SEC is likely missing adviser misconduct, Gallagher says

05/11/2014 | Reuters · InvestmentNews (free registration)

Securities and Exchange Commission member Daniel Gallagher says the "eye-popping" number of licensed stockbrokers supervised by the Financial Industry Regulatory Authority with an extensive record of complaints and violations raises questions about whether misconduct by investment advisers is going undetected. Advisers regulated by the SEC outnumber registered brokers 3-to-1, and the SEC doesn't have funds to inspect them regularly.

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Reuters · InvestmentNews (free registration)

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