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FINRA Can Sue Ex-Member To Collect Fines: Judge

Law360 (April 2, 2009, 12:00 AM EDT) -- A federal judge has ruled that the Financial Industry Regulatory Authority can sue a stockbroker to enforce a fine levied by the U.S. Securities and Exchange Commission, dismissing a lawsuit filed by stockbroker John J. Fiero against FINRA.

Judge Vitor Marrero of the U.S. District Court for the Southern District of New York on Thursday dismissed Fiero's suit for a declaratory judgment that FINRA cannot sue to collect a $1 million fine levied on Fiero in 2000 for manipulating securities prices. The judge denied a motion...
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