Support a balanced FINRA expungement process
We at AdvisorLaw care about protecting the rights of all FINRA and SEC licensed professionals. It is our belief that a gross imbalance will transpire if some of the new expungement rules go into effect. FINRA, in an effort to protect the investor, has created a system that makes it very easy to have an allegation added to your CRD record. These allegations can be added through a simple phone call, email or complaint form submitted to your firm or FINRA. Many of these claims end up getting denied by the firm, closed by FINRA, or withdrawn by the client; yet they are permanent scars on an advisor's record.
There are thousands of false allegations in our industry that have gone to settlement. In these cases, settlements substantially less than the alleged damages are typically paid to the clients and their attorneys. The alternative, litigating to prove a claim is false or erroneous, is much more costly than these settlements.
Once a false allegation is made, it is permanent unless an expungement is granted by FINRA and recognized by a civil court. In this environment, FINRA is proposing to make the expungement process extremely difficult, costly, and even impossible if the claim is older than one year.
Please sign this petition as a sign that you support a balanced, cost and time effective, expungement process. If FINRA's proposed changes are implemented, it will be a monumental loss of power for the advisor and a big win for the attorneys that enjoy suing advisors. We at AdvisorLaw are here to fight for your rights!!! Please sign to support these rights.
Doc Kennedy MBA, J.D.
President & Managing Attorney
Advisor Law
Updates
Reached 250 supporters
January 31, 2018
January 26, 2018
I am honestly overwhelmed by the momentum this has gained lately. This movement belongs entirely to the professionals who stepped up to show that fairness is not too much to ask for.
Reached 100 supporters
January 25, 2018
133 Comments
Protecting my practice should not be financial hardship. In my case a personality conflict with my mang. at Ameriprise prompted false claims that FINRA investigated and found without merit. Yet this blemish remains on my CRD report. Not Fair!
My FINRA BrokerCheck public record shows an ancient complaint that was withdrawn by the client almost immediately, as well as a complaint by an associate's client which did not involve me. This creates a false and negative impression, and I should be allowed to correct the record.
The system is clearly broken. A compliant against me in 2002 was so baseless that the NASD arbitration panel recommended that the complaint against be me expunged (NASD refused). It's been on my record ever since. This new proposal only seems to make things worse for advisors.
The proposed changes are outrageous; I have two meritless claims; in one I was named but was not the broker involved! Nonetheless. it was made a part of my record. To permit erroneous claims to mar one's record is simply unjust.
I stand with brokers and against the regulator's effort to strip registered reps of their ability to eliminate frivolous allegations brought by investors who are simply looking for a check from the broker-dealer.
Sylvester
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Support a balanced FINRA expungement process
We at AdvisorLaw care about protecting the rights of all FINRA and SEC licensed professionals. It is our belief that a gross imbalance will transpire if some of the new expungement rules go into effect. FINRA, in an effort to protect the investor, has created a system that makes it very easy to have an allegation added to your CRD record. These allegations can be added through a simple phone call, email or complaint form submitted to your firm or FINRA. Many of these claims end up getting denied by the firm, closed by FINRA, or withdrawn by the client; yet they are permanent scars on an advisor's record.
There are thousands of false allegations in our industry that have gone to settlement. In these cases, settlements substantially less than the alleged damages are typically paid to the clients and their attorneys. The alternative, litigating to prove a claim is false or erroneous, is much more costly than these settlements.
Once a false allegation is made, it is permanent unless an expungement is granted by FINRA and recognized by a civil court. In this environment, FINRA is proposing to make the expungement process extremely difficult, costly, and even impossible if the claim is older than one year.
Please sign this petition as a sign that you support a balanced, cost and time effective, expungement process. If FINRA's proposed changes are implemented, it will be a monumental loss of power for the advisor and a big win for the attorneys that enjoy suing advisors. We at AdvisorLaw are here to fight for your rights!!! Please sign to support these rights.
Doc Kennedy MBA, J.D.
President & Managing Attorney
Advisor Law
Updates
Reached 250 supporters
January 31, 2018
January 26, 2018
I am honestly overwhelmed by the momentum this has gained lately. This movement belongs entirely to the professionals who stepped up to show that fairness is not too much to ask for.
Reached 100 supporters
January 25, 2018
133 Comments
The 12 month limitation is particularly problemmatic as it is sometimes the case that obtaining clarity on a complaint can take longer. From FINRAs standpoint it is hard to understand why 12 months is either more convenient or easier to justify than, say, 3 years or 5 years.
Protecting my practice should not be financial hardship. In my case a personality conflict with my mang. at Ameriprise prompted false claims that FINRA investigated and found without merit. Yet this blemish remains on my CRD report. Not Fair!
My FINRA BrokerCheck public record shows an ancient complaint that was withdrawn by the client almost immediately, as well as a complaint by an associate's client which did not involve me. This creates a false and negative impression, and I should be allowed to correct the record.
The system is clearly broken. A compliant against me in 2002 was so baseless that the NASD arbitration panel recommended that the complaint against be me expunged (NASD refused). It's been on my record ever since. This new proposal only seems to make things worse for advisors.
The proposed changes are outrageous; I have two meritless claims; in one I was named but was not the broker involved! Nonetheless. it was made a part of my record. To permit erroneous claims to mar one's record is simply unjust.
I stand with brokers and against the regulator's effort to strip registered reps of their ability to eliminate frivolous allegations brought by investors who are simply looking for a check from the broker-dealer.
Sylvester
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The 12 month limitation is particularly problemmatic as it is sometimes the case that obtaining clarity on a complaint can take longer. From FINRAs standpoint it is hard to understand why 12 months is either more convenient or easier to justify than, say, 3 years or 5 years.