{"id":4741,"date":"2017-06-12T22:58:30","date_gmt":"2017-06-13T03:58:30","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4395"},"modified":"2022-04-04T12:49:05","modified_gmt":"2022-04-04T17:49:05","slug":"finra-claims-cant-stop-firms-hiring-high-risk-brokers","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-claims-cant-stop-firms-hiring-high-risk-brokers\/","title":{"rendered":"FINRA Claims That It Can\u2019t Stop Firms From Hiring High-Risk Brokers"},"content":{"rendered":"

In interviews with Reuters<\/em>, the Financial Industry Regulatory Authority admitted that even though investors are harmed when broker-dealers hire brokers with checkered histories<\/a>, there is not much that the regulator can do to stop this practice because it is not illegal. This is undoubtedly causing even more investors to suffer losses as some of these high-risk brokers continue to engage in more misconduct or other violations at their new places of work.<\/p>\n

For example, reports the news agency, since 2007 broker Mike McMahon and brokerage firms where he has worked, including National Securities Corporation, have shelled out $1.35M to resolve 10 client cases in which he was purportedly involved. McMahon is currently contending with another four broker fraud <\/a>cases that were brought by other ex-clients.<\/p>\n

One of the reasons the complaints keep coming is because he has been able to move from one firm to another even with the cases that have already been brought against him. Unfortunately, McMahon is not the only one.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In interviews with Reuters, the Financial Industry Regulatory Authority admitted that even though investors are harmed when broker-dealers hire brokers with checkered histories, there is not much that the regulator can do to stop this practice because it is not illegal. This is undoubtedly causing even more investors to suffer losses as some of these […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3774,3739],"tags":[],"class_list":["post-4741","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-broker-dealers","category-finra"],"yoast_head":"\nFINRA Claims That It Can\u2019t Stop Firms From Hiring High-Risk Brokers — Investor Lawyers Blog — June 12, 2017<\/title>\n<meta name=\"description\" content=\"In interviews with Reuters, the Financial Industry Regulatory Authority admitted that even though investors are harmed when broker-dealers hire brokers — June 12, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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