Press Release: ASA Urges FINRA to Impose Stricter Penalties on Recidivist Brokers

WASHINGTON – The American Securities Association (ASA) sent a letter to the Financial Industry Regulatory Authority (FINRA,) on proposed rule 4111, calling for stricter penalties on recidivist brokers—including lifetime bans from the industry—to help weed out the worst actors that harm America’s Main Street investors and retirement savers.

“ASA strongly supports FINRA promoting investor protection and market integrity, and we applaud FINRA leadership for bringing this important issue into the public debate,” ASA CEO Chris Iacovella said. “We look forward to continuing to be a helpful partner to move the industry forward in a way that protects investors.”

“We also strongly believe that there are certain acts, such as theft of customer funds, that are so egregious and reprehensible that they should be punished with an immediate lifetime ban from the industry,” Iacovella wrote in the letter. “There is no place for this in our industry and we strongly encourage FINRA to move in this direction.”

To read the full letter, click here.


ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at