Municipal Securities

Douglas Alan Goldberg – SEC Administrative Action

Published on: September 30, 2012 | By Russell L. Forkey, P.A.

In the Matter of Douglas Alan Goldberg

Recently, the United States Securities and Exchange Commission (Commission) announced that on September 27, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Douglas Alan Goldberg, a former employee of Rubin/Chambers Dunhill Insurance Services, Inc., dba CDR Financial Products, Inc. (CDR), a registered investment adviser with the Commission from 2001 until February 14, 2011, when the Commission cancelled CDR’s registration.

Goldberg consented to a Commission Order barring him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. This sanction was based upon Goldberg’s March 25, 2010 guilty plea to a criminal information, filed in United States v. Douglas Alan Goldberg, Criminal No. 10-cr-209, that charged him with two counts of conspiracy and one count of wire fraud for engaging in misconduct in connection with the competitive bidding process for municipal reinvestment products.

David Rubin – SEC Administrative Action

Published on: September 30, 2012 | By Russell L. Forkey, P.A.

In the Matter of David Rubin

Recently, the United States Securities and Exchange Commission (Commission) announed that on September 27, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against David Rubin, founder, president, and chief executive of Rubin/Chambers Dunhill Insurance Services, Inc., dba CDR Financial Products, Inc. (CDR), a registered investment adviser with the Commission from 2001 until February 14, 2011, when the Commission cancelled CDR’s registration. Rubin is also the sole shareholder of CDR Holdings, Inc., CDR’s parent corporation.

Rubin consented to a Commission Order barring him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. This sanction was based upon Rubin’s December 30, 2011 guilty plea to three counts of an eight-count superseding indictment, filed in United States v. Rubin/Chambers, Dunhill Insurance Services, Inc., et al., Criminal No. 09-cr-1058 (VM). The counts to which Rubin pled guilty charged him with two counts of conspiracy and one count of wire fraud for engaging in fraudulent misconduct in connection with the competitive bidding process for municipal reinvestment products.

Bruce Cole – Florida Municipal Bond Fraud and Misrepresentation Attorney

Published on: September 19, 2012 | By Russell L. Forkey, P.A.

SEC Charges Former CEO and Chairman of Mamtek, U.S. with Fraud in the Offer and Sale of Municipal Bonds

September, 2012:

The Securities and Exchange Commission recently filed suit in U.S. District Court for the Central District of California, charging former CEO and chairman of Mamtek U.S., Bruce Cole, with fraud related to the offer and sale of municipal bonds.

MSRB Spotlights 529 College Savings Plan Information

Published on: September 7, 2012 | By Russell L. Forkey, P.A.

MSRB’S EMMA WEBSITE SPOTLIGHTS 529 COLLEGE SAVINGS PLAN INFORMATION

September, 2012:

The Municipal Securities Rulemaking Board (MSRB) recently announced that it is making it easier for families saving for future higher education expenses to find information about 529 college savings plans.

MSRB Guidance to Underwriters – Boca Raton, Florida Municipal Securities Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney

Published on: July 18, 2012 | By Russell L. Forkey, P.A.

MSRB PROVIDES GUIDANCE TO UNDERWRITERS ON IMPLEMENTATION
OF NEW OBLIGATIONS TO STATE AND LOCAL GOVERNMENTS

July, 2012:

The Municipal Securities Rulemaking Board (MSRB) recently published comprehensive implementation guidance to assist underwriters in meeting their newly expanded legal obligations to state and local governments.

Types of Advanced Refunding – Boca Raton, Florida Fraud and Misrepresentation FINRA Arbitration

Published on: June 23, 2012 | By Russell L. Forkey, P.A.

What is an “Advance Refunding?”

This post is designed to provide the reader with general information concerning what an “advanced refunding is” and what it accomplishes. Please keep in mind that this information is being provided for informational purposes only and is not designed to be complete in all material respects. Thus, it should not be relied upon as providing legal or investment advice. If you have any questions concerning this post or its contents, you should seek the assistence of a qualified professional.

There are basically two types of advance refundings. One relates to government securities. The other relates to municipal bonds.

Tax-Exempt Security – Boca Raton, Florida Investment Fraud Attorney

Published on: June 23, 2012 | By Russell L. Forkey, P.A.

Tax-Exempt Security:

This post is designed to provide the reader with general information concerning what constitutes a tax-exempt security and how it is treated for tax purposes. Please keep in mind that this information is being provided for informational purposes only and is not designed to be complete in all material respects. Thus, it should not be relied upon as providing legal or investment advice. If you have any questions concerning this post or its contents, you should seek a qualified professional.

A tax exempt security is an investment vehicle whose interest is exempt from taxation by federal, state, and/or local authorities. It is generally referred to as a municipal bond regardless of whether it was issued by a state government or agency or by a county, town or other political district. The “bond” is backed by the full faith and credit or the issuer or by anticipated revenues of the issuing authority. Interest income earned from the tax-exempt security is free from federal income taxation as well as from taxation in the jurisdiction where the bond has been issued.

Fort Lauderdale and Boca Raton, Florida Municipal Securities Attorney

Published on: June 21, 2012 | By Russell L. Forkey, P.A.

Fort Lauderdale and Boca Raton, Florida Municipal Securities Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.

June, 2012:

In our continued attempt to keep members of the investing public abreast of current developments, we have provided a copy of a recent release issued by the Municipal Securities Rule Making Board (MSRB) relating to a report that it recently issued on Municipal Variable Rate Securities Interest Rate and Trading Data.

Sophisticated Municipal Market Professional

Published on: June 10, 2012 | By Russell L. Forkey, P.A.

REVISED DEFINITION OF SOPHISTICATED MUNICIPAL MARKET PROFESSIONAL

June, 2012:

The Municipal Securities Rulemaking Board (MSRB) recently announced that it received approval from the Securities and Exchange Commission (SEC) to redefine those institutional investors capable of independently evaluating investment risks and market value of municipal securities, and exercising independent judgment in evaluating recommendations of a municipal securities dealer. The revised definition is effective July 9, 2012.

MSRB Announces New Protections for State and Local Governments that Issue Bonds

Published on: May 20, 2012 | By Russell L. Forkey, P.A.

FINRA Arbitration and Litigation Attorney Russell L. Forkey, Esq.

May, 2012:

MSRB ESTABLISHES NEW PROTECTIONS FOR STATE AND LOCAL GOVERNMENTS THAT ISSUE BONDS