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Report Cites Finra Lapses in Fraud Probes

Written by Mark J. Astarita, Esq. on Friday, October 02, 2009

FINRAhas repeatedly denied that it had any responsibility for the Madoff Mess, claiming earlier this year that  "[n]one of the fraudulent activities that have been alleged deal with the activities of the broker-dealer or come under the jurisdiction of FINRA" according to Reuters. But today a special FINRA committee has release a report that addresses teh failure of FINRA to uncover the Stanford CD program issues, and yes, the Madoff Mess. The report states "FINRA examiners did come across several facts worthy of inquiry with the Madoff scheme that, with the benefit of hindsight, should have been pursued."
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  1. 1 comments: Responses to “ Report Cites Finra Lapses in Fraud Probes ”

  2. By My FINRA Claim on Wednesday, 14 October, 2009

    I am going through an absolute nightmare arbitration claim with FINRA, the Financial Industry Regulatory Authority. Paid for by the industry, for the industry. My hearing has been delayed time and time again. We had an arbitrator who had fraudulent degrees - a MA and PhD from a degree mill. I had to PUSH to get this guy off the panel-- FINRA was going to let him stay as the chair -- and to the best of my knowledge, he is still a FINRA arbitrator and chair! so, someone else could get him next... the respondent filed a retaliatory lawsuit against me - that was dismissed and he was sanctioned - but i spent tens of thousands of dollars fighting and wasted time with it. Check out my blog, www.myfinraclaim.com to read my story. and what is wrong with mandatory arbitration clauses. and FINRA - this is the only place for relief for investors and associated persons. and it is completely industry driven and run. it's shameful... it's time for congress to take over finra and have real regulation of the financial services industry... the commercials they are running? a joke. i haven't been able to get a job in 19 months because of this - and they want me to wait another 4-6 months to get my day in court.

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