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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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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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