<<<-- 'Tell All' Book on Stockbrokerages Goes on Sale; Publisher Sues NASD For Attempt --
/FROM PR NEWSWIRE MIAMI 305-461-8666/
TO BUSINESS AND BOOK EDITORS:
'Tell All' Book on Stockbrokerages Goes on Sale;
Publisher Sues NASD For Attempt to Block Publication
LIGHTHOUSE POINT, Fla., May 13 /PRNewswire/ -- The Siedle Directory of
Securities Dealers, which for the first time ever, provides investors with
critical information regarding the integrity of the nation's stockbrokerages,
is now being offered for sale to the public. The National Association of
Securities Dealers, Inc., the brokerage industry's self-regulatory
organization, had threatened legal action if the book were published. Edward
Siedle, former SEC attorney and publisher, filed suit in the Circuit Court for
Hillsborough County, Florida Friday responding to NASD threats.
"As a result of the long bull market, investors have the majority of their
wealth at brokerages. Yet the public knows little about these firms. The
brokerage industry is unique in that it has been permitted to self-regulate
with limited SEC oversight, self-insure through the Securities Investor
Protection Corporation, self-adjudicate through mandatory NASD arbitration,
and even control, through the NASD Public Disclosure Program, the information
the public receives about firms," said Siedle.
The Siedle Directory was created to respond to the public's need for
comprehensive, objective information about NASD brokerages. The Directory
provides important data regarding criminal charges and convictions, regulatory
actions, civil judicial actions, and certain financial actions, such as
bankruptcies, unsatisfied judgments or liens. By providing this and other
information pertaining to all NASD firms in a single place, available for
simultaneous viewing, investors are able to compare and contrast firms, as
well as garner information about the industry generally. Most important, The
Directory's 50-page introduction investigates the incredibly complex and
confusing disclosure process related to brokerages and the loopholes available
to firms.
"For the general public, a review of brokerage firms prior to investing
and on an ongoing basis makes sound financial sense. For fiduciaries involved
in brokerage decision-making, such as money managers, pensions, endowments and
foundations, regular review of the brokerages they entrust with assets is
mandatory. In addition, brokerage compliance officers and securities lawyers
can learn a lot about the industry from The Directory," said Siedle.
Siedle, President of Benchmark Financial Services, Inc., an NASD member
firm, is asking the court for a declaratory judgment that he is entitled to
publish his book without interference from NASD and injunctive relief so that
NASD will not interfere with his obtaining public information from the NASD.>>>> |
