It appears that much of this industry has long been victim to non-licensed business brokers completing Asset Sales and Stock Sale transactions. Many of these transactions are securities transactions and required Finra Licensing. FINRA and the SEC is looking hard at non-licensed brokers working on securities transactions.
One of the largest and most notable firms in the industry is run by a convicted felon. Clarke as a fully licensed Finra firm protects the buyer and seller and all Finra reps are subject to background checks.
It’s 2012, be smart hire a Finra firm for representaion.