Unauthorized borrowing of client fund and/or securities sounds like something some schmuck with no ethics would do, right? Except that it happens enough to justify a rule explicitly prohibiting it. (A rule prohibiting stealing? Where have we seen that before…hmm…oh, in the laws of just about every religion and society in the world, so it makes sense that it must be expressly prohibited in the Uniform Securities Act).
Anyhow, to the predicament, which is that your brokerage firm that just ...
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