Michigan Stocks Lawyers

State Securities Regulators Offer Handy Notepad to Aid Investors' Disputes with Stock Brokers

Investors, take note: If you keep good records, you're more likely to prevail in a dispute with your broker. 

So say state securities regulators who have developed a handy notepad for investors to fill in while they're on the telephone with their financial professional. 

The notepad consists of 15 8 ½ x 11-inch two-sided sheets that prompt investors to record information, such as the date of the broker's call, nature of the investment, how the broker described it and the broker's name. It also includes a spot for the broker's Central Registration Depository (CRD) number, which is recorded in the CRD computer database jointly owned by state regulators and the National Association of Securities Dealers (NASD). 

"Michigan investors should always check the CRD to see if the broker and firm are registered in Michigan, and if the broker has a disciplinary history with regulators," said Julie Croll, Director of the Corporation, Securities and Land Development Bureau. The Bureau is part of the Department of Consumer & Industry Services (CIS), the state agency responsible for approving securities and registering securities brokers, agents and investment advisors in Michigan. "Investors can check by calling our office at (517) 334-6215 or the NASD's public disclosure hotline at 1-800-289-9999." 

"Investors who keep good records of their dealings with their brokers have a leg up in any dispute," said CIS Director Kathy Wilbur. "While most brokers are honest, hard-working professionals, disputes do arise. In addition, the notepad prompts the investor to ask for the financial professional's CRD number, and similar questions that might scare off some of the unscrupulous or dishonest brokers. The money you invest represents your financial future, so you should keep close track of it."

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