High Court Won't Hear Microcap Dealer's FINRA Challenge
By Martin O'Sullivan (April 24, 2017, 3:47 PM EDT) -- The U.S. Supreme Court on Monday declined to review a Fourth Circuit decision that microcap broker-dealer Scottsdale Capital Advisors Corp. must challenge the Financial Industry Regulatory Authority's power before the agency and the U.S. Securities and Exchange Commission instead of in federal court.
The Fourth Circuit in December affirmed a lower court's dismissal of Scottsdale's challenge to FINRA's authority to bring Securities Act charges, finding Scottsdale must first raise its claims in a FINRA disciplinary proceeding alleging it conducted unethical trades, and then appeal to the SEC if the case doesn't go its way. Scottsdale appealed, arguing that the decision would...
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