Securities Industry Law Articles

SEC Industry Attorney // Securities Industry Law // Serving FINRA-member broker-dealers and SEC-RIA firms in handling regulatory issues and litigation.

It’s a Minefield – Reporting Outside Business Activities

Every so often your firm will have you fill out an OBA questionnaire. Whatever you do, before filling it out, talk it over with a lawyer! NEVER rely on management to get it right, especially if you have a good-sized book of business. They don’t know what they’re doing...
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Can You Get Your U5 Expunged Without a Lawyer?

As my Scottish grandmother would say, “Good luck with that!” I’ve been at this for 20 years. I don’t think I’ve ever seen a broker get their U5 expunged in FINRA arbitration without representation. I’ve seen a broker beat a firm out of paying a promissory note or some...
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Should You Wait to Get Your U5 Expunged?

Short answer: No. In many states, the defamatory statements your firm puts on your U5 may be defamatory per se, and you may have a better shot at getting damages in FINRA arbitration when you seek expungement. (See my previous blog.) But, you must bring a claim within...
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Defamation Per Se: Another Reason To Clean Up Your U5 Sooner Rather Than Later

Generally, FINRA allows you upwards of 6 years to file a claim in arbitration to expunge your U5. This is true of both removing customer complaints that should not be on your record and in removing false and defamatory information placed on your U5 by your last...
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