There's a lot of anti-consumer misconduct on Wall Street that's tolerated and even promoted as a way to get around rules and to make a quicker buck. All of which prompts losses in customers' accounts, which then creates angry customers, who file complaints. No . . . I ain't gonna pretend that many, if not most, customer complaints aren't justified. On the other hand, there are many instances when a stockbroker is victimized by unwarranted customer complaints. Unfortunately, Wall Street has constructed an unfair system by which men and women who seek to clear their names are forced to pony up a sizable bankroll just to get the process going and then have to invest further time and money to see it to fruition.
In today's BrokeAndBroker.com Blog
we focus on a stockbroker who did nothing wrong, should have his industry record expunged of what is independently determined to be a false customer complaint, but is daunted by the price-tag and the delays inherent in that endeavor. Equally troubling, we consider how the Financial Industry Regulatory Authority seems to have developed a lucrative business predicated upon the misfortunes of its associated persons. READ
http://www.brokeandbroker.com/3752/finra-wijk-arbitration/ In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in December 2014, three associated persons alleged that public customer Wijk had failed to repay a debit balance that purportedly arose after he had traded an unspecified stock on margin and, thereafter, failed to repay the ensuing debit balance. After losing this 2015 arbitration, apparently public customer Wijk was not prepared to go down without a fight and he filed an arbitration against the prevailing Claimants. Sometimes you should stay down for the count. READ