Blog by Bill Singer Esq WEEK IN REVIEW

August 21, 2021
About four months ago in April 2021, the Public Investors Advocate Bar Association ("PIABA") was angered by FINRA's decision to extend the ongoing postponement of in-person arbitrations. Apparently, PIABA believed that FINRA's shut-down of live arbitrations was unfairly benefitting industry interests to the detriment of victimized public investors. As a general proposition, PIABA had a point; however, as to acknowledging the horrors of Covid, PIABA came off as tone deaf and reckless. Let's revisit the April 28, 2021 Blog that reported about this issue, and let's consider the update.
We got someone buying an unsecured convertible note that is not a securities offering and is dependent upon a timely approval by FINRA of a pending Continuing Membership Application. An unsecured note is often worth the paper that it's written on, if that. FINRA hardly does anything timely. FINRA CMAs are notorious for ramblin', amblin', and taking far more time than anyone involved ever expected. On top of all of that, we got a pro se Plaintiff filing his Complaint in one of the nation's most sophisticated federal courts. What could possibly go wrong?