But, hey, a 28-year-old alleged card cheat certainly seems to have caught their attention. Remember, FINRA is the same industry cop that missed virtually every recent, major Wall Street fraud, even when folks were frantically calling with tips. How did Pierce's playing blackjack become a securities-industry regulatory issue? Hey, I just report this stuff don't look to me for explanations about the mysteries and politics of securities regulation. NASD Conduct Rule 2110: Standards of Commercial Honor and Principles of Trade:Ī member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade. Okay, so here's an interesting twist: When Pierce allegedly got nabbed at the Mohegan Sun Casino, FINRA had this rule (from its predecessor the National Association of Securities Dealers or “NASD”) that stated: In 2007, Pierce apparently started a Wall Street career and from July 24, 2008, through January 19, 2009, he was an Associated Person with Financial Industry Regulatory Authority ('FINRA) member firm Citigroup Global Markets, Inc. Pierce who was snagged in that blackjack mess at the Mohegan Sun Casino. Wouldn't it be more fun investing if 'all bets are off' was the rule when you lost money! FINRA Cuts the DeckĪnyway, back to young Mr. Just imagine - you buy a stock, the stock goes down, but, hey, no problem, you get to keep your initial investment. You know, I sort of like that idea of keeping your losing bets in terms of Wall Street. Allegedly, Pierce and Shaffer engaged in a scheme to steal $16,000 from a casino whereby Pierce was allowed to keep chips that he bet on losing hands. Pierce, one of the five arrested players, were charged in Connecticut's Norwich Superior Court with first degree larceny, cheating while gambling, and conspiracy to commit first degree larceny. In October 2008, Rory Shaffer, the 28-year-old blackjack dealer, and 21-year-old Samuel M. Lady Luck did not smile favorably upon the remaining two defendants. On the other hand, the odds are always in the house's favor. Or so the allegations went – however, as to four of the players charged, the prosecution dropped all charges. The players and dealer were initially charged with committing a sixth-degree larceny on September 20, 2008. It seems that the six were under in-house surveillance that allegedly caught them cheating.

In “ Wall Street Blackjack Player Busts, Busted, and Barred” ( / May 23, 2010), I reported about the arrest of five players and the dealer at a blackjack table at the Mohegan Sun Casino in Connecticut.

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