A WSJ online article posted here reports that the spike in arbitration filings at FINRA Dispute Resolution is testing recent changes to the process designed to make the forum fairer to investors. The article begins:
“Many investors who suffered massive losses in their portfolios are filing complaints against the brokers and brokerage firms that sold them poor-performing stocks and mutual funds. When these individuals get to their arbitration hearings, they will experience a process that should be more investor-friendly than in the past.”
I am pleased to see a journalist recognizing the forum’s investor-friendly reforms rather than excoriating the forum summarily based on procedures that are no longer in place.
I am going through an absolute nightmare arbitration claim with FINRA, the Financial Industry Regulatory Authority. Paid for by the industry, for the industry. My hearing has been delayed time and time again. We had an arbitrator who had fraudulent degrees – a MA and PhD from a degree mill. I had to PUSH to get this guy off the panel– FINRA was going to let him stay as the chair — and to the best of my knowledge, he is still a FINRA arbitrator and chair! so, someone else could get him next… the respondent filed a retaliatory lawsuit against me – that was dismissed and he was sanctioned – but i spent tens of thousands of dollars fighting and wasted time with it. Check out my blog, http://www.myfinraclaim.com to read my story. and what is wrong with mandatory arbitration clauses. and FINRA – this is the only place for relief for investors and associated persons. and it is completely industry driven and run. it’s shameful… it’s time for congress to take over finra and have real regulation of the financial services industry… the commercials they are running? a joke. i haven’t been able to get a job in 19 months because of this – and they want me to wait another 4-6 months to get my day in court. Now the arbitrators have issued a gag/confidentiality order that goes against FINRA code and is a potential violation of my first amendment rights.