poll conducted by SIPA indicated that the vote was overwhelming. The SIPA congratulates Mr. Kohn [...]

My opponent, the FINRA Nominating Committee choice sent you a letter urging your support on firm letterhead declaring his NYSE Membership to the World. No comment of any FINRA Membership was made. Is this who he intends to represent? NYSE firms? The FINRA selection fails to understand this is a small firm NAC election. Perhaps he should be seeking a position with the NYSE where his interest obviously rests.

Kohn has to pay his own way while FINRA is using YOUR money to hire proxy services, Call Rooms, Marketing Firms and anything else they can think of in order to defeat Kohn. Why is that? What is FINRA afraid of? Perhaps it’s that Mr. Kohn will not be seduced by the powers that be? For instance, I’ll bet many of you did not know that a position on NAC pays approximately 40K per year?

Good Day Fellow Small Firm Members of FINRA, September 18, 2009 I am a candidate for the Small Firm seat on the National Adjudicatory Council. This is a very Important election to you, a Small Firm Member. Why? Keep reading to find out

The marketing of the new FINRA was also very strategic for all firms. What used to be an ‘Association’ of brokers is now a ‘Regulatory Authority’. What used to be a ‘Notice to Members’ is now a ‘Regulatory Alert’. All mention of membership or ‘Self” regulation has disappeared. The only way we as small firms can make our problems heard and our needs known is through those we choose to elect as our representatives to the many FINRA arms: the District Committees, the SFAB, the NAC, and the Board of Governors, as well as the trade organizations that we choose to align with.

The last few years we had decided to stay on the sideline and watched as the bias against small firms continued and the in fighting between small firm organizations grew. Today however, that has changed and for the first time the SIPA will be actively supporting a candidate in a FINRA election. The reason is quite simple: For the first time in almost three years we see CANDIDATES who actually get it.

The SIPA wishes a heartfelt congratulations to Mr. Alan Davidson of Zeus Securities, upon his election to represent the interest of small firms in the National Adjudicatory Council (NAC). The NAC reviews FINRA disciplinary decisions. The election is of special significance because it was contested and Mr. Davidson ran as an independent candidate.  Despite the [...]

I say “got away with it” because – were he not to have turned himself in, and were he to not have been totally broke and inches from the fire – he would probably have never turned himself in and kept going as long as he could have. Such is the nature of that particular kind [...]

 HOW FINRA PROVES ONCE AGAIN TRANSPARENCY IS A FARSE! The Sipa and its Board have been approached by various prospective candidates for the National Adjudicatory Council ( NAC) position that is available for a small firm member.  In December, FINRA decided to ‘nominate’ a qualified small firm candidate named James S. Jones of Crews & [...]