Updated Thursday, September 3, 2015 as of 3:18 PM ET

Should Dozens of FINRA Arbitration Cases be Reopened?

The fairness of FINRA’s arbitration process is being called into question as lawyers and clients consider legal action to obtain new hearings or revisit decisions amid allegations that a former arbitrator lied about being an attorney.

Get access to this article and thousands more...

All On Wall Street articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.

Already Registered?

Comments (2)
FINRA should be held liable for not vetting the arbitrator properly.
Posted by Shirley M | Wednesday, April 02 2014 at 12:34PM ET
One fraudulent arbitrator is merely the tip of the iceberg. If you Google "Mensack" & "Wydler" you'll find two articles providing more details:

1. FINRA Arbitration: Kangaroo Court or Model of Fairness. This article links to evidence of wrongdoing by FINRA arbitrators and FINRA the organization.

Footnote #4 links to an MP3 file where you can listen to two FINRA arbitrators complaining that they weren't being paid enough to read the evidence. Their complaints violate FINRA's own criteria for fairness.

2. FINRA: Looking 'Where the Sun Don't Shine' was published this morning. It includes links to the arbitration of Leyla Wydler who blew the whistle on the Stanford Ponzi Scheme. On page 2 you'll see that FINRA (NASD) knew about the Ponzi Scheme in 2003 - Wydler lost her arbitration anyway.
Posted by Mark M | Thursday, April 03 2014 at 2:20PM ET
Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here