A group of attorneys who advocate for investors is trying to change all that. PIABA (Public Investors Arbitration Bar Association) recently issued a lengthy report on the negative impact non-attorney representatives (or, NARs, as they call them) have on investor interests.
Each month, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities.
FINRA Disciplinary Action Report October 2017
15 people convicted in mass investment scheme that defrauded investors from Pennsylvania to Texas.
FINRA pushes to include more women and minorities into its pool of securities arbitration panels.
FINRA Disciplinary Action Report for September 2017.
FINRA Disciplinary Action Report for brokers and brokerage firms for August 2017
FINRA is considering a possible multi-year initiative called FINRA360, wherein the self-regulatory organization is conducting a whole review of day to day functions and programs, with input from both inside as well as outside the corporation.
Former stockbroker, William Bucci, bilked greater Philadelphia and New Jersey investors out of more than $3 million through a Ponzi scheme involving fake imports of Italian wine and olive oil.
FINRA Disciplinary Action Report for April 2017.
FINRA Disciplinary Action Report for March 2017.
FINRA Disciplinary Actions: January 2016
Financial Industry Regulatory Authority's October 2016 disciplinary action report for the financial industry and brokers.
FINRA Disciplinary Action Report - September 2016
FINRA Broker Disciplinary Action Report August 2016
FINRA Disciplinary Action Report July 2016. Misconduct report on brokers and broker-dealers across the country.
Each month and again on a quarterly basis, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. This long list of alleged wrongdoing and misconduct reads a lot like a police blotter. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities.
Professional athletes offer fraudulent advisors, brokers, friends, and family an irresistible target for their schemes. The typical pro athlete is young and, as an investor, woefully unsophisticated. They also have a lot of money which needs investing. No wonder every few months or even weeks, we read another story about pro athletes getting swindled.
FINRA broker misconduct and investment fraud report from April & May 2016.
For years a battle has been waged between investors (and their advocates - ie, attorneys) and the broker-dealer industry over whether brokers have a fiduciary duty to their clients. A fiduciary duty is a legal obligation to act solely and faithfully in another’s best interest, typically a client’s best interest. Brokerage firms however will often insist, during a dispute over misconduct or malfeasance, that they do not have such a duty; that they are rather simply order-takers executing the wishes of their clients.