Registered: Oct 2002
04-14-08 06:59 PM
Quote from NazSpaz:
Your statement is 100% false. Being with an exchange member firm (ie: using the 7) forces their books open to the SEC and exchange regulators on a daily basis, forces them to undergo a minimum of two full audits a year, and tells you your money is being handled appropriately. You get none of that at an unregistered firm, so yes this dynamic has everything to do with 7's.
You aren't making any sense, it is very clear you are upset about your unregistered firm being shut down, but I think you should just get over it, get with a registered firm, and enjoy the peace of mind it brings. The laws may not make sense to you, but fighting them makes less sense when it is so easy to live within the rules, why not just register with the SEC and stay on the good side of the law?
Not sure what your point is here...For starters...there is no requiement for two audits a year...In fact, due to lack of regulators, some small firms are on a 3 year schedule....The SEC usually visits a large firm every three years...a small one???? some times NEVER...The series 7 has nothing to do with how a firm's money is being handled...quite frankley...the series 7 only allows the INDIVIDUAL rep. to solicit and sell securities to public customers...A series 7 only rep can;t even work on a market making desk ( he needs 55 as well)
Lastly, Some of the worst , lying, robbing, cheating and scum sucking firms on the street were filled with Series 7 brokers who were total scum....a few that come to mind:
Baron Chase, S. Richmond Securities, Ar Baron, 'Blinder and Robber'son", and the list goes on.