Look man, I wrote extensively on Finra being a scam. I just wanted to elaborate with a tip that I got from a former SEC lawyer about the things that I am interested in. So this tip, helped me to realize some thing about FINRA’s BrokerCheck and how it sucks.
In fact, most people and the average American Idiot doesn’t even know BrokerCheck exists.
Well, that’s probably for the better, because the program sucks and it’s a scam, and you’ll find out why;
What is Broker Check?
BrokerCheck is a program run by (mostly) Finra (with the help of State SEC regulation and CRD) to look up licensed members of Broker dealers. It is a way for the people to look up Brokers to see if they’re good or licensed or yada-yada. Credible ledger or something.
BrokerCheck can also hold a record of complaints and issues held in lien or against a specific license, broker, or entity.
Think of it like a rap sheet minus felonies. But also don’t forget, felonies are on there too.
That’s the big takeaway, it’s a list managed by FINRA holding a bunch of complaints. Think of it like a Yelp page for brokers.
If you have more questions, go look at the Horse’ Mouth here.
The Problem,
Most of the information on Broker Check is incomplete, unreported, or still a work in progress.
Which is more of a disclaimer, and people should know that already, but let’s be honest. People are kinda we-tahd-ed.
This is a natural problem to have with a database, so if you felt emotionally attacked (on behalf of brokers and FINRA) by me saying a useless statement, then you’re not prepared for the next segment.
If you got enraged against FINRA for having literally a problem all data collection and Databases have, then you need to emotionally mature and stop being so upset at the world. Ya betch.
You see,
The Real Problem,
Okay, so the real problem, is that FINRA does what it wants and uses their internal policies to decide what goes and doesn’t go on the Broker Check.
What this means is, a lot of shit that could stain someone’s record gets trashed and deleted. Meaning the poor shmuck who happens to know that BrokerCheck exists for some reason, looks it up and sees that their Broker is either good (and in with the boys in the FINRA club) or they’re bad.
So FINRA, that’s comprised of Brokers, gets to decide what ‘reviews’ land on the ‘yelp’ pages of brokers and dealers. This also means that if someone or some business gets ‘black listed’, then they could get fucked too. It’s a double-edge-internal-kangaroo-tribunal.
Here’s a random snippet of their website to learn more about submitting a complaint,
Here is a snippet for Brokers to dispute(argue against, or clarify) the complaints;
Here, let me quote FINRA’s website here;

So basically, Finra, at any time, can take a dispute and (among other things) just delete shit.
Which, in a real honest society, that would work to repeal bad reputational risks and damaging events. You know, exonerating the false claims and misconceptions about a Broker. It would, in theory, work well. In theory, in a real honest society. . . In theory *cough CoUGh*
But because we know FINRA is a club and it’s a scam, then it’s clear to say that;
There are interests to ensure that things are cleared from a public record that is privately managed.
Meaning that there are interests for Brokers to defend their honor and reputational-risk-damage-control by disputing complaints.
All of this in an effort to remove said complaints.
Meaning that FINRA, which is made up of Broker Dealers that are also licensed and tracked by FINRA, also has an internal interest in ensuring that complaints get hidden or removed.
Because, If I were to have accusations against me and I also happened to have the authority, ability, and legal rights to remove any and all evidence of said accusation, then I guess I’m a fucking Saint.

Here’s another take with an actual source;
The process for changing some of the harder and stickier Non-FINRA stuff is called ‘Expungement’ and that’s made through some arbitration.
But, hey, we also know the SEC is a scam.
So it’s a big club.
Yay. for. that.
In Closing,
Yea, FINRA is still a scam.
BrokerCheck operated by FINRA is also mismanaged and misleading meaning that as a source of ‘truth’ and/or ‘transparency’; there are none. So that’s a scam too.
There is a group of financial savy and litigation experts that is trying to make their own ‘true’ form of BrokerCheck. I don’t know if it’s going to make any traction, and I also don’t know how to support this group or their mission.
So the best you can do to help is to be more informed and don’t get swindled or scammed or fleeced or short-changed or rubbed-the-wrong-way.
Hey, keep your eye out, there is some good people trying to provide something fresh and noble. You know, before it turns corrupt and ignoble. Lmao.
But, uh, I just wanted to put a footnote about how BrokerCheck Sucks. (And that its a scam).
To clarify, that is my opinion.
To also clarify, this is a shit post.
Hence,
*Not Valid Financial, Legal, Life, or Any Advice
Post Script;
If you just start seeing how everything is a scam and a trap, then you’ll learn two things at least.
That, ONE, you have trust issues.
And, TWO, that you become smart enough to see who stands to benefit the most and also be able to see if you get short changed or are being scammed.
So, seeing everything as a trap or a scam is definitely one way (or form of) spotting bullshit and becoming stupid smart. Honestly, my I.Q. rose atleast a few points by seeing everything as a trap and a scam to contend with. I think, like, 0.2 points atleast.
Just, uh, don’t go schizo posting or deranged or manic or all that other jazz.
Like, yea, I’m a degenerate but I also have standards. Sheesh.