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Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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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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