February 23, 2004
I have in the past contacted the SEC at least three times, and in each case I was very disappointed by the lack of interest, and inaction on SECs part.
Proposals and disclosure forms are useless unless the SEC finally decides to do something when the small individual investor is not being treated fairly and honestly. That has not been the case so far, and it is high time the agencies such as the SEC that are supposed to protect the public put some teeth into enforcing the rules and start to vigorously prosecute dishonest brokers.
For whatever it is worth, I fully endorse the proposed disclosure forms. I think that would be a huge step in the right direction. The only change I would recommend is that brokers would be required to disclose ALL information, IN WRITING, BEFORE the broker places the order, failing that, the brokers word reigns supreme, and the powerless investor loses every time. I know from personal experience.