BOCA RATON, Fla.--(BUSINESS WIRE)--Is the stock market rigged? That frequently asked question is definitively answered in the new book The Financial “Fix” www.thefinancialfixbook.com, from Wall Street veteran David C. Levine. While High Frequency Traders (HFT’s) have recently received a lot of attention, they represent the tip of the rigging iceberg.
The Financial “Fix” reveals the shocking truth about investing:
- Investors are forced to buy high and sell low on every single trade.
- Wall Street created a system that provides a better price for itself on every trade. It’s called, “The Spread.”
- No matter the size or speed, Wall Street insiders always have the advantage over individual investors on every transaction.
- Regulators protect the system and status quo, not the individual investor!
How can this be? The Financial “Fix” exposes the fact that Wall Street’s long-established system is built upon the availability of two prices for the exact same stock at the exact same time. On every trade there is a better price for Wall Street insiders and a worse price for individual investors. That so called “Spread” is where money is made. So who really cares about a millisecond difference in the timing of a High Frequency Trader’s order, when Wall Street has a built in spread on each and every order.
In The Financial “Fix”, 20-year industry veteran David C. Levine exposes a scandal that goes far beyond a rigged stock market. Levine presents in meticulous detail how Wall Street’s regulators, from the SEC to FINRA, actually protect the Industry’s rigged system.
Levine’s research leads to a shocking conclusion: FINRA is running a Regulatory Ponzi Protection Scheme! The numbers and facts don’t lie:
FINRA makes vastly more money from fines than it returns to harmed
In 2010, FINRA – a non-profit organization, turned a profit of
$54.6 million, and:
- Paid executives: $12.0 million+
- Fined firms and brokers: $42.2 million
- Paid harmed investors: $6.2 million
In 2011, FINRA
- Paid Executives: $11.0 million+
- Fined firms and brokers: $71.9 million
- Paid harmed investors: $19.4 million
- In 2010, FINRA – a non-profit organization, turned a profit of $54.6 million, and:
Source, FINRA Annual Reports
- FINRA lets bad firms and bad brokers harm new investors to pay fines to FINRA for harming prior investors.
The Financial “Fix” shines a bright light on how Wall Street’s Rules, Regulators, and Self-Regulatory Structure are rigged by industry insiders to take advantage of investors. According to Levine, “…investor protection is compromised via a system that’s bought and paid for by Wall Street at the expense of investors.”
Not only does the industry turn the golden rule of buying low and selling high on its head, the Industry has found ways to work the system against investors in virtually every product across every firm.
In The Financial “Fix”, Levine recounts his personal experience as an executive at one of the industry’s largest and fastest growing independent broker dealers and investment advisors. He shares real stories across the biggest and best known firms that reveal how investors became victims to financial predators that used brokerage and advisory accounts, mutual funds, variable annuities, ETFs, and life insurance as weapons.
Here’s what experts are saying about The Financial “Fix”:
“Levine shines a light on the problem of symbolism over substance in consumer regulation. Often regulators abandon the stated mission – once they find it’s more ‘profitable’ to be a Saloon Keeper than Sheriff. Once the consumers’ money is on the table, regulators debase into little more than stickmen at the craps table.”
- JON HANSON author, Good Debt, Bad Debt (Penguin, 2007)
“Levine has gotten this exactly right; he’s hit Wall Street’s proverbial bull right between the eyes.”
- JOEL G. BLOCK Hedge Fund Manager
Beyond exposing the “Fix”, Levine provides information that every investor needs to know. The Financial “Fix” presents numerous solutions and empowers individual investors to better protect their investments and “Fix the Fix!”
The Financial “Fix” can be ordered online at:
For a complimentary peak inside, click in the “Look Inside” tab.
David Levine is the founder, CEO & Managing Protector of InvestorProtector.com. David earned his B.A in Economics & English from The University of Pennsylvania and his M.B.A degree in Finance from New York University’s Stern School of Business. He began his professional career at Chase Manhattan Bank and worked at Bankers Trust Company – The Private Bank. David was the Director of National Sales for one of the financial services industry’s fastest growing independent broker-dealers which at its peak had over 1,000 registered representatives, tens of thousands of clients, and billions of dollars of assets under management. David left the financial services industry behind to help protect investors going forward.
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