June 01, 2023

June 18, 06 NY Times Article Arb Issues

Attorney Meissner Efforts to Assure a Fair Panel Against Securities America,
Concord Equity Group and Broker Andrew Sirico
Page 1
AFTER a Long Island charity that provides financial support for 190 current or former firefighters lost $614,036 in the stock market during the Internet bubble several years ago, it eventually did what many aggrieved investors do: it filed an arbitration case against its former broker, Andrew Sirico, contending that he had churned its account to rack up trading fees and had improperly invested its funds in speculative securities. Read more from Gretchen Morgenson’s Article below…
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Attorney Meissner Efforts to Assure a Fair Panel Against Securities America,
Concord Equity Group and Broker Andrew Sirico
Page 2
In theory, private arbitration panels are supposed to offer a fast and fair system in which customers can resolve complaints with their brokers. Last year, according to FINRA, the average turnaround time for a case was 14.3 months, down from 15.4 months in 2004. In 1995, the average was 10.5 months. Read more from Gretchen Morgenson’s Article below…..
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