Investor Group Pans FINRA Broker Expungement Proceedings

Law360 (October 15, 2019, 7:50 PM EDT) -- Brokers and brokerages seeking to erase investor complaints from their records through Financial Industry Regulatory Authority arbitration proceedings have been working with their law firms to pick the arbitrators most likely to grant their requests, an investor advocacy group said Tuesday.

The three arbitrators that law firms including AdvisorLaw LLC and Bressler Amery & Ross PC picked most often in 1,078 of the proceedings between 2015 and 2018 granted expungement more than 95% of the time, according to a report by the PIABA Foundation. Brokerage firms have little incentive to oppose the brokers’ expungement proceedings against them, paving the way for the...

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