The SEC shouldinclude a strong enforcement mechanism by allowing investors to sueadvisers who scam them. When someone is cheated by their doctor orlawyer, they can go to court. There's no reason that familiesshouldn't have the same option when their life savings are atstake. (Photo: Diego M. Radzinschi/ALM)
(Bloomberg Opinion) –Your lawyer can't take money from youropponent to give you bad legal advice. If you're on Medicare, yourdoctor can't take kickbacks from drug manufacturers for prescribingtheir drugs. But, under current law, your broker-dealer canreceive monetary rewards and other perks for recommending certaininvestment products, even if those products aren't in your bestinterest.
Each year, Americans lose billions of dollars because of brokerswho are looking out for their own financial interests instead oftheir clients'. The Securities and Exchange Commission recentlyproposed a new set of rules, supposedly to address this problem —but the SEC has fallen far short of giving American families theprotection they need and deserve.
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