Regulators Team Up to Fight Investment Fraud
Regulators from the Commodity Futures Trading Commission, FINRA, and the SEC have teamed up to created CFTC Smart Check, a website that will provide investors with a wealth of information about investment fraud and the background of financial advisers.
The CFTC launched smartcheck.cftc.gov to inform financial consumers about the ways they could get swindled. The site includes links to the FINRA’s Broker Check system, which contains, among other things, stockbrokers’ disciplinary history and prior customer complaints. The website also has links to the Securities and Exchange Commission’s product-registration database (EDGAR), and the National Futures Association, as well as interactive videos where users are taken through scenarios in which they are offered questionable investments. Smart Check will provide single website investors to visit rather than requiring investors to visit websites of individual regulators to access their databases.
This is the first time all the regulators have collaborated to battle investor fraud, according to the director of the SEC’s Office of Investor Education and Advocacy.
Investors who review the website and determine that they may be the victims of investment fraud should contact a securities attorney to discuss their rights.
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