Victimized By Fraud? File For FINRA Arbitration NowVictimized By Fraud? File For FINRA Arbitration Now
June 28, 2018 • FINRA Arbitration
Are you in need of FINRA arbitration? Has your stockbroker lost large sums of your money through no fault of your own, by engaging in fraudulent practices? You may be able to recover some or all of your investments in a FINRA arbitration. While most financial professionals are honest and trustworthy, for some the temptation to stray from conduct in order to enrich themselves, is overwhelming. Don’t allow stock broker fraud or financial advisor misconduct to affect your life. Todd A. Zuckerbrod Law offers professional, FINRA arbitration services for south Florida clients.
So what exactly is FINRA arbitration? FINRA is the forum for dispute resolution in the securities industry. FINRA stands for Financial Industry Regulatory Authority. FINRA was formed in July 2007 as a merger between the regulatory an arbitration departments of the New York Stock Exchange and National Association of Securities Dealers. Most brokerage firm customers sign a clause in their brokerage firm customer agreement which binds them to mandatory arbitration through FINRA for all disputes with their broker or brokerage firm. While typically more expedient and less costly than going to court, the decision of the arbitration panel is final and not subject to appeal.
Customers who have been victimized by improper broker conduct will typically hire an experienced investment arbitration/investment fraud lawyer to represent their interests. The arbitration proceeding starts out with the filing of a Statement of Claim on behalf of Claimants, followed by the Answer filed by Respondents. Through a ranking process, arbitrators are selected, and a scheduling conference is held to determine the dates of the final hearing as well as other pertinent deadlines. Then comes the discovery phase, where both sides can request for the other to produce documents or seek documents through third-party subpoenas issued by the arbitration Chairman. If the parties are unable to settle their differences, a hearing will take place. Although less formal than court, the hearing still requires parties to call and cross-examine witnesses and present evidence. The final award is typically issued within 30 days of the conclusion of the hearing.
Stock broker misconduct can have extremely serious consequences for you and your loved ones. As a customer, you should review your monthly account statements for signs of misconduct. If you feel as though your investments have been inappropriately misused or handled by your broker, file a claim with Todd A. Zuckerbrod, your best choice for South Florida FINRA arbitration. Contact us today for a free consultation and take back your losses.