Friday, May 4, 2012

FINRA Director Calls It Quits

I posted an article last week about this case - a FINRA Director entered into an AWC with FINRA over the operation of his brokerage firm, paid a fine and received a 90 day suspension. That in and of itself is not terribly notable - but he remained on FINRA's Board of Directors. THAT was notable. My article, FINRA Board Member Fined - Wrist Slap for a Prominent Member? analyzed the case, the fine and the penalty, and posed the question, What was FINRA thinking when they let him stay on the Board?

Well, he stepped down this week. At least he had more sense than his organization did. The Wall Street Article is here - Finra Director to Step Down- complete with a quote from me.

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