FINRA Aims For Bigger Seat In Enforcement Arena

Law360, New York (May 2, 2012, 8:37 PM EDT) -- The oft-criticized Financial Industry Regulatory Authority recently showed a willingness to pursue potentially embarrassing allegations and punish one of its own directors, countering assumptions that the self-regulatory body is soft on the Wall Street players who pay its dues, experts say.

Joel Blumenschein, a FINRA board member and president of Freedom Investors Corp., was accused last month of failing to supervise a broker who funneled more than half of a client's $80,000 retirement account into risky penny stocks, including a mining company with no operations. He...
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