Support a balanced FINRA expungement process
We at Advisorlaw care about protecting the rights of all FINRA and SEC licensed professionals. It is our belief that a gross imbalance will be created if some of the new expungement rules go into effect. FINRA in an effort to protect the investor has created a system that makes it very easy to have an allegation added to your CRD record. These can be added through a simple phone call, email, complaint form, into your firm or into FINRA. Many of these claims end up getting denied by the firm, closed by FINRA, or withdrawn by the client yet they are permanent scars on an advisor's record.
There are thousands of false claims that have gone to settlement in our industry. In these cases, a dollar amount much less then the alleged damages is typically paid to the client and their attorney to avoid costly arbitration to prove a claim is false or erroneous.
Once a false allegation is made it is permanent unless it is expunged. In this environment, FINRA is proposing to make the expungement process extremely difficult, costly, and even impossible if the claim is older than one year.
Please sign this petition as a sign that you support a balanced, cost and time effective, expungement process. If FINRA's proposed rules go into place, it will be a huge loss of power for the advisor and a big win for the attorneys that enjoy suing advisors. We at AdvisorLaw are here to fight for your rights!!! Please sign to support these rights.
