The amount of information available to the public about current and former securities brokers will expand significantly in coming months, as the Financial Industry Regulatory Authority (FINRA) implements changes to its free, online BrokerCheck service recently approved by the Securities and Exchange Commission.The changes will increase the number of customer complaints reported publicly; extend the public disclosure period for the full record of a broker who leaves the industry from two years to 10 years; and, make certain information about former brokers available permanently, such as criminal convictions and certain civil injunctive actions and arbitration awards against the broker.The changes will also formalize a dispute process for current or former brokers to dispute the accuracy of, or update, factual information told through BrokerCheck.”This additional information will benefit investors who are considering whether to conduct, or continue to conduct, business with a particular securities firm or broker,” said FINRA Chairman and CEO Rick Ketchum.
Posts Tagged ‘Ketchum’
FINRA to Make Additional Information About Brokers, Former Brokers Publicly Available Through BrokerCheck
July 15th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Adjudicated, Arbitration Awards, Criminal Convictions, Customer Complaints, Electronic Filing, Factual Information, Financial Industry Regulatory Authority, Finra, Implements, Injunctive Actions, Ketchum, Own Accord, Public Disclosure, Regulatory Actions, Securities And Exchange, Securities And Exchange Commission, Securities Brokers, Securities Firm, Securities Industry, Segments 
Comments OffFINRA reconsiders role of industry arbitrators
April 1st, 2010 Before You Invest U.S. securities regulator FINRA is reconsidering the mix of industry and public members in its arbitration panels while also taking actions to expand the pool of arbitrators, Chairman and Chief Executive Richard Ketchum told Reuters on Monday.FINRA — the Financial Industry Regulatory Authority — is a regulator affiliated with the securities industry it monitors.
Posted in Finance Fraud Tags: Arbitration Panels, Arbitrator, Brokerage Customers, Chief Executive, Financial Industry Regulatory Authority, Finra, Global Exchanges, Industry Member, Ketchum, Monitors, Pilot Program, Pool, Public Members, Public Representatives, Reuters, Running, Securities Brokerage, Securities Industry, Securities Regulator, Summit Comments OffFINRA Seeks Expansion of Brokercheck Tool
February 23rd, 2010 Before You Invest The Financial Industry Regulatory Authority (FINRA) is currently seeking to expand its Brokercheck tool. Brokercheck gives individuals access to professional information regarding registered brokers and firms. The hope is that investors will use this tool to better get to know the people and companies with whom they are placing their money.
Posted in Finance Fraud Tags: Arbitration, Ceo, Criminal Convictions, Customer Complaints, Electronic Filing, Financial Industry Regulatory Authority, Finra, Investors, Judgments, Ketchum, Money, Own Accord, Public Disclosure, Registered Brokers, Securities Firm, Securities Industry, Tool Comments OffFINRA Announces Enforcement Action Relating to Reverse Convertible Notes
February 19th, 2010 Before You Invest The Financial Industry Regulatory Authority (FINRA) recently announced an enforcement action against H&R Block Financial Advisors relating to its sale of reverse convertible notes (RCNs). RCNs usually offer an attractive yield when compared to other stocks and bonds, in part because of their highly risky nature.
Posted in Finance Fraud Tags: Broker Dealers, Concentration Levels, Convertible Notes, Customer Accounts, Fina, Financial Advisors, Financial Broker, Financial Industry Regulatory Authority, Finra, Investment Loss, Investment Losses, Investment Vehicles, Ketchum, Macgill, Regulatory Notice, Restitution, Retail Investors, Reverse Convertibles, Stocks And Bonds, Supervisory Systems Comments OffFINRA BrokerCheck to Add Past Broker Information after SEC Ruling
November 18th, 2009 Before You Invest Starting on November 30th, 2009, disclosure records of former brokers will be available on the Financial Industry Regulatory Authority’s (FINRA) website under its current service – BrokerCheck. This is only possible because of a Securities and Exchange Commission (SEC) approval allowing FINRA to add this material.Currently, FINRA’s BrokerCheck allows one to view the disclosure records of current brokers, but, two year after leaving the securities field that record is made unavailable.
FINRA Supports Mandatory Arbitration Clause Removal
October 6th, 2009 Before You Invest Richard Ketchum, Chairman and Chief Executive of FINRA, testified before the House Financial Services Committee today in support of allowing the SEC to ban mandatory arbitration clauses in securities contracts. It is common practice for broker dealers to stipulate a mandatory dispute resolution forum in the event of a broker/client dispute.
Posted in Finance Fraud Tags: Account Applications, Arbitration Clause, Broker Dealers, Brokerage Account, Capital Markets Subcommittee, Chairman Paul, Chief Executive, Contentious Subject, Cost Effectiveness, Dispute Resolution Forum, Fairness, Financial Services Committee, Finra, House Financial Services Committee, Ketchum, Mandatory Arbitration Clauses, Outright Ban, Paul Kanjorski, Securities Industry, Subcommittee Chairman No Comments »FINRA Investigates Municipal Bond Failures
July 2nd, 2009 Before You Invest The Financial Industry Regulatory Authority announced Tuesday that it was “conducting sweeps” of firms involved in several recent municipal bond collapses with an eye toward future investigations and possible disciplinary actions. The regulator, known as Finra, an industry-funded group that polices Wall Street, is seeking information from financial firms involved in several recent market problems — firms that underwrote securities tied to derivatives that were sold to municipalities and those that sold so-called municipal gas bonds that were guaranteed by the defunct Lehman Brothers and are now distressed securities.
Posted in Finance Fraud Tags: Bond Investment, Concerted Action, Consumer Complaints, Derivatives, Disciplinary Actions, Distressed Securities, Financial Industry Regulatory Authority, Finra, Jefferson County, Ketchum, Lehman Brothers, Marketing Pricing, Muni Bond, Municipal Bond Market, Municipal Bonds, Municipalities, Polices, Retail Investors, Sales Marketing, Variable Rate No Comments »
