As the summer winds down and employees begin contemplating transitions to a new employer, financial professionals must be aware of the rules, procedures, and contracts impacting a potential transition to a new firm. To help keep financial professionals apprised of important considerations when changing employers, Malecki Law, one of New…
On July 29, 2024, a FINRA Arbitration Panel issued a favorable award to a former registered representative of a broker-dealer represented by Malecki Law, Malecki Law’s second favorable expungement award of the 2024 Summer. The securities industry has increasingly become a “one strike, you’re out” sector, but retaining experienced Expungement…
The securities industry has become known for its “one strike and you’re out” mentality around Form U4 and U5 “marks” resulting from termination and customer complaints. FINRA Rule 4111 makes firms report employee U4/U5 “mark” statistics firmwide and formerly “explainable” situations are now acting like bars to employment in the…
In recent years, discussions about the gender pay gap have risen to the surface in a litany of industries and in just about every corner of the country. For far too long, women have earned less than their male counterparts, despite having the same, or better, job titles, backgrounds, and…
On July 27, 2022, the Securities Arbitration Committee of the Commercial and Federal Litigation Section of the New York State Bar Association will put on a free, lunch hour (12:15 PM to 1:30 PM) educational panel to discuss issues unique to the legal representation of employees in the securities industry. …
Many clients are asking, “can my arbitration hearing be done online by video?” The answer is yes. FINRA allows for remote hearing services, via Zoom and teleconference, to parties in all cases. In arbitration, all parties can agree as to almost anything and FINRA will allow it – such as…
As we have been saying in this space for many years, getting a Rule 8210 Notice from FINRA can be a jarring event. If you have received an 8210 notice, you should take it seriously, as well as immediate steps to develop your best course of action to comply with…
Brokerage firms may sometimes use reporting inaccurate negative information on a departing securities employees’ U-5 records as their “weapon” to keep their customers, according to a Bloomberg article. FINRA records and broker experiences show that brokerage firms occasionally include inaccurate information when filing a Form U-5. While financial advisors and…
Brokers can end up with unwarranted customer complaints, arbitrations, terminations, and other adverse disclosures on their CRD for reasons beyond their control. While plenty of investors have a legitimate “beef” against their investment professional, some people vet illegitimate or unwarranted frustrations by filing complaints to a broker’s employer or FINRA…
When you are placed on administrative leave, it can seem like the world is collapsing around you. It might be, but how you respond and hiring counsel could change the outcome. Before making any rash decisions, it is important to understand just what has happened, what is likely to happen…