Fighting for a balanced FINRA expungement process

I fully support this. I have had this happen to me, not from clients, from firm for retaliation and its ridiculous. Firms and individuals who will say anything with no oversight to do whats right and the process to remove these injustices has to be corrected and protected.

We need a fair system to remove merit less claims.

I support this petition

Yes, I support a balanced FINRA expungement process

Please keep this a simple and more streamlined process!

Years ago I had 2 client complaints that were filed for claims that were clearly unwarranted or unjustified. I take great measures to evaluate the client's needs, concerns and objectives before I propose a recommendation and solution that is best suited for the them. These claims were dismissed as bogus or unwarranted by the regulatory bodies that reviewed my detailed notes and analysis contained in their files. It was very evident that these clients had an agenda or motive that was unrelated to my interaction with them. Although these claims were dismissed as invalid or unjustified, it has remained on my background record as a black mark for many years, tainting my reputation which I take very seriously, and is needed to be explained over and over again whenever a licensing application is filed or a prospect or client reviews the background check. This is truly unfair and very frustrating!! I hope FINRA will provide a remedy for this. Regards Dave Gagnon

Many years ago I had 2 client complaints that were filed for claims that were clearly unwarranted or unjustified. I take great measures to evaluate the client's needs, concerns and objectives before I propose a recommendation and solution that is best suited for the them. These claims were dismissed as bogus or unwarranted by the regulatory bodies that reviewed my detailed notes and analysis contained in their files. It was very evident that these clients had an agenda or motive that was unrelated to my interaction with them. Although these claims were dismissed as invalid or unjustified, it has remained on my background record as a black mark for many years, tainting my reputation which I take very seriously, and is needed to be explained over and over again whenever a licensing application is filed or a prospect or client reviews the background check. This is truly unfair and very frustrating!! I hope FINRA will provide a remedy for this. Regards Dave Gagnon

I believe it would be incredibly unfair to require unanimous consent. All courts in the USA operate on majority rule, including the Supreme Court. Further, it is unfair that currently, the arbitration panels only need a majority to rule against the licensed professional. Requiring unanimous consent would not only be unfair to licensed professionals, it would be un-American. If the expungement process will require unanimous consent, then CERTAINLY the FINRA arbitration rules must be changed to require unanimous consent!

I have 3 disclosures on my U4 that go back 18 years. I have tried repeatedly to get them removed and have been told by FINRA and the SEC that they are permanent. One is my termination due to me forcing the hand of management to do the right thing by clients who were unintentionally sold inappropriate products. The others are minor complaints in which the clients lost no money. ALL are still there and I cannot get them removed. I was basically blackballed from the wirehouse side of the industry because I did the right thing! INCREDIBLE!! Then the powers that be and the media wonder why they can't find good people to go into this industry. Who in their right mind wants to leave their livelihood to unelected bureaucrats and the occasional flared tempered individual, with no recourse or ability to defend yourself?

My only 'infringement' was a client avoiding an confrontation with his father -- over 30 years ago. I incurred no personal judgment but a payment was made to pacify the Panel and well-known father.

FINRA is the only organization that I know where your are guilty until proven innocent. Only once you prove your are innocent, that meritless claim remains on your CRD record forever. Very unfair.

I am very opposed to a process that is totally one sided. Not everyone accused of something is guilty! Items from many years back should be expunged anyway. Some of the wording in accusations and decisions are misleading to the public. They sound much more serious than what might have actually happened. I'm also very resentful of the costs incurred when someone is NOT EVEN GUILTY of the accusation. The process is totally out of whack. Most advisors are good people. Most advisors care about their clients. Stop painting everyone with the same brush! Stop destroying our credibility with the public! get some balance and common sense back in this process!

FINRA should make the process as easy to remove false or meritless claims from CRD (once proven such) as it is to add it to CRD.

thanks

For some items to remain on my CRD record to this day, it is actually misleading to investors. Not a true or accurate account of my past.

FINRA needs to make the process fair for a change

FINRA should not stop a broker from cleaning up their record if the claim was frivolous. I have 2 customer complaints filed against me that went nowhere. These clients were encouraged to write a letter to Paine Webber by 2 Paine Webber brokers after I left as a method to help them retain my accounts from following me. So not all complaints are justified. I testify as an expert representing mostly claimants. I have sent back to attorneys close to 40 cases telling them there is no claim. I recently told an attorney there is no claim an a case that was filed by his senior partner for 1 million dollars. There was no claim yet one was filed. In another incident I told an attorney there was no claim, the client went to another attorney who filed the claim. The client lost and had to pay all costs. This broker should never have been subject to an arbitration.

Parties from both sides should have equal opportunity for due process. It is critical to maintain and support a balanced, cost and time effective expungement process.

When one has a meritless claim that the NASD ruled and indicated it was eligible to be non-disclosed as it was meritless, only to find the claim back on my record because FINRA changed the rules is unfair.

It should never be more difficult or expensive for the truth to be known.