Question on Unregistered Cold Callers

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Aug 20, 2009 3:51 pm

The following document is the most recent I could find regarding the industry stance:

http://www.finra.org/Newsroom/NewsReleases/1998/P010402


However, I see the following on Bill's site:

Rodney Scott Garretson (Registered Supervisor)

AWC/2008012095301/March 2009

Garretson falsely represented
to New York Stock Exchange (NYSE) Regulation examiners that his member
firm did not employ any interns at the firm’s branch office.
Garretson denied to the regulators that the branch office he supervised
employed non-registered cold
callers who used telemarketing scripts. Garretson instructed staff
at the branch office that, if asked, the branch office employees were to
tell the regulators that there were no interns employed at the branch
office. Garretson purposefully failed to correct his misleading statements
to the regulators. 


Rodney Scott Garretson: Fined $5,000; Suspended 6 months in all
capacities

Was the aforementioned due to misleading statements regarding the issue of cold callers, which I would assume would be induced by either the firms policy or FINRA's, or because of a more recent rule which I have not been able to locate regarding the subject.


I would have an opportunity to bring on interns from a local University, and am trying to sort out what tasks an intern could carry out in my firm.


Aug 20, 2009 4:16 pm

We use interns at Jones.  They can do some prospecting on behalf of the FA, but their scope is limited, and they cannot discuss products, offer services, etc.  BUt they can say things like "if you are unhappy with your advisor, you can schedule an appt with B24"......as opposed to actually discussing anything financial.

Aug 21, 2009 9:57 am

Thanks B, that is what I am hoping is the case for my office as well...