Checking your broker or investment adviser's record
The Fed's arrest of two Long Island men for running a $96 million Ponzi scheme through an investment fund Wednesday will be the beginning of a drawn out campaign for investors who want their money back.
One of the men charged, Brian Callahan had raised up to $118 million from more than 40 investors for his funds from the end of 2006 to 2012. But as of 2006, he was no longer registered as broker or an investment adviser, and had a mark on his record from a previous employer for allegations of forging documents and signatures.
Such records are publicly available and can be accessed online via:
FINRA BrokerCheck: brokercheck.finra.org
SEC's Investment Adviser Search: adviserinfo.sec.gov
Investment advisers are regulated by the Securities and Exchange Commission, and brokers are overseen by FINRA.
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