Investment Banking without Series 79 in USA

I see a lot of of so called "Investment Bankers" and 2-3 persons "Investment Banks" operating without Series 79 license and without any affiliation with FINRA/ SIPC, SEC. I was wondering under what law/ reglation they are operating and what is their business model?

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Bullet-Tooth Tony

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Investment Banking without Series 79 in USA

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