As if things weren't bad enough among the FINRA broker-dealer community, now the self regulator wants to force respondents to participate in ZOOM teleconferenced regulatory hearings before its Office of Hearing Officers ("OHO") panels and its National Adjudicatory Council ("NAC").
Recently, BrokeAndBroker.com publisher Bill Singer has been inundated with calls from industry associated persons worrying about the future of their firms, contemplating resignation, or troubled about potential post-employment litigation against them by their former employer. Bill raised some of the issues with veteran industry recruiter Michael King of Michael King Associates.
Once again, we find ourselves hunkering down in a no-man's-land between regulators and the regulated -- as those who advocate an individual's right to take on risk in their personal trading decisions confront those who advocate a role for rational regulation to stem what they view as financial suicide. We should remember that with the explosion of daytrading in the 1990s, we experienced suicides and even murders as a result traders who lost everything. When we confront the 2020 tragedy of 20-year-old Robinhood daytrader Alex Kearns, we would be wise to recall the 1999 murder spree of daytrader Mark Barton.