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May 02, 2018 at 02:15 PM
The Securities and Exchange Commission said Wednesday that it has launched a searchable database that allows investors to find information on brokers and advisors with a judgment or order against them in an enforcement action.
Called the SEC Action Lookup for Individuals, or SALI, the tool is designed to help identify registered and unregistered individuals who have been parties to past SEC enforcement actions and against whom federal courts have entered judgments or the SEC has issued orders, the agency said.
SALI search results currently include parties from SEC actions filed between Oct. 1, 2014, and March 31, 2018.
The SEC states that it plans to update the search feature periodically to add parties from newly filed actions and actions filed prior to Oct. 1, 2014.
SEC Chairman Jay Clayton said that Main Street investors “are a key line of defense in detecting and preventing fraud. One of the SEC’s most important tasks is to arm our investors with the tools necessary to identify potential fraudsters. An important risk factor is whether the person you are dealing with has a disciplinary history with the SEC or other regulators.”
SALI, he continued, “provides Main Street investors with an additional tool they can use to protect themselves from being victims of fraud and other misconduct.”
