Interesting article from the Wall Street Journal t
Post# of 16816
Posted On: 11/22/2013 2:45:23 PM
Interesting article from the Wall Street Journal today. Excepts below:
"... Under pressure from Washington to crack down on rogue stockbrokers, the Financial Industry Regulatory Authority is highlighting a fast-track program it began earlier this year to go after what it calls "high-risk brokers."
The results: Forty-two of the most troubled brokers were targeted for "expedited investigation," and 16 of them were thrown out of the securities industry, Finra Chairman and Chief Executive Richard Ketchum wrote in a Nov. 13 letter to Sen. Edward Markey (D., Mass.). ..."
"... Mr. Markey pressed Finra last month for more information, telling Mr. Ketchum that articles in The Wall Street Journal raised "serious concerns" about Finra's ability to protect investors from rogue brokers. ..."
"... The high-risk brokers program was launched in February, and Mr. Ketchum wrote that it shows that Finra officials realize "the potential harm individual brokers can cause investors and the need to confront them more quickly."
He didn't disclose the exact procedures used by Finra's Office of Fraud Detection and Market Intelligence to zero in on suspicious brokers. A Finra spokeswoman said the criteria are "regulatory information that we shouldn't disclose." ..."
"... A new task force will help the SEC improve its coordination with "other regulators across the country to sanction firms that are not appropriately supervising rogue brokers," SEC co-enforcement chief Andrew Ceresney said in a statement Thursday. ..."
http://online.wsj.com/news/articles/SB1000142...1072458370
"... Under pressure from Washington to crack down on rogue stockbrokers, the Financial Industry Regulatory Authority is highlighting a fast-track program it began earlier this year to go after what it calls "high-risk brokers."
The results: Forty-two of the most troubled brokers were targeted for "expedited investigation," and 16 of them were thrown out of the securities industry, Finra Chairman and Chief Executive Richard Ketchum wrote in a Nov. 13 letter to Sen. Edward Markey (D., Mass.). ..."
"... Mr. Markey pressed Finra last month for more information, telling Mr. Ketchum that articles in The Wall Street Journal raised "serious concerns" about Finra's ability to protect investors from rogue brokers. ..."
"... The high-risk brokers program was launched in February, and Mr. Ketchum wrote that it shows that Finra officials realize "the potential harm individual brokers can cause investors and the need to confront them more quickly."
He didn't disclose the exact procedures used by Finra's Office of Fraud Detection and Market Intelligence to zero in on suspicious brokers. A Finra spokeswoman said the criteria are "regulatory information that we shouldn't disclose." ..."
"... A new task force will help the SEC improve its coordination with "other regulators across the country to sanction firms that are not appropriately supervising rogue brokers," SEC co-enforcement chief Andrew Ceresney said in a statement Thursday. ..."
http://online.wsj.com/news/articles/SB1000142...1072458370
(0)
(0)