Intelligence Brief
Where the $248,000 Went
A Connecticut indictment follows one retirement withdrawal through five bank accounts and a copier wholesaler. The first step looked like ordinary banking.
Five Became Ten
FINRA's proposed universal fraud delay doubled between the January notice and the version filed with the SEC. Firms briefed on the notice are briefed on a superseded number.
When the Statements Stop Arriving
Two federal cases this month took money from older customers without a single scam call. The first visible sign was a change to the account record.
What H.R. 2478 Actually Does
The bill the House passed 414 to 2 reaches mutual fund redemptions through transfer agents. Most summaries of it describe bank withdrawals.
Six Hundred Transactions
Two federal sentencings eleven days apart describe the same detection failure, and it is not one a threshold report can catch.
A Credit Union Board Seat, a Power of Attorney, and $1 Million
An indictment returned this week is a difficult case for anyone who assumes the safeguards were missing