FINRA: Financial Industry Regulatory Authority
California Securities Lawyer
FINRA is an independent self-regulatory authority for securities firms in the U.S.A. that has ongoing programs to identify high-risk firms, brokers and activities to enforce FINRA Rules, SEC Regulations and securities laws. In 2012, FINRA barred 294 individual brokers, suspended 549, and levied fines of over $68 million, as well as ordering restitution to investors that were harmed by brokers, securities firms or other investment companies. If an investor has lost a significant amount of their investment portfolio and the loss was directly or indirectly the result of a violation of common-law, securities laws, FINRA Rules, and/or SEC regulations, the issue can be addressed through FINRA arbitration.
The FINRA Arbitration Process
The first step in the FINRA arbitration process is to file a claim, termed a "Statement of Claim." An individual who believes that he or she has been the victim of broker fraud, broker misconduct, or is involved in another dispute related to trades or investments is termed the "claimant." The Statement of Claim includes the relevant details of the matter, including the dates, name or names of the firm or brokers involved, as well as the relief that is requested with regard to damages, interest, or any specific performance issues. There are other necessary forms, including the Submission Agreement and fees that must be paid upon filing. Accurate filings and damages calculations at this point are critical in recovering financial damages, and it is advised that you are represented by a qualified and experienced attorney. FINRA arbitration is a non-judicial dispute resolution method where a panel of arbitrators decide the claim and award damages, if any are found. Mediation is available an alternative to arbitration, where the parties to the dispute, with the aid of a mediator negotiate a mutually acceptable settlement. It may be possible to resolve your claim through FINRA mediation and avoid the need for arbitration, but in some cases, proceeding to arbitration could be the only route to resolution.
If there has been a failure to meet the filing requirements, the claimant is then informed so that the filing can be resubmitted with corrections. There are a number of vital details in a filing which must be addressed so that is accepted. As with any government or quasi-governmental agency, these requirements can be difficult to ascertain and challenging to meet. When the filing submission requirements are completed, the Statement of Claim is then served on the respondent(s) named
Any submission, claim or request for arbitration or mediation should be managed by a highly qualified and experienced securities fraud attorney. The Law Offices of Jonathan W. Evans & Associates represents victims of broker fraud, securities fraud and other types of investment violations, and has served in this capacity since 1975, and has extensive experience and insight into every aspect of the process. The firm has litigated hundreds of securities arbitration claims, as well as serving as counsel at over 50 arbitration hearings. The firm only represents public customers that have had financial damages through various types of violations of regulations, from fraud through to misconduct and other violations that have led to financial losses.
Every detail of the case must be carefully and fully documented, initially by discussing the situation with you and finding out what the broker or firm told you at the time of the investment, a review of all documents and other information. Upon a review of the situation, our firm can move ahead to request a FINRA arbitration to assist you to recover your investment loss through the process of establishing that a violation has led to your losses.
Contact our firm for immediate assistance.