Brokerages Are Worst Offenders, Chides SEC

Law360, New York (January 26, 2006, 12:00 AM EST) -- Investors aren’t too pleased with the performance of broker dealers these days, according to the Securities and Exchange Commission. In fiscal year 2005, brokerages garnered more investor complaints—a whopping 31%—to the SEC than any other type of entity, including issuers, mutual fund companies, investment advisers and transfer agents.

“This is a sobering statistic,” stated SEC Commissioner Cynthia Glassman in remarks made at a broker-dealer conference in California this week. “Unfortunately, it is not an anomaly but rather is consistent with complaint data from earlier years.”...
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