CFTC Commissioner Christy Goldsmith Romero says a database of people and companies convicted of financial crimes could benefit law enforcement and everyday investors.
A top financial regulator is calling for a national registry that would allow law enforcement and everyday investors to vet and identify bad actors.
Christy Goldsmith Romero, a commissioner on the Commodity Futures Trading Commission said such a database would comprise companies and individuals convicted of or fined for a financial crime.“It’s really heartbreaking when you talk to people who become victims,” she said during a speech Monday in San Diego. “This is about getting information out for people to arm themselves, because it’s really hard to get money back for victims in fraud cases.
The idea, she said, is to create a one-stop site for investors to vet anybody pitching financial services. It could also flag possible repeat offenders for law enforcement officers investigating potential crimes. Americans reported losing $3.8 billion in 2022 to investment scams, the largest category of consumer fraud, according to the Federal Trade Commission.Goldsmith Romero said the explosion in cryptocurrency-based scams in recent years inspired the proposal.
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