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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
BrokerCheck: Good Service That’s Gotten into the Wrong Hands
Stephen Kohn wrote a guest column on Bill Singer’s BrokeAndBroker.com web site that addresses what he sees as a serious flaw in the FINRA BrokerCheck program. That statement might surprise and elicit the question: If ‘it ain’t broke’, why fix it?
Well, according to Mr. Kohn, who’s been in the business 32 years – the last 21 years running Stephen A. Kohn & Associates – 'it is broke' because of an embedded flaw in the search function. This flaw is so serious that Mr. Kohn sees it as imperiling the existence of small broker-dealers.
As Mr. Kohn notes, while BrokerCheck Disclosure provides the public with an effective way to investigate their investment professional’s background, updates to the program have unintentionally provided recruiters and large firms with a tool to search for brokers. This has enabled others to pursue the digital equivalent of a raid on their smaller competitors.” The search tool is so effective that he considers it a threat to his firm's very existence.
WHAT CAN BE DONE? Cutting to the chase, Mr. Kohn sees the following simple 'fix' or solution: Just remove the zip code search from the "individual" tab, leaving it on the "firm" tab only.
[Click below link to continue reading.]