Investors urged to verify license of brokers
FRANKFORT, Ky. (AP) — The Kentucky Department of Financial Institutions is urging investors to verify the license or registration of their brokers or advisers.
The agency says people should also verify the investment products being sold.
The warning comes after a Fayette County grand jury recently indicted four people on charges related to the alleged sale of fraudulent securities and activities of unregistered sales people.
DFI Securities Division Director Shonita Bossier says that case is an example of where checking with the agency to determine if the broker and investment product are properly registered might have prevented the alleged fraud and theft.
Securities license/registration can be verified online using the Financial Industry Regulatory Authority’s BrokerCheck tool at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm .
Or consumers can call DFI’s Securities Division at 800-223-2579
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