FINRA Threatens To Suspend Brokerage In Ex-NBA Star Row

Law360, New York (November 21, 2012, 10:22 PM EST) -- The Financial Industry Regulatory Authority has dangled a suspension threat to Morgan Keegan & Co. for allegedly not fulfilling the requirements of a $1.45 million arbitration award to retired NBA star Horace Grant in a dispute over bad debt investments the Tennessee-based brokerage allegedly sold, an attorney for Grant confirmed Wednesday.

FINRA said that Morgan Keegan’s suspension from FINRA membership would take effect on Dec. 10 unless the firm satisfies certain requirements. Those requirements include paying the remaining costs, reaching a settlement with Grant, modifying the...
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