2nd Circ. Hears Case Over FINRA Fining Authority

Law360, New York (April 6, 2010, 3:59 PM EDT) -- A federal appeals court heard oral arguments Tuesday in a dispute over whether the Financial Industry Regulatory Authority, the largest independent regulator for U.S. securities firms, has the authority to enforce a $1 million fine against a broker-dealer.

The U.S. Court of Appeals for the Second Circuit held a proceeding that lasted about an hour, said Brian Graifman, an attorney for John Fiero, whose firm Fiero Brothers Inc. was fined for allegedly executing a "bear raid" of short-selling in order to manipulate the price of certain...
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