where to report a shady stock broker?

[Trina]

I have an older lady who had a shady stock broker. This broker moved to 3 different companies over 2 years. She was not asked to sign anything yet he moved the investments with him each time he changed employers. As a result she had an unnecessary loss that was quite large while I am sure he got bonuses for bringing sizeable assets to the new employer. Is there a place you can report people like this yahoo?

Thanks!

[Paul]

As others have suggested, FINRA is your best bet.

However, I have a hard time believing this broker was able to move her accounts without her signing anything, as you said;
"She was not asked to sign anything yet he moved the investments with him each time he changed employers."

This is simply not possible UNLESS he forged her name. Account transfer documents are REQUIRED when moving assets from one broker dealer to another and the account holder signature is necessary to authorize such moves.

If you can demonstrate he forged her name, he can be brought up on charges and his firm(s) can be sued as well.

[Bill R.]

The answer to your question is FINRA. All brokers must be registered and must take tests to gain certification. Any other complaints or settlements will follow all brokers for their career. Check it out.

[Jim L]

I would suggest looking at two places: (a) your state government probably has a securities commission (it may have a much different name than that) and you should definitely complain there, (b) the Federal Securities and Exchange commission would also be a resource, but I don't think it will do much good - the wheels in the Federal offices turn very slowly and they have bigger fish to fry than this. So I would start with the state.

[HillClimber]

Go to your County Attorneys Office at the County Courthouse. That's also called the District Attorney in a lot of places. They have one lawyer that concentrates on elderly abuse, including financial abuse.

[jeff410]

Through your state securities regulator. Check with the Secretary of States office in your state.

And/or FINRA Thats the organization delegated with regulating brokers.

http://www.finra.org/Investors/ProtectYourself/p118628