|
|
|
Distinguished Toastmaster
BUSINESS & BRANDING COACH . LIFE & LEADERSHIP STRATEGIST MOTIVATIONAL SPEAKER SERVING ENTREPRENEURS & MAIN STREET |
_______________________________________________________________________________
HUSTLED BY FINRA OVER CLAIM OF DRS BEING FEDERAL ARBITRATION ACT COMPLIANT(c) Carrie Devorah :
________________________________________________________________________________
The words “FINRA” and “FAA”, Federal Arbitration Act do not belong in the same sentence. “FAA” has become a “duck blind” for the FINANCIAL INDUSTRY REGULATORY AUTHORITY aka the NASD, National Association Of Securities Dealers, since 2007.-
However the “FAA” become the sand tossed in the eyes of Courts and lawyers, one cannot finger the exact moment. It was effective. Once the FINRA became that game of broken telephone, the lie got bigger and bigger and bigger, in a Jon Lovitz kinda way.
FINRA arbitrations are conducted according to the FINRA Code of Arbitration. END OF STORY. Not according to the FAA, Federal Arbitration Act, the Arbitration Codes and Rules of Arbitration that FINRA and its brother-hood PIABA, Public Investor Arbatration Bar Association wrote together. Don’t take my word for it. Read a FINRA award issued against an investor. It states, “according to the FINRA Code of Arbitration.” What FINRA also states on the FINRA website, is that the FINRA has no oversight of Investment Clients and Investment Advisors. This revelation means that every single solitary investment client that was led in to a FINRA arbitration against a broker, a brokerage and an investment advisor that FINRA alleges is “employed” by a brokerage is a claim that should have been turned away.
FINRA did not.
On the blush of it, FINRA is an SRO that Congress allowed to be one of many SROs to have membership from securities brokers and brokerages. Someone, FINRA and its former alias the NASD are the only SROs the Commission states the Commission received applications from.
Well, not quite. FINRA led the industry to believe that all SRO application had to come via FINRA approval. Nope. Seems more like pretending to have the authority of a Federal agency is the fraud the FINRA has been deflecting attention from.
The FINRA General Counsel Terri Reicher put in an email, succinctly that FINRA has nothing to take away from Investors, an answer, purportedly explaining why the FINRA gives FINRA brokers and brokerages 30 days within which to petition a fine levied against the firm by either FINRA or FINRA trained arbitrators.
Key word, FINRA TRAINED ARBITRATORS. FINRA trained arbitrators give clients back on the average 1/10th of the amount a victimized investment client claims as lost/stolen etc.
The core element of an arbitration is neutrality. There is no neutral arbitration when there are two differing rules for the investment client and the FINRA member. Clearly, two differing rules for Main Street and Wall Street is not the Federal Arbitration Act, in spirit or form. If anything, the FINRA “arbitration” is an aberration of law, sadly, created by lawyers, violating lawyers ethics that actually do tell lawyers you cannot lie to make your case (paraphrased). The Retail Investor Act of 1940 more specifically says a lawyer lying to benefit his client is Aiding and Abetting crimes of a client. A no-no.
When asked what to do about FINRA and its false claims of oversight, I pull the questioner back to ground zero, FINRA is a charity, operating under restricted laws of the IRS.
FINRA is a dues collecting business league, as is PIABA, FINRA’s sister in sin. I tell people do not take my word for anything. Go for yourself. Go. Look up the IRS papers for 501(c)(6) business leagues. 501(c)(6) are required by the IRS to collect dues. As I wrote earlier THAT MEANS FINRA is not a neutral forum. The FAA is a neutrality protector.
Moreso, Congress and even the FINRA website state that Investor complaints do not go to FINRA. FINRA says it has no oversight of investment clients and investment advisors. FINRA’s website states that oversight goes to the Courts WHICH MEANS if any FINRA dues paying members got sued by an investor in FINRA, FINRA, most likely, had the investor sign a Submission form for brokers, not the Special Submission Form FINRA has a hyperlink to on the FINRA website.
FINRA has no legal status to bring in investors in to the FINRA DRS forum which lawyers have been doing in droves. FINRA’s General Counsel emailed FINRA’s position is investors make the choice to enter FINRA willingly. Moreso the lawyer wrote, FINRA cannot explain what thought the investor and their lawyer had in making their choice.
You see, the thing is FINRA has no choice but to have rejected all these investors (cough) ‘requests’. FINRA has to comply with laws Congress wrote. Congress wrote “brokers and brokerages,” only.
Another FINRA myth circulating the FINRA industry is FINRA has oversight of “commission” investment advisors not “fee” investment advisors.
Ummmm, no.
Let's go back to FAA. The FAA is for Maritime law. I am not a ship (nor are you). State to state law is the Uniform Commercial Code. Industry RIAs and Brokers fighting FINRA for what little business the Wall Street little guys have left, have to take on responsibility to due diligence. Just because a bully tells you “no” does not mean the “bully” is being truth filled. Ummmmmm. No.
Brokers are licensed state by state NOT Federally. FINRA is not a federal entity. I have that bluntly in an email from the FINRA GC (which I already knew but her writing was like the heavens opened )
The Wall Street little guy has to stop arguing back to arguments FINRA pushes, instead, push back with fact and law gleaned via diligence. As I tell the Wall Street’rs, the FINRA is no different than you and me becauseFINRA walks in the same door we do at the SEC, going through the same security. Point in making, stop responding to FINRA who created their myth. Understand the laws FINRA is breaking. The why is simple.
These are criminal actions that send men and women up the river for longer than Madoff imagined. Difference is, these guys misled the courts and Judicial clerks, themselves lazy to learn the law instead listening to arguments which make for good Broadway.
As for the Whistleblowers? Hate to break the news but Congress and the lawyers hustled Whistleblowers setting up yet another cottage industry Congress fell for. These whistleblower hustling attorneys only want whistleblowers from inside corporations. Duhhhh. Deep pockets. , going after corporations clients, they only want inside employees since Congress created laws that let the lawyers sue.
As for the Financial Service Committee staffer who emailed me that Congress does not set up private business? Oh yes they sure do, over and over and over again, filled, often with staffers who leave to fill opening job slots at these entities
However the “FAA” become the sand tossed in the eyes of Courts and lawyers, one cannot finger the exact moment. It was effective. Once the FINRA became that game of broken telephone, the lie got bigger and bigger and bigger, in a Jon Lovitz kinda way.
FINRA arbitrations are conducted according to the FINRA Code of Arbitration. END OF STORY. Not according to the FAA, Federal Arbitration Act, the Arbitration Codes and Rules of Arbitration that FINRA and its brother-hood PIABA, Public Investor Arbatration Bar Association wrote together. Don’t take my word for it. Read a FINRA award issued against an investor. It states, “according to the FINRA Code of Arbitration.” What FINRA also states on the FINRA website, is that the FINRA has no oversight of Investment Clients and Investment Advisors. This revelation means that every single solitary investment client that was led in to a FINRA arbitration against a broker, a brokerage and an investment advisor that FINRA alleges is “employed” by a brokerage is a claim that should have been turned away.
FINRA did not.
On the blush of it, FINRA is an SRO that Congress allowed to be one of many SROs to have membership from securities brokers and brokerages. Someone, FINRA and its former alias the NASD are the only SROs the Commission states the Commission received applications from.
Well, not quite. FINRA led the industry to believe that all SRO application had to come via FINRA approval. Nope. Seems more like pretending to have the authority of a Federal agency is the fraud the FINRA has been deflecting attention from.
The FINRA General Counsel Terri Reicher put in an email, succinctly that FINRA has nothing to take away from Investors, an answer, purportedly explaining why the FINRA gives FINRA brokers and brokerages 30 days within which to petition a fine levied against the firm by either FINRA or FINRA trained arbitrators.
Key word, FINRA TRAINED ARBITRATORS. FINRA trained arbitrators give clients back on the average 1/10th of the amount a victimized investment client claims as lost/stolen etc.
The core element of an arbitration is neutrality. There is no neutral arbitration when there are two differing rules for the investment client and the FINRA member. Clearly, two differing rules for Main Street and Wall Street is not the Federal Arbitration Act, in spirit or form. If anything, the FINRA “arbitration” is an aberration of law, sadly, created by lawyers, violating lawyers ethics that actually do tell lawyers you cannot lie to make your case (paraphrased). The Retail Investor Act of 1940 more specifically says a lawyer lying to benefit his client is Aiding and Abetting crimes of a client. A no-no.
When asked what to do about FINRA and its false claims of oversight, I pull the questioner back to ground zero, FINRA is a charity, operating under restricted laws of the IRS.
FINRA is a dues collecting business league, as is PIABA, FINRA’s sister in sin. I tell people do not take my word for anything. Go for yourself. Go. Look up the IRS papers for 501(c)(6) business leagues. 501(c)(6) are required by the IRS to collect dues. As I wrote earlier THAT MEANS FINRA is not a neutral forum. The FAA is a neutrality protector.
Moreso, Congress and even the FINRA website state that Investor complaints do not go to FINRA. FINRA says it has no oversight of investment clients and investment advisors. FINRA’s website states that oversight goes to the Courts WHICH MEANS if any FINRA dues paying members got sued by an investor in FINRA, FINRA, most likely, had the investor sign a Submission form for brokers, not the Special Submission Form FINRA has a hyperlink to on the FINRA website.
FINRA has no legal status to bring in investors in to the FINRA DRS forum which lawyers have been doing in droves. FINRA’s General Counsel emailed FINRA’s position is investors make the choice to enter FINRA willingly. Moreso the lawyer wrote, FINRA cannot explain what thought the investor and their lawyer had in making their choice.
You see, the thing is FINRA has no choice but to have rejected all these investors (cough) ‘requests’. FINRA has to comply with laws Congress wrote. Congress wrote “brokers and brokerages,” only.
Another FINRA myth circulating the FINRA industry is FINRA has oversight of “commission” investment advisors not “fee” investment advisors.
Ummmm, no.
Let's go back to FAA. The FAA is for Maritime law. I am not a ship (nor are you). State to state law is the Uniform Commercial Code. Industry RIAs and Brokers fighting FINRA for what little business the Wall Street little guys have left, have to take on responsibility to due diligence. Just because a bully tells you “no” does not mean the “bully” is being truth filled. Ummmmmm. No.
Brokers are licensed state by state NOT Federally. FINRA is not a federal entity. I have that bluntly in an email from the FINRA GC (which I already knew but her writing was like the heavens opened )
The Wall Street little guy has to stop arguing back to arguments FINRA pushes, instead, push back with fact and law gleaned via diligence. As I tell the Wall Street’rs, the FINRA is no different than you and me becauseFINRA walks in the same door we do at the SEC, going through the same security. Point in making, stop responding to FINRA who created their myth. Understand the laws FINRA is breaking. The why is simple.
These are criminal actions that send men and women up the river for longer than Madoff imagined. Difference is, these guys misled the courts and Judicial clerks, themselves lazy to learn the law instead listening to arguments which make for good Broadway.
As for the Whistleblowers? Hate to break the news but Congress and the lawyers hustled Whistleblowers setting up yet another cottage industry Congress fell for. These whistleblower hustling attorneys only want whistleblowers from inside corporations. Duhhhh. Deep pockets. , going after corporations clients, they only want inside employees since Congress created laws that let the lawyers sue.
As for the Financial Service Committee staffer who emailed me that Congress does not set up private business? Oh yes they sure do, over and over and over again, filled, often with staffers who leave to fill opening job slots at these entities