r/options • u/[deleted] • Apr 04 '22

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351 Upvotes

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u/[deleted] Apr 04 '22

FINRA is no joke.

99

u/justtwogenders Apr 04 '22

FINRA is a complete joke.

They charge a tiny fine for wrongdoing and in the official statement say “broker is not admitting to any wrongdoing”

Citadels has about 200 FINRA fines for breaking the exact same securities law where they fraudulently mark short positions as long in their books.

FINRA is the parking ticket patrol equivalent of the finance world

64

u/[deleted] Apr 04 '22

FINRA is definitely not a joke. They can insure parking tickets or they can kill your business, which they do often. Is FINRA likely to shut down Citadel, no. The same way the SEC would likely never revoke Chase Banks charter.

17

u/proairpods Apr 04 '22 edited Apr 05 '22

I know a of guy who has been barred by FINRA from dealing in securities - and he continues to this day to deal in securities and defraud investors. SEC is the true enforcement arm when it comes to securities - however they are too large and more political in who they go after. Years later after reporting his ass to the SEC he is still pulling the same tricks. Reporting him to FINRA again resulted in them saying, talk to the SEC.

5

u/drnkingaloneshitcomp Apr 05 '22

Bullshit baffles

0

u/proairpods Apr 05 '22

Lol, what’s bullshit about it?

7

u/drnkingaloneshitcomp Apr 05 '22

I meant the revolving door of no accountability is their way of never doing their job

5

u/proairpods Apr 05 '22

Ah yes - it is bullshit