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Stories of Interest
- FINRA Board of Governors - Election Notice
- Trump Signs Biggest Rollback of Bank Rules Since Financial Crisis
- SEC Commissioners Hold Investor Town Hall in Atlanta
- SEC Proposes FAIR Act Rules to Promote Research Reports on MFs, ETFs, Other Funds
- FINRA Markup/Markdown Analysis Report - Phone Workshop, WebEx Presentation
- NASAA Announces Coordinated International ICO and Crypto Crackdown
- New York Investment Advisor Settles SEC Insider Trading Charges
- Supreme Court Backs Companies Over Worker Class-Action Claims
- Bank of America Introduces Erica, Its AI Financial Assistant
- Banks Are Getting Another Volcker Rule Win
- Citigroup to Pay $7.3Mn Fine for Substandard IPO Work
- FINRA Stretches Definition of Participating in a Private Securities Transaction - Bill Singer
- Post Mortem Auto-Pilot Trading Sends Stockbroker's Career into Head-On Regulatory Crash
- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
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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.
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