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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.