According to a recent InvestmentNews article, the Financial Industry Regulatory Authority (FINRA) made monitoring rogue brokers a top priority in 2017. In its annual regulatory and examination priorities letter, it created a dedicated team to keep track of the rogue brokers. Hundreds of brokers are still employed in the industry, and pose a danger to investors, as they transition from firm to firm. Reitrees and elderly investors are most affected by these brokers. Brokers with disclosure events on their records are rampant, and firms such as Newbridge Securities are no stranger to brokers with disclosure events. A former Newbridge broker, Gerald Cocuzzo, pled guilty to securities fraud in November for his role in a $131 million market manipulation scheme. Guy Amico, another broker, was barred because he failed to reasonably supervise a broker at his firm when he held a supervisor position. Amico was then allowed to reapply to the securities industry after two years.
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