Where does an advisor go to get his reputation back? That is the heart of a complaint of a former broker suing FINRA to expunge damaging allegations from his CRD that have kept the former wirehouse employee from working in the brokerage industry for two years.
The broker maintains that a vindictive wirehouse employer, abusing the ability to put complaints on his record, included allegations from clients of a former partner, whom this broker never advised nor even met. A FINRA arbitration panel last year agreed with the broker, who was disillusioned to later find out that FINRA refused to confirm the panel's finding.
In what is perhaps a sign of the extreme sensitivity of expungement cases, the broker, who contacted AdvisorOne and provided extensive documentation of his case including his and FINRA's court filings, apparently got cold feet and abruptly ceased cooperation on this story. His lawyer also did not return a call.
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