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Posts Tagged ‘FINRA Broker Check’

FINRA Broker Check: Watch Your Wallet, Folks

Posted by Larry Doyle on April 17th, 2014 10:54 AM |

Of all the questions facing investors these days, I would think two of the most important are: (1) with whom are you doing business? (2) how much are you paying for the investment product being pitched to you?

Watch this 6-minute clip and you will understand why I write at length, both at my blog and in my book, on the need for real transparency on Wall Street and especially within the regulatory system so as to help people avoid the perils and pitfalls that inevitably come their way when unsavory characters call on them.

I touched on this topic a few weeks back to expose the fact that Wall Street’s self-regulatory organization FINRA allowed close to 97% of the data on its Broker Check system to be “expunged” over a two and a half year period (mid-2009 to late 2011).

What might they have allowed the industry to hide in doing so? Even the host takes a less than subtle shot at FINRA in this segment.

Watch your wallet, folks.

Navigate accordingly.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or by e-mail or another delivery, please visit the blog to comment on this piece of ‘sense on cents.’

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The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

Is That Broker Soliciting You an Ex-Con?

Posted by Larry Doyle on March 7th, 2014 10:06 AM |

Not that we needed any more evidence that Wall Street’s primary self-regulator is a challenged organization when it comes to protecting investors, but in a lead commentary in today’s Wall Street Journal we get it:

The Financial Industry Regulatory Authority “routinely” strips out some possible red flags on brokers from its database in the information it makes available to investors, according to a study released Thursday by an organization of lawyers who represent investors in claims against brokers.  (more…)

FINRA Should Crack Down on Management

Posted by Larry Doyle on January 3rd, 2014 7:53 AM |

The lead article in this morning’s Wall Street Journal is entitled FINRA To Crack Down on Brokers with High Numbers of Complaints. This should be a good thing, right? Yes, it should.

The question still begs, though, why FINRA has been so amenable to expunging such an overwhelming percentage of complaints against brokers. Recall that just a few weeks back, I highlighted the fact that FINRA had expunged 96.9% of complaints lodged against brokers from mid-2009 through the end of 2011.

How might individuals know if a broker soliciting them is unscrupulous if a large number of complaints have been erased? Talk about a massive pardoning and significant do-over! But what is an even bigger problem in the industry than brokers with questionable business ethics?
(more…)

Reed (D-RI), Grassley (R-IA): FINRA Transparency and Expungement Relief

Posted by Larry Doyle on December 17th, 2013 8:19 AM |

Two weeks ago, the folks at the Project on Government Oversight filed a friend of the court brief in an attempt to bring some meaningful transparency to Wall street’s largest self-regulation organization, FINRA.

Why is it so important that FINRA be compelled to open its doors? Too many reasons, but one of them is embraced by Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) who yesterday provided further fuel to the fire for those looking for real transparency from FINRA.

Let’s navigate and review a press release that highlights just how opaque this organization is.

WASHINGTON, DC – In an effort to protect investors and the integrity of the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck program, U.S. Senators Jack Reed (D-RI) and Chuck Grassley (R-IA) today sent a bipartisan letter asking FINRA to clarify and strengthen standards for expungement of investor complaints against brokers. (more…)






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