Shareholders won't benefit at all if this ends with FINRA arbitration in my opinion. But if the federal case in Nebraska eventually ends with a ruling or a settlement, I think there's a possibility shareholders could benefit if there's a discrepancy in the various forms of data that have been filed under seal with the court. The TA Bogutski of Signature has his records of CRGP shares outstanding and the float etc that will be part of the record; the DTCC has already filed all its data under seal. FINRA has all its records and now we have 4 major brokerages that will have to produce their data if the case moves forward. What are the chances that all that data matches up? In a perfect fraud free world it should be no problem - everyone's records should match up with little to no discrepancies to be found. But what if the sets of books don't match up? In the past, FINRA and/or the SEC would merely slap a million dollar fine on the entities involved and everyone would play on with little to no changes in oversight or regulation. But what if a federal judge gets the final say on a major discrepancy? He would not be bound by past practice or a desire to avoid a financial shakeup. If there are multiple sets of books, he would likely rule on which set of books is the accurate one, and the others would have to line up with it. Where that leads is unprecedented territory, but I'd like to see it.
We will get a big clue about where things are headed in the next week or so when the defendants file their responses. All four are aware that the TA and the DTCC have their data on file. Do the brokerages submit their data willingly knowing they have nothing to hide and that the DTCC erred in not intervening? Or do they fight to avoid/delay the case via FINRA arbitration or a sustained legal battle? Or perhaps the defendants will break ranks, with one or two providing full disclosure and a couple fighting it out. To me the best scenario would be if one or two brokerages fight to delay while the others provide full disclosure. Divide and conquer, if you will.......
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Category: MarketsTotal Views: 176 By : EditorUpdated: 06-05-2024
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