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Expungement Week 2020

Over the last five years, Doc Kennedy and AdvisorLaw have been dubbed the “800-pound gorilla” when it comes to FINRA arbitration cases. That reputation has been earned by absolutely dominating the FINRA arbitration landscape. ​Maybe it’s the quarantines, the lockdowns, or the imminent FINRA arbitration fee increases, but the gorilla is eager to help this year. Doc has decided to give back …

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Advisors pursuing customer dispute expungements before September will pay a fraction of the new cost.

As published in the Federal Register, on June 1, 2020, the SEC approved FINRA’s proposed Rule changes to the customer dispute expungement process. Release No. 34—88945; File No. SR—FINRA—2020—005.  In short, the following provisions of the recently-approved Rule apply to all matters in which expungement of a customer dispute disclosure is requested as a claim or counterclaim: The minimum filing …

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Is A Social Media Post Worth Your Job?

Lately, AdvisorLaw has been hearing from more and more financial advisors who have imperiled their careers with social media posts and comments. We like to say that “it’s a free country,” and it is — the First Amendment guarantees that the government won’t put you in jail or punish you in any way for what you say. However, it does not guarantee …

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FINRA Is Jacking Up The Cost Of Expungement For Brokers

Proposed rule changes in front of the SEC exponentially increase the minimum fees for FINRA disclosure expungement from $50 to $1,575. So, a typical expungement case would ultimately jump from $768 to well over $10,000. As we previously warned, on February 7, 2020, FINRA issued a Rule Filing Status Report (SR-FINRA-2020-005). The 219-page status report provides some insight into the …

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A Stacked Deck: Inside the 2019 FINRA New Customer Dispute Expungement Process

The House always wins. FINRA has filed rule changes to strip financial advisors of a critical right. News that expungement of qualified customer disputes was under fire from the regulators first became known on December 6, 2017; when FINRA published Regulatory Notice 17-42. Since then, the industry has been anxiously waiting for the FINRA Board of Governors to tell the industry precisely …

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Which Firm Handles the Most FINRA Expungement Cases Filed by Financial Advisors?

​We don’t expect you to keep your finger on the pulse of the advisor-defense industry. So let us quickly bring you up to speed on the most crucial element that advisors seek when it comes to FINRA expungement of customer dispute and U5 termination disclosures–RESULTS. AdvisorLaw just surpassed its 1,000th disclosure expunged from FINRA’s BrokerCheck and the CRD. Every single disclosure was …

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PIABA Foundation “Study” of Problems with FINRA Expungement Process Devolves Into Unhinged Manifesto

​PIABA, the group of investor-attorneys that are beloved by all financial advisors, have had their Foundation release a “study” ripping the current expungement process to shreds. Yes, the same niche of investor-attorneys known for their billboards along the highway trying to Jedi Mind Trick the next elderly investor into manufacturing frivolous allegations, have gotten self-righteous. Since we are the only firm exclusively representing …

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What if Compliance Accuses You of a Firm Policy Violation?

On Wednesday, while on vacation, an advisor got a call from his broker-dealer’s compliance department. It was from a young woman who was fairly new to the compliance team. She accused him of altering client-signed documents and cutting and pasting a client signature. In essence, the financial advisor was being accused of fraud.

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FINRA’s Goal: Investor Protection?

When you click on the “About FINRA” hyperlink located at the very top of FINRA’s website, the first sentence you will see is:

“FINRA is dedicated to investor protection and market integrity through effective and efficient regulation of broker-dealers.”

In fact, you will see the words “investor protection” countless times on FINRA’s website and throughout its regulatory notices and guides. The names below are changed but the very true case you are about to read really begs the question of to what, exactly, FINRA is “dedicated.”