ATTORNEY NEWSLETTER

FINRA Cracking Down on Bad Brokers

Cracking Down on Exploitation

The financial industry continues housecleaning with a tough new approach toward brokers with a record of customer disputes. The financial industry largely polices itself through the Financial Industry Regulatory Authority (FINRA). Last week, FINRA announced plans to crack down on bad brokers and unpaid FINRA arbitration awards. We at Evans Law Firm combat exploitative financial practices against the public and financial elder abuse all the time. If you or a loved one has been a victim of securities fraud or financial elder abuse, or are headed toward a FINRA arbitration with your broker or financial advisor, contact the Evans Law Firm FINRA, securities fraud and financial elder abuse attorneys at (415) 441-8669, and we can help. We handle securities fraud and financial elder abuse cases in California.

Unfortunately, the financial industry has long tolerated brokers with a track record of mistreating customers. The outright criminals are typically prosecuted and banned from the industry but many unscrupulous brokers, whose conduct falls just shy of criminal, often face little more than a slap on the wrist and are able to continue exploiting clients, particularly seniors. FINRA will now make the records of such recidivist bad guys more accessible so that clients can know who they’re dealing with. FINRA enforcement measures will also increase. FINRA disciplinary panels will now restrict the activities of brokers and firms while a case is pending, and require firms to strengthen supervision when a “disqualification request” is under review.

FINRA will also increase pressure on brokerage firms to pay FINRA arbitration awards more promptly. Securities firms have a lousy record when it comes to paying awards. A recent study by the Public Investors Arbitration Bar Association found that $62 million in arbitration awards were not paid to investors in 2013, or about 25% of the total owed to investors for damages that year. Make sure you have capable legal representation in any FINRA arbitration; your lawyers can help you build your case and ultimately collect. Brokerage firms find it much easier to ignore unrepresented clients

Contact Us

If you or a loved one has been a victim of securities fraud or financial elder abuse in San Mateo County or anywhere in California or are headed to FINRA Arbitration, contact the Evans Law Firm securities attorneys at (415) 441-8669, or by email at info@evanslaw.com. Our attorneys have experience with complex securities cases, FINRA arbitrations, and mediations; and complicated financial contracts and large insurance companies. We can help guide your case through a jury trial, FINRA arbitration, or toward an equitable settlement. We also handle cases involving physical and financial elder abuse, other types of qui tam and whistleblower cases, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.