by Pam Martens and Russ Martens
Wall Street on Parade
When it comes to the top watchdog of trading on Wall Street, the Securities and Exchange Commission (SEC), that dog can’t hunt. It’s not that the career professionals at the SEC haven’t tried to hunt, it’s that when they get too close to ensnarling some powerful person on Wall Street, they are told to stand down. Having a Wall Street defense lawyer at the helm of the SEC under both Presidents Obama and Trump certainly hasn’t helped the matter. (See here and here.) The jury is still out on President Biden’s SEC Chair, Gary Gensler, who just took office on April 17. (It should be noted, however, that the case described below was settled by the SEC after he took office.)
With that as a backdrop, consider the press release and order that the SEC released on June 29 against Neovest Inc., an electronic trading platform owned by the 5-count felon, JPMorgan Chase.