1 of 4 people found the following review helpful
1.0 out of 5 stars
Inaccurate details, 3 Jun. 2014
I have only just started this book but working in the financial industry in the US the inaccuracies are irritating me and ruining the enjoyment of a potentially good book. I am only on chapter 13 but felt compelled to state that way the industry works is that a broker worked for a broker/dealer and any complaints are passed to the broker/dealer, even if reported to the NASD (now FINRA) for investigation. NASD/FINRA would not go into offices and confiscate computers and equipment.
Churning is indeed excessive trading for the purposes of generating commissions but there is no 400% requirement as indicated in the book. If a trade is place by one broker/dealer then another broker/dealer (Merrill Lynch in the book) cannot indicate the other broker's number. It is not even logical since selling or buying occurs into the market as a whole; one broker cannot know who is on the other side of the trade when the trades are placed via the computer.
I bought the bough since I work in the industry but the author should do a little research. Another facet to consider is that someone reading the book may believe the details and then act in a similar fashion and potentially besmirch a broker's reputation since all complaints must be reported to the NASD/FINRA on a quarterly basis, and certain complaints more promptly than that.
I may amend this posting but to this point in the reading I give it one start due to the irritating inaccuracies (may still end up being a good story though)