Fake DOL Comments Roil Fiduciary Rule

Shutterstock photo
Fake DOL Comments Roil Fiduciary Rule


More detail has emerged on the Wall Street Journal report which rocked the industry this week. The WSJ recently published the results of an investigation it undertook which showed that as many as 40% of the anti-Fiduciary Rule comments submitted to the DOL were fake. The DOL is avoiding the topic and says it tries to remove fake comments. The newspaper had a research firm send out its survey to 345 people who made comments to the DOL. 50 responded and 20 reported that they did not make the comments they were supposed to have made.

FINSUM : The interesting thing here is that the size of the fakery seems to suggest there was some organization to it. For instance, for each fake comment a fraudster would have needed to find the real email address of the person they were impersonating. There is bound to be a backlash to this.

  • DoL
  • comments
  • fiduciary rule
  • SEC
  • best interest

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Wealth Management

More from FINSUM




Research Brokers before you trade

Want to trade FX?