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Brokerage Industry Challenge to FINRA’s Enforcement Power Denied
Yesterday, the Financial Industry Regulatory Authority (FINRA) convinced a Maryland federal judge to toss a brokerage’s challenge to the agency’s enforcement powers on the grounds that FINRA’s penny stock allegations against the brokerage belonged in the regulator’s administrative proceeding, not federal court.
U.S. District Judge Deborah K. Chasanow largely agreed with FINRA and the U.S. Securities and Exchange Commission (SEC) when she dismissed the suit brought by Scottsdale Capital Advisors Corp., saying at the hearing held yesterday “frankly, [the dispute is] squarely in the middle” of the procedures administered by the brokerage industry’s self-regulatory organization (SRO).
If you have been the victim of securities fraud, no matter if a pending criminal suit is underway, the stock fraud and FINRA attorneys at Colling Gilbert Wright & Carter can help. With decades of combined experience, our attorneys are here to take your case and fight for your rights, helping ensure you are properly compensated for your damages.