Why Are CRD Numbers Important?

Investor Claims Is What We Do - All Day, Every Day

Since 1999 our law firm has recovered more than $350,000,000 for victims of investment fraud and misconduct.
  • Jury Verdict Won Against Prudential Securities $262 Million
  • Recovered for 100-Year Old Widow $30 Million
  • Recovered in Retirement Losses $10 Million
  • Recovered for a Large Group of Individual Investors $6.5 Million
  • Recovered for Elderly Victim in Ponzi Scheme Case $3.8 Million
  • Recovered for Elderly Ponzi Scheme Victim $3.2 Million
  • Recovered for More Than 50 Families of Ponzi Scheme in California $3.2 Million
  • Recovered for 35 Families in Northeast Ohio $3.1 Million
  • Losses Recovered for 20 Retirees $3 Million
  • Recovered for Retired Physician Against Major Wall Street Firm Prior to Filing FINRA Arbitration $2.5 Million
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Why Are CRD Numbers Important?

Did you know that if your broker or financial adviser has prior complaints or disciplinary actions, they may be listed in a public record database you can access online in seconds? For the past 15 years, we have been helping investors who have claims against their financial advisers for fraud and other misconduct. One of the many tools we use regularly to check on brokers’ background information is a very easy and very effective one that not a lot of people actually know about.

We repeatedly recommend individual investors to do their research before handing over their life savings to an investment professional. Just a little extra time invested in research can go a long way in reducing the chances of becoming a victim of investment fraud. If you’re not sure where to start, keep in mind that a big part of that research is checking up on your broker or brokerage firm so that you know you are dealing with someone who is properly registered and does not have a history of significant disciplinary actions or complaints.

Every stock broker licensed to sell securities in this country has what is called a CRD number. CRD stands for Central Registration Depository which is a database that holds information about brokers and brokerage firms maintained by the Financial Industry Regulatory Authority, FINRA. FINRA is a non-governmental regulator for all securities firms in the United States. FINRA is subject to the oversight from the Securities and Exchange Commission, the SEC, which is the government agency that serves as the ultimate regulator of the securities industry.

Although the CRD report is not all-inclusive and can sometimes be incomplete, it does include certain information about licensing, registration, professional background, complaints, and disciplinary actions. From the time they register and throughout their careers in the securities industry, brokers and brokerage firms must inform FINRA if certain events occur. These events can include regulatory actions, criminal convictions, and customer complaints. Every time an update is sent to FINRA, it should end up on the broker’s CRD report.

You can use a broker’s CRD number to confirm whether your broker is registered in your state, learn what licenses they possess, which brokerage firms they are registered with, and to find out if there are customer complaints against that representative or his or her brokerage firm. This database also has qualification and additional employment information. There are some things the CRD report will not tell you. For example, some information is removed after a certain time period such as bankruptcies over 10 years.

It’s also possible that a broker has worked in other parts of the financial services industry, for example, insurance or banking. The CRD report may not have information about those industries. Also, there is a process available to brokers where they can have customer complaints removed, a process called expungement. So, it may be that a broker may have had prior customer complaints, but they may not show up on the report if the broker was successful in having the complaints expunged.

And although brokers and brokerage firms are required to update their professional and disciplinary information, generally within 30 days of an event happening, the CRD report does not have information until it is reported to FINRA. So there may be instances where certain events go unreported and therefore, would not appear on the CRD report. To obtain the report, it’s easy. Use the link on our website to go to FINRA’s Broker Check. Click the start search button, review and agree to the terms and conditions, and click continue.

Type in your broker’s name and click start search. Locate your broker or firm in the search results and click on his or her name. You should now be able to view your broker’s detailed report in a PDF form. Although we often stress looking up your individual broker, it can also be helpful to look up information about the brokerage firm itself, particularly if the broker you may be working with is registered with an independent or small brokerage firm. Searching a firm’s name, you can access information about the business in general, licensing and registration, who owns the firm, any history of changes in names and / or ownership, and disciplinary actions and securities arbitration decisions against the firm.

I encourage you to explore this website and learn more about the regulation and reporting of brokers and brokerage firms. If you would like to learn more about how our firm may be able to help you or someone you care about, please call our toll-free number (800) 738-1960 or submit our online contact form.

The Meyer Wilson Way

Results-Focused Representation
  • More than $350,000,000 Recovered
  • Voted Best Lawyers in America┬« for Ten Years Running
  • David Meyer is President of Public Investors Advocate Bar Association (PIABA)
  • Over a Thousand Investor Claim Cases Since 1999
  • Exclusive Focus on Investor Claims & Class/Mass Action Lawsuits
  • Deep Bench of Skilled Attorneys and Staff Members

TRUSTED BY OVER 1,000 INVESTORS

Meyer Wilson has represented over 1,000 individual investors in high-stakes claims across the country, and has recovered over $350 million on their behalves. See what former clients have to say about our team.

  • “I primarily worked with Courtney Werning throughout the process and she was informative and knowledgeable. I trusted and fully recommend Courtney and her team.”

    - S.R.
  • “The communication throughout the process was on par - and they took the time to indulge me with the various questions and opinions.”

    - R.G.
  • “What I truly appreciated was getting a great result for my Mom with limited involvement/stress on her.”

    - S.W.
  • “We went to arbitration with the other respondent and I got to see firsthand the level of professionalism and expertise the Meyer Wilson firm can deliver.”

    - D.V.
  • “Chad would take the time to call and talk with me. His explanations were always clear and concise. I also appreciate all the effort put into the details and statistics required to argue this case.”

    - P.N.
  • “Meyer Wilson was able to produce the results that we felt were obvious and warranted while several other firms and even state offices simply had trouble understanding let alone moving the case forward.”

    - B.K.
  • “My overall experience was positive and I would encourage anyone who even thinks they have been a victim of stockbroker misconduct to call David.”

    - S.T.
  • “Meyer Wilson represented me in a suit brought last year against my brokerage firm, securing a very fair and equitable settlement for me.”

    - R.G., M.D.
  • “Right from the start, you had the passion and desire to win this case for us. I have never worked with an attorney or firm as compassionate as yours. I would highly recommend your firm to anyone.”

    - G.A.
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