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Bill Cohan

Don't Let Brokers Keep Watch on Themselves

In the cruel irony department comes the saga of Jill Wile, a former manager in the southeast regional office of the Financial Industry Regulatory Authority, the self-policing group for brokerages.
Letting brokerages police themselves is akin to letting the fox guard the henhouse. Photographer: Jin Lee/Bloomberg News
Letting brokerages police themselves is akin to letting the fox guard the henhouse. Photographer: Jin Lee/Bloomberg News

In the cruel irony department comes the saga of Jill Wile, a former manager in the southeast regional office of the Financial Industry Regulatory Authority, the self-policing group for brokerages.

She was fired in March 2013 after 25 years, stellar performance reviews and repeated clashes with a new boss who seemed determined to get rid of her. After getting the approval of the Equal Employment Opportunity Commission, Wile recently filed a federal disability, age and sex discrimination lawsuit against Finra seeking unspecified damages.