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Can brokers get justice from FINRA?

All the effort and expense to obtain expungement of CRD allegations may be for nothing; brokers and lawyers want the SRO to broaden discretion.

By Staff Writer | Updated on July 06, 2012

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.

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