Ben A. Indek focuses his practice on representing broker-dealers and their employees in governmental, self-regulatory organization, and state securities commission investigations, and conducting internal investigations for such firms. Ben also counsels clients on regulatory and compliance issues, with a particular emphasis on assisting firms in self-reporting matters under FINRA Rule 4530(b). Chambers USA has ranked Ben as one of “America’s Leading Lawyers for Business” for the last seven years.
A former compliance officer for E.F. Hutton & Co., Ben also represents compliance officers in FINRA investigations. He co-authored an amicus brief filed on behalf of the National Society of Compliance Professionals with the SEC. Ben has served on NSCP’s board of directors, FINRA’s independent dealer/insurance affiliate committee, NYSE’s Electronic Communications Task Force, and NASD’s market regulation committee.
An author of many articles on broker-dealer regulation and enforcement issues, Ben developed the firm’s annual publication “Select SEC and FINRA Broker-Dealer Cases and Developments.” Previously, Ben co-authored “Securities Litigation and Enforcement,” a regular column appearing in the New York Law Journal.
Ben serves on the firm’s Advisory Board and Audit Committee, and is the co-chair of the New York office Management Committee.
Recent representations of broker-dealers and their employees in Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) investigations include matters in the following areas:
SEC customer reserve formula and possession/control provisions
Municipal bond disclosures to investors and underwriting expenses
Structured and complex products sold to retail clients, including sales practices and supervision relating to leveraged and inverse Exchange Traded Funds (ETFs)
Auction rate securities
Mutual fund and unit investment trusts suitability, supervision, pricing, and record keeping
Operational issues, including prospectus delivery, proxy voting, and electronic blue sheets
Research report disclosures
Registration and customer complaint reporting issues, including Form U4/U5 filings
Trade practices and reporting, including Market on Close and Limit on Close orders and New York Stock Exchange (NYSE) Rules 90, 92, and 132.30