New York State Can't Enforce $1M Judgment: Court

Law360, New York (February 7, 2008, 12:00 AM EST) -- The New York State Court of Appeals said in a decision Thursday that it didn't have jurisdiction over a case the Financial Industry Regulatory Authority brought against a stockbroker.

The top court in the state said that the self-regulatory organization was trying to adjudicate a case based on federal securities laws, not state laws.

The case centers around John J. Fiero, who was ordered in 2000 by a panel of the FINRA, then the National Association of Securities Dealers, to pay $1 million for violating the...
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