By Gregg Greenberg | TheStreet TV
Investors need to protect themselves because Wall Street's primary regulator is running the equivalent of a Ponzi scheme, said David Levine, author of 'The Financial Fix'. The Financial Industry Regulatory Authority, or FINRA, takes in more money every year in fines than it returns to harmed investors in restitution, according to Levine. He also said that FINRA is not keeping brokers from pushing products with exorbitant commissions onto unwitting customers, especially variable annuities and alternative investments. Finally, he said that investors will fare far better if they receive honest financial advice and are aware of fees.