The Death of a Brokerage

Published Wednesday, August 01, 2007

Stanley Brooks was living the dream. With a $16,000 investment in 1990, Brooks built Brookstreet Securities of Irvine, Calif., into a $150 million revenue firm — placing it among the top 25 independent broker/dealers. By 2007, the firm had amassed $8 billion in client assets and 680 registered reps. Along the way, Brooks picked up some black marks — nine regulatory “disclosures” on his U4, eight of which were related to supervisory failures. But Brookstreet continued to prosper anyway: “We never had a bad year,” Brooks recalls. Nonetheless, Brookstreet couldn't dodge the bullet this time. In what will ...

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