Distinguished Toastmaster
BUSINESS & BRANDING COACH . LIFE & LEADERSHIP STRATEGIST MOTIVATIONAL SPEAKER SERVING ENTREPRENEURS &
MAIN STREET

_________________________________________________________________________________________________________________________________________
FINRA CONNED BROKERS BELIEVING FINRA GRANTED S.R.O. STATUS NOT THE S.E.C. OR DID THEY (c) Carrie Devorah:
_________________________________________________________________________________________________________________________________________

I was fresh from a conversation with Brokers/Broker Dealers adressing correcting their impression that FINRA was the entity that approves Wall Street S.R.O.s, self regulatory organizations.

FINRA is not the entity that approves Wall Street S.R.O.s, self regulatory organizations, yet, somehow that became accepted myth on Wall Street.

I already had this answer, in writing from the SEC, INVESTMENT ADVISER REGULATION OFFICE Division of Investment Management.” The S.E.C. wrote, “FINRA is the only national securities association because, it is my understanding, no other entities have filed to register as such.”

I knew this was not the case that “no other entities have filed to register as such.” Other entities have filed to become national securities associations. The entities, I had figured out, had not filed with the SEC. The entities had filed suit to become national securities associations with the SRO the SEC had approved to become “the only national securities association.”

The SRO had an obligation to advise the SEC of the applications the SRO was receiving in error. The SRO, the NASD, the FINRA, had interest in not correcting this Wall Street error. No competition means dominance, disruption and tragically, destruction of investment client lives.

FINRA was approved by the SEC. FINRA and the former NASD were approved to engage as a dues collecting business league for Brokers, Broker Dealers and adressing investor class action suits. There is no approval for FINRA or the NASD to engage with investment clients. There is no approval for FINRA or the NASD to engage with investment advisors, yet, FINRA does and the NASD did.

FINRA’s structure reads impressive with thousands of pages devoted to talk of Office of Hearing Officers, Department of Enforcement, et al. Et al includes an “industry code” and an “investors aka public” code.

Facts don’t change.

1. Congress did not give FINRA authority of a public to create a “code” about

 

1. FINRA is a business league that only the SEC had authority to approve applications of

 
FINRA does not have authority to approve or bar other SROs. Moreso, FINRA made up its own rules.

Ask yourself why would a lawyer with fiduciary to clients take their client in to a forum running its own endgame?
Simple.

The attorneys either know, don’t know or don’t care. One lawyer voluntarily admitted he would not sue FINRA on behalf of whistleblowers because the attorney makes his living there as a lawyer and as an arbitrator conducting arbitrations the FINRA/NASD bind their arbitrators to follow, an ethical conflict.

How long these decades Wall Street frauds continued, boggles my mind.

The answer to this question is not in the spate of Wall Street movies coming out. The answer is in the documents, the emails the SEC sent me, stating, “As I indicated in my response to you below, “In general, all of the registered national securities exchanges and national securities associations are SROs.  At present, FINRA is the only national securities association….. no other entities have filed to register as such.”

 OMG.

Cut a deal with Bernie to get him to talk. He has something left he can correct, what he did to his wife and sons. Offer to protect the Right To Privacy and IP theft of the name of his sons, his wife from future infringements, from current infringements. The funds collected from unauthorized use can become a feeder fund to repay harmed victims of Bernard and other Wall Street’rs that FINRA and the NASD protected by barring other S.R.O.s Moreso, put out a public call for all parties that FINRA/NASD denied S.R.O. status. FINRA wont tell. They haven’t, yet.