Senator Howard Stephenson, from Utah, is currently targeting publically available internet broker records.
Senator Stephenson complains that the “long-reach” of internet search engines “unfairly” reveal and publicize past enforcement investigations regarding investment brokers. He believes that these publically available enforcement investigations are smearing brokers’ reputations.
The Utah Securities Commission though has disregard Senator Stephenson’s complaint; when in November they voted unanimously to “not restrict access to records through online search engines.”
The debate of brokers’ records and disclosures is nothing new. Recently, FINRA requested comment on their proposed expungement rule; which is anti-investor because investors need to know if their trusted financial advisor has complaints pending by other clients.
Jason Doss is the owner of The Doss Firm, LLC, an Atlanta-based law firm devoted to representing consumers across the country in a variety of areas including investment disputes and consumer class action litigation. Mr. Doss earned his J.D. from Florida State University in 2002 and his B.A. from the University of Florida in 1997.