Ha! Eh, kinda sorta.

This is more related to the corruption on Wall Street and associated regulating agencies.

The fact of the matter, at the end of the day and what this community is primarily focused on, is that if you/someone you know holds stocks/retirement securities with a brokerage (TD Ameritrade, Robinhood, Schwab, etc...), you do not - unequivocally - actually own those shares. That lack of true ownership equates to gargantuan loopholes and widespread fraud. It's known as "street name" registration.

Street name

Registration under which securities maybe held by a broker on behalf of a client but be registered in the name of the Wall Street firm.

https://www.nasdaq.com/glossary/s/street-name

About 83% of people in the markets have "their" stocks in "street name" registration.

Cede owns 83% of all issued stocks in the United States.[6] The other 17% of all issued stocks is owned by directly registered holders through the direct registration system.

https://en.wikipedia.org/wiki/Cede_and_Company