False CRD Disclosures can ruin your practice, if not your career. Call Sallah Astarita & Cox, LLC today at 212-509-6544 to learn if your complaints and termination disclosures can be permanently removed from your CRD report, and BrokerCheck. We have been helping brokers across the country to remove false reports for years. Call now before FINRA changes the rules again.
Customer Complaints
Every broker is aware of the defamatory nature of many BrokerCheck disclosures. It is no wonder, since any customer can file a complaint against his broker, for any reason, or no reason, and regardless of the merits of the complaint, FINRA publishes the complaint to the entire world on BrokerCheck.
Brokers can remove some of those complaints, in particular the ones that are not pursued, or which have no merit.
While FINRA is making it increasingly difficult to remove meritless complaints, it does have a procedure to do so, in FINRA Rule 2080.
Brokers need to review their CRD and BrokerCheck reports, because their customers and prospective customers are doing so. Potential customers do not care that the complaint is groundless, or that you won the arbitration, they are not going to look past the complaint and simply contact another broker.
Termination Responses
While FINRA has gotten better at rooting out fraudulent U5 filings by firms, the problem persists, and simply adding your own comment does not address the problem.
Firms are not hiring brokers with any yes answer on their CRD, and even if you get hired, a second termination from your new firm, years down the road, will cause a significant, and possibly career ending problem.
You don’t need to take that chance, get the termination language addressed now, before it becomes a problem.
For more information see Expungement of Customer Complaints at SECLaw.com
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Call Sallah Astarita & Cox, LLC today at 212-509-6544 to learn if your complaints and termination disclosures can be permanently removed from your CRD report, and BrokerCheck. We have been helping brokers across the country to remove false reports for years. Call now before FINRA changes the rules again.
Source: The Securities Law Blog: Removing Customer Complaints and Firm Disputes from BrokerCheck
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.
