Bloomberg View reported last Sunday on a FINRA securities arbitration of a dispute between a customer and Merrill Lynch. According to the article, after the 3-person arbitration panel awarded the customer $520,000, Merrill Lynch complained to FINRA. FINRA then fired all three arbitrators.
FINRA (Financial Industry Regulatory Authority) is the "self-regulatory organization" for Wall Street. According to its website, "FINRA's mission is to protect America's investors by making sure the securities industry operates fairly and honestly."
Maybe this is why, in July of this year, my FINRA public panalists ruled entirely against me in my complaint!
"FINRA's mission is to protect America's investors by making sure the securities industry operates fairly and honestly."
What a load of garbage, my experience was anything but. Picture a room full of attorney's (including the panelists) treating me as if I was an attorney. In hindsight I wish I had worn street clothes instead of coat and tie to remind them my family fell victim in a proven misrepresentation if not outright fraud event.
I wouldn't recommend this form of recourse to anyone! The investing public is powerless the FINRA system is designed to protect the industry!
Posted by: Greg DeJohn | Wednesday, September 19, 2012 at 09:45 AM