Former Merrill Lynch Rep Stuck In FINRA Arbitration Expungement Turnstile (BrokeAndBroker.com Blog)
Bill Singer
![Bill Singer]()
Bill Singer
A critic of the inept and incompetent, and an advocate for economic and political sanity. It's a lonely journey but I walk it. Wall Street legal, regulatory, and compliance veteran since 1982.
In a recent case on appeal to the SEC, it turns out that FINRA had accepted a former Merrill Lynch registered representative's Arbitration Statement of Claim and charged him for said filing. Then FINRA moved his case forward towards discovery and hearing dates. A FINRA arbitrator held an evidentiary hearing. About a week after the hearing, but before the arbitrator issued an award, a FINRA Case Administrator sent the Claimant-rep a letter from the Director of DRS denying use of the FINRA arbitration forum. The Claimant had entered FINRA's expungement turnstile but then was trapped inside it.