WHY ARE EXPUNGEMENT ORDERS BY ARBITRATORS IGNORED BY BROKER CHECK?

December 19, 2011

A customer complaint, once filed, is technically a public record. Public records are subject to state control and cannot be expunged without an order from U.S. federal court. If your arbitration award includes an order of expunction; contact a securities lawyer and use the federal court to get it off Broker Check. When your federal court action starts FINRA is noticed and the process begins. It takes anywhere from 3 to 6 months and 10-20 hours of attorney time to complete. Send me a copy of your arbitrator award and I can let you know exactly which of the four avenues available to you would get the complaint removed from broker check. 1) Rule 2080 can be used to get a complaint expunged from Broker Check, 2) a special type of FINRA arbitration can get it removed from Broker Check, 3) sometimes all it takes is a letter to FINRA, and….. 4) U.S. Federal Court order. Get your house in order, and don’t be afraid to speak out for yourself if you have been wronged by a frivolous or false complaint to FINRA.