FINRA is increasing the pace of investigations and enforcement actions against advisors who defraud older investors, according to the Wall Street Journal. FINRA's goal: to protect seniors against unscrupulous financial advisors who take their money, leaving them unable to support themselves financially.
According to Susan Merrill, FINRA's enforcement chief, FINRA investigation teams will have four months to complete their work. If they find wrongdoing and refer a case to FINRA's enforcement division, the case will cut to the head of the queue.
In the past, cases used to take several months to several years to get resolved. But that is likely to change as FINRA accelerates its efforts to identify and punish advisors who victimize senior investors.
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