Updated Saturday, October 25, 2014 as of 8:00 AM ET

After FINRA Win, Breakaway Advisor Wants Others to Follow

A breakaway broker who beat back a costly legal challenge from Edward Jones is hoping other advisors will follow his lead.

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Comments (1)
John Lindsey's comment, "If you haven't done anything wrong, then do don't let them (broker/dealers) bully you" is an excellent synopsis of the abusive relationship between brokerage firms and their brokers. The fact that it cost Lindsey low six figures to defend himself when he did nothing wrong tells the whole story. This sort of abusive industry behavior is repeated time and again. If Lindsey, Bob Rowe, Mark Mensack, et al were to collaborate and fully document indisputable abusive industry practices it would be clear the industry abuse of its power against its own brokers is so wide spread that it has become the norm. Why did Lindsey, Rowe, Mensack and countless thousands of brokers have to spend hundreds of thousands of dollars each to defend themselves against predatory industry practices?

This is more than just a shame, because it often entails the industry's self regulatory authorities (FINRA, SIFMA), it establishes a betrayal of trust vested in institutions which are supposed to protect the trust and confidence of the investing public and the advisors who serve in the consumer's best interest.

There is something very wrong with the FINRA arbitration process and the ability of the industry's SROs to protect trust and confidence in our leading institutions.

SCW
Posted by Stephen W | Wednesday, February 19 2014 at 2:03PM ET
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