Finra Broker Check Reveals Industry Crackdown on Brokers

Firms in 2022 began adjusting hiring practices and fired brokers with marks on their records to avoid meeting a threshold to qualify for the industry regulator's scrutiny. This shift comes as Finra Broker Check reports an increase in regulatory actions against brokers in the financial industry. Many advisers we represent are unaware that some of their historical complaints have been revived and reposted on their BrokerCheck profile. The good news is that this allows investors to make more informed decisions when choosing a financial advisor.

Have an issue with your financial adviser or looking for a new one? Email questions and concerns to picks@marketwatch.com. This email address serves as a platform for investors to voice their concerns and seek advice on navigating the complex world of financial services. BrokerCheck reports that the Financial Industry Regulatory Authority (FINRA) has indefinitely suspended a previously registered broker due to compliance violations.

Finra alleges a southern California broker kicked back $900,000 in commissions to a non-registered salesperson. This unethical behavior highlights the importance of transparency and integrity in the financial industry. The brokerage industry self-regulator also alleges that Timothy Breslin produced fake checks and bank statements in response to an investigation, further emphasizing the need for stringent regulatory oversight.

Robert Cook, the president and CEO of the Financial Industry Regulatory Authority, received scant love from either side of the aisle on his handling of broker compliance issues. The industry is facing increased scrutiny as regulators crack down on misconduct and non-compliance. A veteran Philadelphia-area broker, Austin Dutton, who has been under the scrutiny of securities regulators for years, is now facing one of the most severe penalties yet.

The Financial Industry Regulatory Authority issued a $5,000 fine and suspended for four months a former Raymond James Financial broker for violating industry regulations. These actions signal a broader trend of increased enforcement and accountability within the financial services sector. As Finra Broker Check continues to expose regulatory actions against brokers, the industry is being forced to adapt to higher standards of compliance and transparency.