Published Reports on July 13, 2010 from FINRA indicated that while FINRA is significantly expanding the information that is available to the general public on registered representatives, it also is formalizing a process which may make it easier and significantly more affordable for registered representatives and former registered representatives to correct mis-information contained on FINRA’s BrokerCheck. Previously representatives were required to go through a lengthy and costly hearing and court confirmation process, however, it would appear there will be a new and more affordable alternative of making a submission to FINRA with supporting documentation and request that FINRA launch an investigation which could lead to the clearing of the information from FINRA BrokerCheck.
In its Press Release Finra stated that it is :
“Formalize the process for current and former brokers to dispute the accuracy of factual information disclosed through BrokerCheck. Brokers will be able to submit a written notice of the dispute to FINRA FINRA will post the appropriate form on its website with all available supporting documentation. If FINRA determines that the dispute is eligible for investigation, it will add a general notation to the broker’s BrokerCheck report stating that the broker is disputing certain information in the report and that notation will only be removed when FINRA has resolved the dispute. If its investigation shows the information is in fact inaccurate, FINRA will update, modify or remove that information as appropriate.”
Read Regulatory Notice 10-34 – FINRA BrokerCheck
As a result of these new procedures the Meissner firm with its vast experience with FINRA, has been accepting retention on an affordable flat fee basis, so as to assist both former and current registered representatives, who believe that their record was mismarked and seek to have it corrected. The firm reviews the evidence, properly drafts a persuasive submission and encourages FINRA, through its relationships and contacts to follow-up on the investigation, so as to correct and, if appropriate, clear the representative’s BrokerCheck Record record. The Meissner firm, with Mr. Meissner’s long reputation of having personally been a securities regulator in the past, has had much documented success in persuading FINRA Enforcement on various matters*. In 2009 the Meissner firm succeeded in its Wells Notice Opposition which discouraged FINRA Enforcement from taking enforcement action against its well know registered representative client who had his own popular investment radio program, following FINRA’s service of a “Wells Notice” June 2009 FINRA Wells Notice on its client which followed the issuance of numerous subpoenas and testimony. The decision by FINRA then to do an about face, not to take action against its client, only after the Meissner firm’s lengthy 20 page persuasive opposition submission can be located here: Sept 2009-FINRA Withdrawal Of Wells Notice. Such FINRA decisions to not take enforcement action following the provision of a Wells Notice on a representative are known as practically unheard of in the industry, but not for the Meissner firm.
If you believe your record is wrongfully tarnished and would like assistance in clearing your record, please contact the Meissner Firm for a free consultation.
*Prior results cannot and do not guarantee or predict a similar outcome in a future matter.