Boots Asensio's Brokerage
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Have an opinion about anything you've learned here? Take the time to let regulators (and ideally, your elected officials) know. The more they hear from the public on an issue, the more likely they are to act.
Attorney General of New York
New York has what may be the
strictest securities laws in the country and jurisdiction over anyone who
does business within the state. Direct your complaints and
David D. Brown
Attorney General of the United States
Most issues related to the securities market are
civil rather than criminal in nature and handled by the Securities and Exchange
Commission. However, when an issue comes along that warrants the attention
of federal prosecutors, we suggest calling it to the attention of Attorney
General Alberto Gonzales.
The NASD Regulation is traditionally considered the first line of defense for investors with complaints about a broker or firm. It is not a government agency, but a self-regulatory organization (SRO). But unlike many SROs, NASD performs some functions delegated to it by Congress and the SEC. Which is why it, the SEC, and Congress all need feedback from investors about what they feel NASD should be doing, and how well the agency is doing it.
NASD says it welcomes complaints and regulatory tips via on-line complaint forms available at its website. These forms are convenient, and many use them. Complaints filed in this manner may occasionally make a difference. Our view is that an email to whom it may concern at an anonymous mailbox is like a verbal contract. Not worth the paper it is printed on.
It's best to take the time to mail or fax a real letter to a real decision-maker at the NASD. Alternatively, send your letter via email to the president. She is:
Keep in mind that NASD's authority is limited to registered
brokers and persons associated with them. NASD regulates hedge funds only if
a registered broker is on the staff.
The SEC has broad power over the securities marketplace Its authority includes hedge funds, which contrary to popular belief, are not free from regulation. However, the SEC's authority is purely civil. It has no authority to prosecute criminal cases.
Like the NASD, the SEC provides an on-line complaint mechanism. Convenient, and in our view, a waste of time. A letter to the leadership is preferable. Address any communication to the agency Chairman and allow his staff to decide where to direct it.
His contact information is:
To find securities regulators
in your state, consult the listing provided by the
American Securities Administrators Association