Broker-Dealer Expelled From FINRA

April 10, 2011

Via securitieslaw.biz, FINRA recently expelled a California broker-dealer for ignoring (or engaging in) penny-stock shenanigans.  Of course, the firm received over $200,00 in commissions from the suspicious transactions.

What do you do when something like this happens to your broker/dealer/money manager?  I’d take my money out and run.  If the broker is allowing funds/people to trade with the firm’s licenses so recklessly, your money could be in peril.  And, when firms like this go under, it’s hard to recover anything from the firm’s corpse.

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