Updated Wednesday, October 22, 2014 as of 8:48 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.

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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
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