Among the criticisms I have leveled against FINRA are (1) that it is increasingly acting like a claimant’s arbitration attorney, by taking every possible opportunity to blame member firms for losses incurred by investors when other palpable reasons for those losses exist, and (2) that it loves, well after the fact, to jump in on
materiality
The First Circuit Makes The Case Against Cherry-Picking Instances Of Alleged Misrepresentations By Focusing, Instead, On “Context”
By Alan Wolper on
Years ago, I handled the defense of a FINRA Enforcement case that still galls me. The client sent a series of emails, over many months, about a particular security to customers who already owned the stock. The point of the emails was largely to provide updates, and, from time-to-time, to suggest that the customers consider…