FINRA‘s BrokerCheck is a boon for investors and their attorneys, but a real problem for financial professionals. The concept of disclosing every allegation, justified or not, against a registered person, to anyone who cares to ask, is unheard of in our system of justice. No other professional has unproven customer complaints available in a database. Not lawyers not doctors, no one.
Making matters worse, it is not easy to remove such items, even when the broker has established that the complaint is untrue. However, it can be done and we are often asked to file an expungement request with FINRA, to remove unwarranted items from the CRD system, and I explain the process in a new article at the New York Securities Lawyer website.
Mark J. Astarita, Esq. represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at firstname.lastname@example.org or by phone at 212-509-6544.
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