Every year brokers are sued on frivolous or blatantly false claims. At FINRA there is a process called an expungement hearing to have false claims erased or expunged from your record. Recently, in Hawaii a broker went through such a hearing and the Arbitrator ruled that the customer’s claim was indeed false so the broker was able to clear his good name and reputation. In an expungement hearing the Panel must issue an explained decision.
At this Honolulu arbitration the Arbitrator determined the customer’s investment suitability claim had no merit because the investment was, in fact, suitable and the risks were fully explained by the broker. Consequently, this stockbroker dispute was resolved properly and the broker was able to restore his clean record. See Case Number 19-01978.
If you are a financial advisor you must act timely to ensure that meritless investor claims are expunged from your FINRA BrokerCheck Report. Thomas Law Group specializes in broker expungements and has decades of success helping brokers restore their record at FINRA. Having a good reputation is paramount to running a prosperous investment advisory business. To prevent a false claim from becoming a permanent stain on your FINRA record act now and call (800) 797-9888 to schedule a no-obligation consultation with one of Thomas Law Group’s investment law attorneys.