FINANCIAL ACCOUNTABILITY

Posted On: October 26, 2011 by Ralph Behr, Esq

With the new age and in these stressed economic times “accountability” seems to be the word of the day, week or even year. In recent news, the Attorney General imposed a fine on a Baltimore man and his practices in selling investments, as he was not licensed to practice as a financial advisor. In other news it was ruled by a New York court that FINRA, an important regulator of Wall Street for more than 70 years, does not have the right to take its members to court to enforce its disciplinary actions.

So what does the Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers, do when a broker fails in his or her duties to protect your investment, in this stressful economic time? The FINRA has been under pressure to impose greater accountability on its licensed brokers and brokerage firms so that risk evaluations are explained to investors thoroughly. So who do we turn to for the accountability of financial loss? Who can answer the hard questions of; Where did my money go and why? Does the financial industry have stability; is it worth the risk at all?

Many people have the same questions, no matter where you live New York, Florida, or California they seek answers from any avenue available, but many times the answers are hard to find. An attorney that practicing in the field of Financial Securities can find the answers to these questions you have and investigate or even recover for you from the “accountable” party, the broker or broker house who created your loss.