Is Public a Safe Brokerage Firm?

Before depositing money with any financial institution, you should make sure the company is a safe and legitimate enterprise. We have done all the research you need on Public the broker-dealer. If you’re thinking about opening an account with them, here is all the information you need: FINRA and SEC Memberships

Public was established in 2003. It is a member of the Securities and Exchange Commission as a broker-dealer with certificate number 8-66049. It is not registered as an investment advisor. The latter classification would be for a firm that offers portfolio management or financial advice, neither of which Public offers.

The SEC is America’s government watchdog over the securities industry. It can prosecute violators in federal court. It also partners with the FBI to bring more serious charges in extreme cases.

Besides membership with the SEC, Public is also a member of the Financial Industry Regulatory Authority. Public’s FINRA certificate number is 127818.

On Public’s BrokerCheck profile, one disclosure event is listed. This is a very small number for a broker that was established in 2003. The event relates to a research report that was allegedly issued by a principal who was not registered as a research analyst. Without admitting or denying the allegation, Public paid a $1,000 fine in 2009 to settle the matter.

FINRA isn’t a government agency like the SEC. But it does have a great deal of authority in creating and enforcing securities regulations in the United States. Violators of FINRA’s rules can face significant fines and can even be expelled from the securities industry altogether.

Together, FINRA and the SEC help to ensure Public is within the boundaries of securities laws.

Is App Safe SIPC Insurance

In addition to its regulatory memberships, Public is also a member of the Securities Investor Protection Corporation. SIPC is a Congressionally-mandated, non-profit corporation that provides insurance on investment accounts.

Because Public is a member of SIPC, every brokerage account is insured up to $500,000. Of this amount, $250,000 can be applied to cash balances.

One caveat is in order here. The $500,000 insurance policy only applies to the number of shares in an account. The guarantee does not protect against a decline in market value.

So for example, if you owned 100 shares of Ford Motor Company, and the stock went to $0, you would be left with nothing. SIPC guarantees the 100 shares but doesn’t guarantee the stock price.

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Public is owned by Public Holdings, Inc. The corporation is headquartered in New York. Its business phone number is (646) 783-4690.

Sean Leon Hendelman is the CEO of Public Holding. His FINRA ID number is 2919119. According to his BrokerCheck profile, he has passed four securities exams and has 11 years of experience in the financial industry. He has zero disclosures, a very good sign.

Clearing Agent

Public uses Apex Clearing Corporation as its clearing broker. Apex has been in business since 2012 and works as a clearing agent for many brokerage firms. These companies include Ally Invest, Firstrade, M1 Finance, Stash, Robinhood, and tastyworks.

Is App Scam


Public uses the latest in technology to safeguard its accounts. This includes AES 128-bit encryption and TLS 1.2 to secure transmitted data in mobile transactions. Public does not offer a website login.

Is Safe Judgment

Public is a legitimate broker. It is not a scam or fraudulent company.

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