Nathan Lamb

Nathan focuses his practice on securities-related litigation, Financial Industry Regulatory Authority (FINRA), the United States Securities & Exchange Commission (SEC), and state securities commission regulatory investigations and disputes.

Nathan defends brokers, broker-dealers, and investment advisors in FINRA arbitrations, SEC actions, and FINRA enforcement actions. His practice also involves advising clients on how to navigate the complex financial services regulatory environment. Nathan has been listed as an Illinois Super Lawyer Rising Star.

Latest Articles

Today, the Public Investors Arbitration Bar Association (PIABA) published another hit piece on the expungement process.   For those of you interested, you can find it HERE.   Again and again, PIABA issues press releases and reports contending that the expungement process is broken because expungement is granted at an “alarmingly high rate.”  Let’s start with the basic issue PIABA has with the expungement process.  Although they claim to be interested in investor protection, I don’t…
A couple of events caught my attention this week and, since they are related, I thought I’d address them together. On Monday, the SEC announced a proposed rule change to FINRA Rule 8312, the FINRA BrokerCheck Disclosure Rule. Rule 8312 permits FINRA to disclose certain information on BrokerCheck about registered individuals. As many of you are intimately aware, BrokerCheck reports information on a registered individual that is included in that person’s Forms U-4, U-5, and…
As an attorney that prosecutes non-payment of forgivable loan claims on behalf of BDs, I find these cases typically go one of two ways. In one case, the departed RR raises a series of frivolous counterclaims to try to get out from paying what is, on its face, usually a clear cut breach of contract and then the RR loses. In other cases, the departed-RR raises a series of frivolous counterclaims to try to get…
Yesterday, the SEC held its 2015 “National Compliance Outreach Program for Broker-Dealers.” The program was designed to “provide[] an open forum for regulators and industry professionals to share strong compliance practices and promote the exchange of ideas to develop an effective compliance structure.” In the spirit of this cooperation, SEC Chairwoman White opened the conference with a speech that included the following remark[1]: To be clear, it is not our intention to use…
By now, it should be clear, we are oft to criticize FINRA in this blog. Much of that criticism is self-inflicted by, in our view, their unfair or unreasonable decisions. But, in a departure from the norm, I want to recognize an instance when FINRA is getting something right. Effective this Friday, there will be a new definition of who will be considered a “public” arbitrator. See Regulatory Notice 15-18. Under the current definition,…
In a recent blog post, I wrote about the challenge a rapidly deteriorating change in mental capacity can cause BDs and RRs alike.  Often, we are asked to speak to groups and firms, and this subject is a popular one.   In my view, there are a couple of reasons for this development. First, FINRA has provided an indication that it expects members to be focused on this issue. The National Senior Investor Initiative Report stated:…
Obviously, given the name of this blog, the focus is on broker-dealers, but we also have a robust practice advising RIAs and investment management companies.  In that vein, a group of attorneys working in our Cleveland office published a Client Alert today that discusses a recent Investment Management Guidance Update published by the SEC. The Alert begins by saying: On April 28, 2015, the SEC Division of Investment Management issued an Investment Management Guidance Update identifying…
Over the last few months and years, securities regulators have repeatedly emphasized the special care and attention senior investors[1] should be afforded by broker-dealers and their associated persons. As part of that focus, on April 15, 2015, FINRA and the SEC Staff published their National Senior Investor Initiative Report. The report highlighted recent industry trends extrapolated from “44 examinations of broker-dealers in 2013 that focused on how firms conduct business with senior investors…