Broker ‘Rap Sheets’ To Be Put On Internet

An enormous database containing the “rap sheets” of all Wall Street brokers and their firms will be posted on the Internet, the National Association of Securities Dealers Inc. said Tuesday.

On-line access to key parts of the records will arm everyday investors with a quick and powerful tool to protect themselves against sleazy stock brokers.

Mary Schapiro, head of the NASD’s new regulatory arm, said the specifics of the Internet proposal haven’t been worked out, but the association plans to electronically post the information it currently provides on its toll-free 800 telephone service.