The Brokered Certificates Of Deposit may be selling investments which command him or her to have a securities broker dealer license, without disclosing that fact. The investors are led to believe that they are buying whole CDs when in fact they are purchasing fractional concerns in a CD which is not in their name but is in the name of the broker. The investors may be told that the CD is “callable” after one year, not realizing that that feature allows the bank to redeem the CD if interest rates have gone down and it is no longer as profitable for the bank, but the investor has no such right to redeem the CD before its maturity date.