Speaking at the at the Financial Service Institute's 2006 Broker-Dealer Conference in San Diego, Securities and Exchange Commissioner Cynthia Glassman said that brokerages were the focus of more investor complaints to the SEC in the 2005 fiscal year than any other type of business.
For the year ended Sept. 30, about 31 percent of all complaints lodged with the SEC concerned brokerages. There were fewer complaints about corporations, mutual fund companies, investment advisors and transfer agents, she said. In most cases, she said, brokerages could avoid complaints by spending more time and effort educating investors.
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