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Archive for the ‘arbitration’ Category

Hot New Magazine: Unsung Heroes: Truth, Support and Free Speech for Financial Advisors

Posted by Larry Doyle on July 10th, 2014 9:08 AM |

PictureInformation is everything.

The other day a reader left a comment with the following inquiry:

I would love to join any other advisors who have issues with FINRA. I am a former CPA.PFS financial advisor with Morgan Stanley. I too went through a long and expensive FINRA process.

In addition, we filed two whistle blower cases to expose MSSB’s unfair and unethical business practices. The difference, we have over thirty thousand pages of material collected in our case, including some damning e-mails. It is time that someone stood up to these firms who apparently believe that because they have unlimited access to shareholder money, they can always get their way. Let’s come up with some ideas on how to use the legal system if we can, and social media if we cannot, to educate the public on this travesty of a business model. One that cannot even tell its’ own clients that it will “act in their best interest.”

Any takers?

I am confident there are many takers, including those who have collaborated on a new magazine entitled Unsung Heroes: Truth, Support, and Free Speech for Financial Advisors: >>>>>>>>>>>> (more…)

Wall Street’s Kangaroo Court: Calling Out FINRA’s Linda Fienberg

Posted by Larry Doyle on May 22nd, 2014 11:27 AM |

Do you ever hear or read a statement put forth by a public official, industry representative, or regulatory spokesperson and think “Are you kidding me?” . . .  if not something far less polite than that?

I would guess that in a world in which politicians and their spokesmen are not often called on the carpet, many people allow statements worthy of being challenged to go in one ear and out the other if they bother to listen at all.

Today I am not of a mind to be quite so dismissive given the fact that the topic at hand — Wall Street arbitration — not only touches every employee on Wall Street, but also every investor in the nation.

Let’s navigate and continue to play to win for those who care about real transparency and integrity in America.   (more…)

The Fascinating Case of Louis and Donna Pitch v. Mark “Hollywood” Hotton and Oppenheimer and Co.

Posted by Larry Doyle on April 25th, 2014 7:27 AM |

In a case that strikes at the core of so much that is wrong on Wall Street and the financial regulatory system (SEC and FINRA), Susan Antilla once again distinguishes herself by bringing real light to a regulatory arbitration system that much prefers to operate in darkness.

The following case might appear to be fodder for an episode of CSI but is all too real for a Long Island couple who were little more than prey for an unscrupulous broker who went largely unchecked both by his employer and the regulator charged with protecting the public from the likes of this scum.

Let’s navigate as Antilla writes Case Closed in Securities Dispute, Until New Evidence Is Uncovered:

A Long Island couple who lost $5 million at the hands of Mark C. Hotton, the former stockbroker notorious for defrauding Broadway producers, is arguing that his employer, Oppenheimer & Company, withheld critical evidence during an arbitration hearing and should be held liable. (more…)

J. Weil: Wall St. Arbitration ‘Plenty Rigged’

Posted by Larry Doyle on February 18th, 2014 6:34 AM |

Bill Cohan, Susan Antilla, Gretchen Morgenson.

Although these individuals are not the only financial journalists whom I hold in high regard, they are certainly among the very few.

Who else is in their company? Bloomberg’s Jonathan Weil, who just the other day wielded a very sharp pen in addressing the arbitration process on Wall Street, or what I define as ‘the kangaroo court.’

Truth be told, the folks at FINRA who oversee Wall Street arbitration seem to be getting a little weary of being used as a punching bag and have made some tweaks to the system. Weil is not impressed. (more…)

Wall Street’s Kangaroo Court Receiving Increased Focus

Posted by Larry Doyle on July 12th, 2013 7:29 AM |

Just as you cannot fight City Hall, many people are also well aware that you cannot really fight Wall Street.

When disputes on Wall Street are adjudicated through a system of arbitration, the stacked deck against which investors — and Wall Street employees as well — are forced to contest can only be properly compared to a kangaroo court.

I am very pleased to see that the kangaroos are receiving a lot more attention lately. Recall that the SEC’s own commissioner Luis Aguilar recently called for an end to mandatory arbitration. In the following 8 minute clip presented by Investment News, we witness a few industry lap dogs repeating the party line as to why arbitration should be maintained. Heath Abshure, the Arkansas securities commissioner and current President of the North American Securities Administrators Association, presents a strong counter argument.  (more…)

Mensack v Morgan Stanley, FINRA

Posted by Larry Doyle on February 26th, 2013 5:43 AM |

What do you think you would do if in the process of appealing a case, you were informed that the court stenographer had “somehow” lost (deleted or destroyed, perhaps??) 8 hours of testimony? Do you think you might be a little pissed off?

Just a little?

Mind you, what if the 8 hours of “lost” testimony were not just any 8 hours. That is, they were not the first 8 hours. They were not the last 8 hours. What if they were 8 hours of selected intermittent testimony including key points when the plaintiff alleges the defendant perjured himself?

Must be a banana republic and kangaroo court for such a gross injustice to have transpired, right?  (more…)

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