The FINRA Arbitration Proceess

The FINRA Arbitration Process Almost all disputes involving securities brokers and their customers are resolved by arbitration under a process administered by the Financial Industry Regulatory Authority (“FINRA”).  FINRA was created on July 30, 2007, through the merger of the National Association of Securities Dealers, Inc. and the New York Stock Exchange. FINRA is the largest non-governmental regulator of securities … Read More

Andrew Whiteman Assists Securities Law Clinics with Amicus Brief Filing

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Andrew Whiteman Assists Securities Law Clinics with Amicus Brief Filing On April 19, 2019, Andrew Whiteman filed an amicus curiae brief in the United States Court of Appeals for the Fourth Circuit on behalf of three law school law clinics: University of Miami School of Law Investor Rights Clinic, Elizabeth Haub School of Law at Pace University Investor Rights Clinic, … Read More

FINRA Requires Brokerage Firms to Communicate with Customers when a Broker Leaves the Firm

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Ask questions if your broker leaves his firm. According to new regulatory guidance from the Financial Industry Regulatory Authority, known as FINRA, member firms are required to do the following: In the event of a registered representative’s departure, the member firm should promptly and clearly communicate to affected customers how their accounts will continue to be serviced; and The firm … Read More

Senators Warner and Kennedy Introduce Bill to Expand SEC Powers to Assist Investors

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On March 14, 2019, Senators Mark Warner (D-Va.) and John Kennedy (R-La.), both members of the Senate Banking Committee, introduced the Securities Fraud Enforcement and Investor Compensation Act. This legislation would give the Securities and Exchange Commission power to seek restitution for retail investors harmed by securities fraud scams. In many cases, fraudulent investment schemes are not detected for many years. … Read More

Securities arbitration – Should you hire an attorney?

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Here is a well-written article, co-authored by FINRA and PIABA, about why investors who are considering securities arbitration should hire an attorney. Securities Arbitration – Should You Hire an Attorney? ***** The lawyers at Whiteman Law Firm have been representing investors in securities claims for over 30 years. We represent individuals and businesses who have suffered financial losses due to … Read More

FINRA will Seek to Ban Compensated Non-Attorney Representatives from Arbitrations

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Whiteman Law Firm supports action by FINRA to ban compensated non-attorney representatives (“NARs”) from representing parties in securities arbitrations. FINRA’s Board of Governors met on December 12 and 13 for its fourth quarter meeting. The Board approved filing with the SEC proposed amendments to the codes of arbitration and mediation procedure to prohibit compensated NARs from practicing in the FINRA … Read More