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Sobering Statistics about Financial Fraud

Colleen MacFarlane

It doesn't take much googling to find articles written by some well-respected media outlets calling into question the financial advising community. Financial representatives don't have the best reputation, and most of this is due to fee structuring. Talk through this part carefully with whomever you choose to manage your money.  Here are a few stats from 2023:

·         $7.5 million in restitution ordered

·         435 individuals barred or suspended

·         623 Fraud and insider trading cases referred for prosecution

·         $88.9 million fines imposed

FINRA oversees 623,392 Registered Representatives. Learn more at FINRA.org.



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