For some reason, a bunch of noteworthy events all happened around the same time this week, so please bear with me as I vent a little about them. Individually, they are irritating; in the aggregate, they are borderline alarming.
First, the FINRA Wells process. I have blogged about this before, and how, in a
It should be abundantly clear to everyone that BDs are required to arbitrate disputes with their registered reps. There are several reasons I can assert this with such a great deal of certainty. First, and most obvious, there is a rule about it. Rule 13200(a) of the Code of Arbitration Procedure provides that
[e]xcept as
There was a decision this week from the D.C. Circuit Court of Appeals on an appeal of a decision by a respondent who – stop the presses! – lost an SEC administrative proceeding, and then lost his appeal to the SEC. Montford and Company, Inc. v. SEC, No. 14-1126 (July 10, 2015). One of
I read with great interest the recent flurry of articles in the financial news, including one appearing on the front page of the Wall Street Journal, about the supposed flaws with FINRA’s BrokerCheck due to the fact that it omits from public view some items, e.g., certain misdemeanor convictions and financial issues (unsatisfied liens