FINRA Complaint Center File a FINRA Complaint

The Financial Industry Regulatory Authority or “FINRA” offers an investor complaint program where you can file complaints against brokers and brokerage firms that are registered with FINRA. FINRA has the power to take disciplinary action against brokers and their firms that are members. They can also impose sanctions which can include fines, suspensions, and even barring their members from registration with any broker dealer.
Investors need to know that there are two “branches” of FINRA. The regulatory branch described above and the FINRA Dispute Resolution Forum where investors can file a claim for arbitration to be awarded money by arbitrators if they can prove their case. As a securities lawyer, Lars Soreide, has received hundreds of phone calls from investors who ask the simple question,” why do I need to hire a securities attorney if I can just call up FINRA and file a complaint, won’t they get my money back?” The short answer is NO. The investigations from FINRA member regulation almost never result in any money being returned to investors. If an investor is lucky and FINRA takes disciplinary action and the broker gets suspended, barred or fined, it does not satisfy the need of the investor which in almost every case is the return of their lost capital.
When people ask “What do Securities Lawyer’s do?” the answer is we file a claim on behalf of investors, go through months of discovery and try the case before a panel of arbitrators which can result in a monetary award. In a majority of cases given the risk, cost and uncertainty of this process the vast majority of the claims settle either through direct negotiation amongst the securities lawyers or with the assistance of a mediator. As a securities lawyer I never recommend my clients to file a regulatory complaint and just to file a lawsuit against their broker or brokerage firm in FINRA Dispute Resolution. Every complaint filed with FINRA Dispute Resolution is reviewed by the disciplinary arm anyway so if they feel there is actionable misconduct they will act any

way and by just filing the lawsuit will save the customers months or years of aggravations if their complaint doesn’t go anywhere.
Always speak to a qualified Securities Lawyer before contacting FINRA as any complaint you file with the FINRA Complaint Center may become evidence in your FINRA arbitration and if you say the wrong thing it can be used as evidence against you. Soreide Law Group is a national securities law firm that handles FINRA arbitrations in all 50 states and even for international clients. If you want to speak to a securities lawyer today for a free consultation call 888-760-6552 or let’s set up a zoom call and speak face to face. Nothing contained in this article should be construed as legal advice.
CONTACT US