National Registry Proposed to Track Financial Fraud, Says Regulator
A top financial regulator, Christy Goldsmith Romero, is advocating for the creation of a national registry to track financial fraud, allowing law enforcement and investors to identify and vet bad actors. The registry would include companies and individuals convicted of or fined for financial crimes, providing a one-stop site for investors to verify those pitching financial services and flagging possible repeat offenders for law enforcement. The proposal aims to prevent fraud and protect investors, particularly in light of the increasing prevalence of cryptocurrency-based scams. Americans reported losing $3.8 billion to investment scams in 2022 alone. Goldsmith Romero plans to circulate the idea for feedback among federal agencies, Capitol Hill, and outside groups.