FINRA has had an awful lot dumped onto its plate in recent months. Since, as it turns out, its members aren’t the best at reporting little things like criminal convictions, personal bankruptcies, tax liens, etc., to the self-regulator, it’s had to order member firms to do some background checks themselves, rather than just take the word of the new guy who’s joining his 34th brokerage in eight years. Worse still, it’s had to tell those member firms to give it all of the information, which it had promised to go through with a fine toothed-comb and check against court records to minimize the number of paroled felons doling out financial advice under its august banner.

Well, if the highly-compensated folks at FINRA thought they might be able to deal with the ensuing backlog with their old delete-red-flags-from-BrokerCheck strategy, it is sorely mistaken. Read more »

Having to disclose a signing bonus—among other delicate compensation details—might just make a broker turn it down and stay put, and we can’t have that, since, as The Wall Street Journal’s analysis of the information FINRA isn’t analyzing shows, jumping from firm to firm every time you get caught doing something wrong is what makes the brokering world go round. Read more »

  • 11 Jul 2014 at 4:45 PM

SEC, FINRA Halt CYNK Freefall At 33%

You can’t trade the revenue-less, asset-less, member-less social network for two weeks, because, well, you know. Read more »

  • 23 Jun 2014 at 1:19 PM

Bonus Watch ’14: FINRA Execs

The Wall Street self-regulator has been doing such a bang-up job that it has seen fit to give everyone on the top floor a compensatory pat on the back. Read more »

  • 21 May 2014 at 2:40 PM

Could Somebody Help A Regulator Out?

The SEC would love to do something about all of those brokers doing all of those bad things and then lying about it while FINRA looks the other way. It really would. But it just doesn’t have the time, by which it means money. So it would really appreciate it if someone, say, FINRA, would step up to the plate and do its job. Read more »

Which really doesn’t seem like a lot, but maybe is? Read more »

Now that, you know, certain information has come to light, and given the nature of all this new shit? It has occurred to FINRA that perhaps running fingerprints and politely requesting that member firms poke around a bit deeper into their potential hires’ disciplinary history will not suffice to keep The Wall Street Journal from running extremely embarrassing exposes about its impotence. Read more »