I am sorry, Sensible, but Illinois law is clear. There must be two separate notices. Not two notices given at the same time. That is ONE notice.
And with respect to FINRA, I have to disagree. FINRA lacks the institutional competence to handle corporate actions. I know, because I have been involved with processing over 100 of them.
Maybe they have too many to review.
For example.. had a transaction, merger, approved by shareholders a year before, merger document filed, all in order.
FINRA wanted the company to go back to the shareholders and ask if any of them had changed their mind.
Company explained to FINRA that a vote is like a presidential election. A week after the election, a lot of people regretted voting for Obama. But that does not mean Obama ceased to be president.
Then the examiner at FINRA understood. No, it was not a new examiner; it was one there for years.
FINRA takes people with no experience in financial matters or business and puts them through intense training, designed to focus on irrelevant details but without understanding what is really going on.
They are very nice people, just not qualified as they should be.
FINRA would not recognize a fraud in most cases unless it started screaming that it was a fraud. And holding a sign stating same.In all caps.
Remember that guy who owned a BD and got a clean audit every year, the one who was on the Board of Governors of NASD (FINRA predecessor)? Oh yeah Bernie Madoff.
Anyone with financial sense could tell in 15 minutes Madoff Securities was a fraud. Harry Markopolos tried to tell them for years but they ignored him.
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