It pays to fight back against SEC, FINRA
May 16, 2014 by Melanie Waddell
Despite advisors’ and broker-dealers’ fears that litigating against the Securities and Exchange Commission and the Financial Industry Regulatory Authority is futile, new findings show that it does pay for advisors and BDs to fight charges brought against them.
In its annual survey of litigated enforcement actions levied against members of the securities industry, Sutherland Asbill & Brennan found that of the advisors, broker-dealers and their reps that chose to litigate rather than settle with an SEC administrative law judge (ALJ) or FINRA hearing panel, 46.7 percent were able to get some of the charges dismissed or receive a sanction lower than that requested by regulatory staff. Click here to read…