You ever watch a fight in which it's hard to tell who the winner is? In today's BrokeAndBroker.com Blog we are asked to score a bout between a public customer and his former stockbroker. Frankly, the customer is a loser in terms of the decision. On the other hand, it's sort of tough to find a winner on the other side of the card. I'm a loser. No . . . I'm a loser.
In today's BrokeAndBroker.com Blog
, publisher Bill Singer, Esq. presents us with a disturbing FINRA regulatory settlement -- disturbing in so many ways. Disturbing in that we are presented with alleged misconduct by a veteran stockbroker in a elderly client's account. Disturbing in that the alleged misconduct spans some four years. Disturbing in that the client was in his 90s with dementia. Disturbing in that the stockbroker had a disturbing history of settled customer complaints. Disturbing in that FINRA member firms seem all too willing to take on what we will euphemistically call "baggage." Disturbing in that despite clanging alarms and blazing flares, those in compliance and regulation seem deaf and blind. Disturbing in that we see similar signs and similar settlements over and over again but no one pushes the STOP button. Disturbing in that FINRA thinks it's doing its job by simply barring folks long after the damage and harm is done. Disturbing in that the BrokeAndBroker.com Blog
keeps publishing these settlements and keeps complaining about the impotent regulatory and compliance response but once the harangue dies down, nothing changes . . . and, apparently, nothing will. READ