 The Wild Wild World of Wealth |  |
James Konaxis was quite the guy. In just a few years he was associated as a stockbroker (registered representative) with a half dozen different brokerage firms – Raymond James, Morgan Stanley & Sentinel Securities, to name a few. He also had quite a track record of severe regulatory violations. Nothing, however, like the most recent violation – taking money from the widow of a one of the people killed in the 9/11 terrorist attack on the Pentagon.
Have you ever wanted to kick somebody’s ass? No I don’t mean the Sisters of Charity to the left. Check out Brian Mahany’s latest post. You won’t believe the story he unearthed on a government website.
Uneven regulation. Here’s what I don’t understand. For years, I worked for brokerage firms on Wall Street. I was subject to licensing and ongoing education. You could do a background check on me by going to FINRA’s website. Then, I joined a Registered Investment Adviser (“RIA”) and became a “fiduciary,” I think. I did the same job, but my licenses were no longer necessary. I disappeared on FINRA’s website, because the SEC monitors RIAs. But the SEC only provides information on companies, not individuals. It became more difficult to check me out because FINRA dropped my information two years later. What’s with that?
Hint: Mary Schapiro chairs the SEC. FINRA, where she was the boss before taking her current job, reports to her. Now there are allegations of bad behavior during her reign at FINRA. The SEC is the right organization to investigate, but Schapiro would be investigating herself.
| | |
© 2012 Acrimoney. All rights reserved. Norb Vonnegut's Author Site
"The Gods of Greenwich is a pure delight, racing relentlessly from the bedrooms of Manhattan to the boardrooms of Connecticut to the banks of Iceland. Bravo!”