Investors probably aren't getting the full picture of a broker's past.
Investors who want to check out a broker’s past before entrusting them with money can’t count on a widely-used database for a complete picture, says a group advocating for retail investors.
PIABA Foundation officials are referring to proceedings that happen within the Financial Industry Regulatory Authority , a nonprofit organization overseen by the Securities and Exchange Commission that supervises brokerage firms. There are nearly 630,000 brokers registered with the organization, FINRA statistics show.
The problem, according to the report, is a big shift to expungement requests that brokers file later on — typically with little notice to the customer and after the underlying matter has been settled. More than a quarter million unique visitors browsed the BrokerCheck site during one month last year, according to an August study from Stanford Law School and Harvard University professors.
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