Stockbroker (Bankruptcy) Law and Legal Definition

According to Federal Bankruptcy Code 11 USCS § 101 [Title 11. Bankruptcy; Chapter 1. General provisions] the term stockbroker means “person--

(A) with respect to which there is a customer, as defined in section 741 of this title [11 USCS § 741]; and

(B) that is engaged in the business of effecting transactions in securities--

(i) for the account of others; or

(ii) with members of the general public, from or for such person's own account.”