Tainted Broker Slams FINRA Taping Rule In 7th Circ.

Law360, New York (July 19, 2012, 6:07 PM EDT) -- A securities broker asked the Seventh Circuit on Wednesday to deem unconstitutional a Financial Industry Regulatory Authority rule requiring brokerage firms to record the conversations of purportedly tainted employees whose previous firms were sued for securities fraud.

Neil Aslin filed a brief challenging an Illinois federal court’s April 27 ruling dismissing claims over his tenure at Best Direct Securities LLC. FINRA allegedly forced the company to either record Aslin’s phone conversations or strip his securities broker license because he previously worked for Brewer Financial Services LLC,...
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