The Wall Street Journal analyzed data from just 21 states
and cross-referenced criminal and bankruptcy-court filings. The study revealed
over 1600 currently-licensed brokers had undisclosed criminal charges,
convictions and bankruptcy filings. Brokers are required to disclose bankruptcy
petitions filed within the last decade.
An unidentified FINRA spokesperson told the Journal, "We are deeply concerned by these reporting failures, which are inconsistent with the regulatory responsibility of both firms and their registered persons," adding, "This situation is unacceptable." According to the regulatory spokesperson, FINRA will be "bringing swift disciplinary actions where appropriate."
Read the full WSJ article here.
An unidentified FINRA spokesperson told the Journal, "We are deeply concerned by these reporting failures, which are inconsistent with the regulatory responsibility of both firms and their registered persons," adding, "This situation is unacceptable." According to the regulatory spokesperson, FINRA will be "bringing swift disciplinary actions where appropriate."
Read the full WSJ article here.
