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FREE Review of Your Investment Fraud Case

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10 Warning Signs
you may have a Problem with your stockbroker, financial planner or investment advisor.

  1. You lose more money than you thought you were risking.

  2. Investment losses negatively impact your retirement or or lifestyle

  3. Your broker won't return your calls

  4. Your broker is good at telling you what to buy, but not what to sell

  5. You are losing money in an IRA or retirement account

  6. Your broker has more excuses than ideas

  7. Your broker suggests an annuity for your IRA account

  8. "Risk" is never part of the conversation

  9. Your broker says it's "safe", but your gut says differently

  10. Your "investment professional" loses a lifetime of your savings

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FINRA Broker Check May NOT Uncover a Problem Broker. Here's what to do.

The Financial Industry Regulatory Authority (FINRA) maintains their BrokerCheck service to allow investors to check the background of investment professionals. 

The information made available through FINRA BrokerCheck is derived from the Central Registration Depository (CRD®), the securities industry online registration and licensing database, as reported on industry registration/licensing forms brokers, brokerage firms and regulators complete.

BrokerCheck features professional background information on approximately 660,000 currently registered brokers and 5,100 currently registered securities firms. Information is also available on thousands of formerly registered firms and brokers.

So, you went to FINRA broker check and you did not see any customer complaints

Does that mean your broker has a clean record?

Maybe not !

Over the years we have filed multiple complaints against the same broker (s) , but, if you went to FINRA Broker Check, you would not view a single customer complaint filed against them.

Why is that?

Because brokers often get expungement as part of the settlement process. So, typically, when brokers have settled out, as part of the agreement, we will not oppose expungement. And you would never know about that, unless you expanded your search.

So, if you want to know whether or not your broker has been a party to a customer complaint, but it does not show up on their record, don't rely solely on  FINRA broker check.

Go to the FINRA arbitration awards online. Go to search, insert the broker's name, and see if there are any awards in which his or her record was expunged.

Although even that extra precaution may still not reveal the whole story, it may likely give a much clearer picture of the broker's record than relying on FINRA broker check alone. FINRA has provided most of the tools you need, but unless you know how to use these tools, you may be getting information which is "inaccurate".

While this should help you avoid a problem with a new broker, if you already HAVE an issue with losses you feel are unwarranted, arbitration is the stock brokerage industry’s dispute resolution system. FINRA arbitration provides a relatively inexpensive and consumer friendly way for investors to resolve financial disputes with their stockbrokers, financial planners and investment advisors. You should absolutely consider FINRA arbitration if you have lost more money with your broker than you thought you could lose, or for any of the other reasons we describe elsewhere in this site.

The Securities arbitration process performed by Investors Recovery Service includes, at a minimum, the following actions:

  1. Research and evaluate your investment fraud claim.
  2. Prepare a demand letter identifying various violations of the FINRA Rules of Fair Practice governing stock broker / dealer conduct
  3. Prepare and properly submit a statement of claim.
  4. Review respondents answer to statement of claim with claimant(s).
  5. Respond to various motions raised by respondent(s).
  6. Prepare and serve document and information requests upon respondent(s).
  7. Respond to document and information requests served upon claimant(s).
  8. Participate in pre-hearing conferences (often involving disputes regarding Motion to Dismiss and document production).
  9. Carry on dialogue with respondent’s attorney or representatives, including settlement negotiations.
  10. Prepare exhibits and identify witnesses, (including experts) for the securities arbitration hearing.
  11. Plan and develop strategy for the securities arbitration hearing.
  12. Present claimant’s case at arbitration hearing (most often used forum - FINRA).

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Investors Recovery Service is not a law firm -
and we think that is a good thing - For YOU!

Investors Recovery Service
2 Commercial Blvd. Suite 203 Novato, California 94949

Phone: 415-382-7898  Toll-Free: 800-285-8507 Fax: 415-382-9421

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