Form U5 Information Gets to BrokerCheck Faster with New FINRA Rule Change

Effective December 12, 2015, certain information provided on the registration termination paperwork (Form U5) for a brokerage firm or terminated broker will be accessible on BrokerCheck in 3 business days instead of 15. The SEC approved the proposed change to FINRA Rule 8312 (FINRA BrokerCheck Disclosure). The Form U5 includes important information for investors researching brokers or firms on BrokerCheck, including whether a broker was fired from a firm and the reason given by the firm for termination.

See the full FINRA Regulatory Notice 15-49.

BrokerCheck and other investor educational materials are available on FINRA’s website.

Investor Defender attorneys Robert S. Banks Jr. and Darlene Pasieczny have the experience, knowledge, and dedication to help you. Mr. Banks himself has over 30 years experience representing investors in recovering millions of dollars in investment losses, and he has served on FINRA’s own National Arbitration and Mediation Committee. If you have concerns about your financial advisor or investment portfolio, please contact us and visit our website at

FINRA Investor Alert on Bond Risks

Bond Risks and Rate Hikes

FINRA has released an Investor Alert entitled “Duration — What an Interest Rate Hike Could Do to Your Bond Portfolio”. If you hold bonds, or hold other financial products with positions in bonds, your investment is vulnerable to duration risk. “Many economists believe that interest rates are not likely to get much lower and will eventually rise. If that is true, then outstanding bonds, particularly those with a low interest rate and high duration, may experience significant price drops as interest rates rise along the way.” Read the entire Alert on FINRA’s web site, which has additional useful resources such as Broker Check.


Shoe Designer Steve Madden Returns

Shoe designer Steve Madden has returned to the shoe empire he founded after serving two and a half years in a federal prison on Eglin Air Force Base in Florida. Madden was sentenced to 41 months after pleading guilty in May 2001 to charges of money laundering and securities fraud charges. Those charges stemmed from the 1993 IPO of his company underwritten by investment firm Stratton-Oakmont. By the reckoning the fashion industry, his “forever-young customer base” does not know, or care, about Madden’s legal troubles. That may change when Madden will appear as a character in “The Wolf of Wall Street”, to be released later this year, the Martin Scorcese film based on the autobiography of Stratton-Oakmont founder Jordan Belfort.

(New York Times at