August 31, 2009
The period within which cutomers should be able to review their broker's background should be much greater than two years.
I am a lawyer and spend a great deal of my practice involved with helping public customers who have been wronged by registered representatives, recoup their losses. I have been involved in this area of law for approximately 15 years. I have found broker check to be useful, although it does have its shortcomings. I see no reason why broker records should ever be taken off broker check. However, if the records are to be purged, the purging should take place no sooner than 10 years after the broker leaves the business.
James A. Sigler, Esq.
818-366-0570