How Well Do You Know Your Financial Professional?
Recently I blogged about the Financial Industry Regulatory Authority (”FINRA”) and the gaps in their “Broker Check” system. Since writing that piece, FINRA has begun correcting some of the problems. Unfortunately it is difficult to check the compliance histories of most other financial professionals. Few people know how …
Tag Archives: stockbroker fraud
Do You Know Who Is Handling Your Money? You Should.
Borrowing Money from Clients? FINRA says NO!
There was a small article buried in the financial papers this week - about a registered representative who borrowed $67,000 from a client. FINRA caught wind of the transaction, fined the broker $5000 and suspended his license for 1 year. In the process, they virtually guaranteed that his client (the lender of the $67,000) won’t …
Bad Broker, Clean Record?
by Brian Mahany, Esq.
A feature story in this morning’s Wall Street Journal, “Keeping Bad Brokers from Fading into Background” tells the sad truth about what industry professionals already know: Information about bad brokers can disappear in as little as 2 years.
It’s ironic that a 17 year old having consensual sex with a 16 year old …