The Jason Voorhees of Wall Street: Detailing the NIGHTMARE Of Bad Brokers

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They get banned, exposed, and “permanently barred”—but they always come back. Wall Street’s financial slashers never stay dead. In this episode:

• How banned brokers reappear selling annuities under weak state oversight
• The shocking stats: 90% of expelled advisors still licensed to sell insurance
• Why FINRA and the SEC almost never stop a scam before it happens
• What Bernie Madoff’s rise and protection really revealed about Wall Street
• How to spot the financial predators who just won’t die

They can’t be killed by regulators—only by informed investors. Here’s how to keep your money safe from Wall Street’s monsters.

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
The Jason Vorhis Mike Myers of Wall Street. I got
a confession. I'm not a big I'm not a big
horror fan by any stretch. I'm really yeah, I like
some of the vampire movies. Again, and you know some

(00:37):
of the movies that kind of scary to me, The Exorcist,
that recent one, Witch and Hereditary. I guess it's kind
of like, if you believe it can happen, it's actually
scary to me. The whole slasher thing I just never
really seemed to get. I must have seen at some
point in time. I must have seen Friday the thirteenth,

(00:57):
but I don't remember the first Halloween. Did I remember
that one? That was pretty good? But other than that,
I haven't seen any of the one since then. I
could really give a darn quite frankly. But anyway, we
do know that hey, Jason Vorhees Mike Myers can't kill
Hey go them. I mean, how many have there been

(01:17):
these slasher films. Well, anyway, they have on Wall Street.

Speaker 1 (01:22):
We have.

Speaker 2 (01:22):
They're kind of like their own versions of Jason Vorhees
and Michael Myers. This is something that I've been reporting
on for years. Yeah, brokers and advisors that have been
thrown out, barred by FINRA because of all sorts of misdeeds.

(01:45):
But hey, never fear they're still around. Take a guess
at where they're working yep, and insurance that's right, guess
is someing what you know what? Talk about financial plan
slashers annuity sales. Yep, that's where they go get kicked

(02:08):
out of the brokerage industry. You go on and again.
The insurance companies love to hire these guys because they
must have all had an ethical bypass at births. They're
basically financial slashers and they hire them to sell annuities. Ah. Yes.
New research paper just came out Regulatory leakage among financial

(02:30):
advisors evidence from finraal regulation of quote bad brokers. This
is put out by former SEC Commissioner Robert Jackson and
Edwin Hugh, former SEC economist. Anyway, paper confirms that enforcement
by FINRA does not remove bad actors from financial services

(02:54):
just as much as say, you can put Mike Myers
in back in an institution, in jail whatever. Maybe they're
going to get out again and they're going to start
slashing people up. These guys slashing people up financially. Yeah,
Enforcement and barring brokers simply displaces them into the insurance channel.

(03:16):
Barred and high risk brokers overwhelmingly reappear as insurance producers,
investment they call themself investment advisors and annuity marketers, where
oversight is weaker and consumer harm can persist outside FINRA's jurisdiction. Yeah,

(03:36):
listen to these numbers. Four hundred and fifty six thousand,
nine hundred and six individuals who withdrew their FINRA broker's
licenses between twenty twelve to twenty twenty two remain outside
of FINRA's regime. Almost thirty percent are registered with another

(03:59):
financial regulator. Again, they're selling insurance within states. And even
notice something I've explained this to before you ever noticed.
You go to any state capitol, Go to any state capitol,
there's this big building. Any state capital. Uncle, if you
go to Tallahassee, I don't care if you're going to

(04:19):
all but it doesn't matter, okay, and it's the state
insurance regulators. Oh yeah, you know what a lot of
these people that work as insurance regulators for the state.
You know, they always end up running for office too.
Oh yeah, whole lot of bs and regulations and government workers.

(04:40):
And they could give a don give it. They want
to collective fees and licensing fees and all sorts of stuff.
Of the individuals who exit FINRA's broker regime, seventy nine
percent were jointly registered in insurance. Think about that. Ninety

(05:05):
percent these are people with through the license got thrown out.
Ninety percent maintain licenses to sell annuities. Yeah. There was
two rules that were put forward. We talked about this.
This is what seven eight years ago, yeh, twenty eighteen,

(05:29):
twenty nineteen. The idea was to finally put an end
to Jason Vorhees and Michael Myers of Wall Street, finally
rid them from the financial world. Yeah. Didn't work out.
Didn't work out. Yeah, they they didn't want again. You

(05:53):
got to understand who you're dealing with here. Insurance the
bottom of the barrel stuff. Okay, it really is. Yeah,
we have Markowski Investments licensed to deal in insurance. And annuities,
and we've explained it here on the program. Few and

(06:17):
far between, few and far between, when these things should
be utilized, we do countless, would try as best we
can cleanups when it comes to people who have been
missold garbage annuities. Again, this has been going back years
and I've written about it. You go to our website
at Watchdog on Wallstreet dot com take a look at

(06:39):
the columns that we wrote years and years and years
ago about all of the annuity scams that are taking
place and they still take place. One of the things
that we try to get across two people here is
this false sense of security when it comes to FINRA,
when it comes to the SCC, when it comes to regulators.

(07:03):
You ever notice something. They never stop a crime. They
never you never find out, oh yeah, we thwarted that,
we put it, we put us, We stopped that crime
from happening. No, they don't. They don't. They sit there
and again they collect their fees and they're licensing and

(07:26):
they do all of the things that they're supposed to
do when they come and they audit and all sorts
of stuff. They never stop anything. You know, after people
have been ripped off and scammed up here. They come here,
they come to save the day, and they don't do anything.
You know, they take even look guys like Bernie made Off.

(07:47):
We've highlighted here and on the program that again we
saw we knew, Okay, we knew. I gotta tip. I
got a tip from an accountant, got a tip from accountant.
Was like, Chris, you're not going to believe. You're not
going to believe these statements that they're sending out to clients.
These things are done on dot matrix printers. This thing

(08:08):
is not right. Something's a miss here. And that was
me taking a look at this and saying, no way,
this is this guy's something's wrong here. This is a miss.
You got Harry Markoppolis, who actually did the work all
the math behind it, turned him into the SEC. This
guy is a fraud. SEC had this information, let it

(08:30):
go on for sixteen years and do a damn thing
because he was well connected. It was well connected. Again,
they didn't want it to be true. I mean, Bernie
made Off into itself. And this is kind of the
interesting thing about Bernie made Off. He he was president
of the Nasdaq. I mean, he was in charge of

(08:51):
so much stuff on Wall Street. It should have brought
the entire regulatory system down and how it's actually how
it actually is being done. Okay, yeah, this people, I've
been around the block. Okay, I remember this going back
to the early nineteen nineties. Early nineteen ninety had all
these boiler room operators that were in business, and they

(09:14):
had clearing banks, whether it be with Bear Stearns or
Wedbush Morgan and all these legitimate firms. And I said
to myself, don't tell me that these big firms don't
know exactly what these criminal organizations are up to. They did.
What I didn't know really at the time was that
again the big firms were doing it on the same scale.

(09:35):
That was something again the education of Chris Markowski I
learned not too long after the fact. They're not there
to protect you. There's no cop on the beat. It
doesn't exist. You have to understand that everything in life
that has meaning, value and worth involves work, time and effort.
Stop looking for shortcuts. This is what we've been trying

(09:55):
to teach here on the program for years. You want
to avoid the j send Vorhees Michael Myers of Wall Street.
Keep listening to this podcast. Stop looking for shortcuts, and
you'll do fine. Watchdog on Wallstreet dot Com