Michael Gross

Michael’s practice focuses on the representation of broker-dealers, investment advisors, and registered persons operating in the financial services industry. Formerly a senior attorney at the Financial Industry Regulatory Authority (FINRA), Michael provides his clients with a 360-degree view of the complex regulatory landscape and challenges that impact their businesses on a day-to-day basis, and he works proactively to help clients avoid regulatory issues, customer complaints, and other costly matters. He has significant experience representing clients in disciplinary proceedings and arbitrations, including disciplinary hearings before FINRA’s Office of Hearing Officers (OHO). Michael has successfully represented clients in cases involving a wide variety of issues, including fraud, anti-money laundering (AML), sales of unregistered securities, excessive mark-ups, unsuitability, churning, disclosures, licensing, registration, records retention, and supervision.

My dissatisfaction with FINRA’s Rule 8210 and, more specifically, the aggressive manner with which FINRA wields that rule, has been the subject of several prior blogs.  I happy to report that my partner, Michael Gross, has drunk the Kool-Aid, and joined me in tilting at this windmill.  – Alan

The first paragraph of a paper

In this post, Michael Gross complains — and rightly so — about the lack of any definitive guidance from FINRA regarding the appropriate range of fines to be imposed for AML violations.  The bigger issue, however, at least in my view, is not necessarily the lack of guidance, but the fact that the fines FINRA

Here is a fascinating analysis by my partner, Michael Gross, of FINRA’s twisted logic when it comes to sanctions:  your very decision not to admit liability and to put FINRA to its proof can, and will, be held against you when it comes time to determine the appropriate sanctions. Or will it?  –  Alan

The

As readers of this Blog know, Rule 8210 is a favorite subject of mine to complain about, particularly the frightening vigor with which FINRA constantly tests the limits of the rule.  What follows are some very helpful FAQs about Rule 8210 from Michael Gross.  –  Alan

The Scope of the Rule

Can FINRA really ask

In OHO Order 16-26, a Hearing Officer confirmed what those uninitiated to FINRA’s disciplinary process likely would not even suspect: an agreement to settle a FINRA regulatory matter on terms proposed by FINRA’s Department of Enforcement is not necessarily an enforceable agreement.

In this case, the respondent argued that FINRA should be estopped from

I am pleased to welcome a new author to Broker-Dealer Law Corner, my partner in Ulmer’s Boca Raton office, Michael Gross.  Like myself, Michael returned to private practice after a stint at FINRA, specifically, with the Department of Enforcement, where he handled big, litigated cases all over the US.  There is no substitute for the