by Brian Mahany
Disciplinary actions brought by the Financial Industry Regulatory Authority (“FINRA”) increased by 13% last year but fines continue to decline. According to data collected by Sutherland Asbill & Brennan, an Atlanta law firm, fines last year levied by FINRA were approximately $45 million. That’s down from record highs of $184 million in 2005.
For those not aware of FINRA, it is the largest independent regulator of securities firms and stockbrokers in the U.S. They oversee 4,750 brokerage firms and over 630,000 individual stockbrokers.
Despite the lower fines, FINRA says it remains committed to protecting America’s investors.
FINRA maintains a low cost arbitration forum for those with complaints against brokers. They also independently investigate industry practices and have the ability to levy fines or suspend brokers and their employees.
If you lost money to a stockbroker or an insurance agent / financial planner that holds a securities license (many do), contact a lawyer knowledgeable about FINRA practices and procedures. A qualified lawyer may be able to assist you in getting back monies you lost because of bad advice or poor research.
If you are the victim of an investment fraud or securities fraud, contact the asset recovery and fraud recovery lawyers at Mahany & Ertl, LLC. We have helped people across the United States recover their hard earned money. For a no obligation, no nonsense review of your case, contact Brian Mahany today, (414) 704-6731 (direct dial).