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08/12/04
Schwab Fined for Lax Employee Screening
Matthew Goldstein of TheStreet.com revealed that securities regulators have found brokerage firm Charles Schwab did not adequately screen out brokers with past criminal records. The New York Stock Exchange fined the San Francisco-based firm $250,000 for failing to comply with several regulations governing the hiring of employees with criminal convictions. A regulatory investigation found that from 1997 to 2003, Schwab failed to promptly alert the NYSE that it had hired 55 full-time and temporary employees with criminal records. NYSE rules require brokerages to get permission before hiring a "statutorily disqualified individual," which includes anyone with a felony conviction in the past 10 years. Regulators also found that Schwab had an insufficient program in place to perform employee background checks on temporary and full-time employees. Before the NYSE investigation, the firm didn't even require employees to voluntarily disclose any past criminal infractions. Schwab settled the matter without admitting or denying the allegations. This is the second time in the past year that the stock exchange has sanctioned a Wall Street firm for hiring employees with criminal records. Last year, the NYSE fined Merrill Lynch $300,000 for hiring 23 employees with criminal convictions.

08/10/04
Pre Employment Screening Recognized as Valuable Tool by CSO Magazine
The August issue of CSO Magazine (Chief Security Officer) features pre employment screening in the cover story. The article, authored by Sarah D. Scalet is titled "Bad Checks." Scalet discusses the benefits and shortcomings of pre employment screening. The author affirms that companies that don't adequately screen employees leave themselves open to huge risks, and that the outcomes can range from embarrassing to disastrous. While the Scalet agrees that pre employment screening is a powerful tool, she points out that a growing number of employee screening vendors are relying on aggregated databases that cull information from repositories across the nation, but that may fail to adhere to legal and professional standards. These databases promise quick and inexpensive access to criminal records, sexual offender registries, corrections records, and other repositories from across the country, but their results are incomplete and often out-of-date. According to the author, utilizing this faulty information can produce results in which convicted felons' records come back clean.

Inquest Pre Employment Screening uses Best Practices in conducting criminal background checks. By accessing county level Court information directly, Inquest ensures that our information is more accurate and current.

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