Tomlinson & Shapiro attorneys Michael Tomlinson recently won a FINRA arbitration hearing under Rule 2080 of the FINRA Code of Arbitration. Several years ago, a complaint was lodged against the firm’s client, a broker who had never had any complaints filed against him either prior to or after that single complaint. After hearing the evidence and argument presented by Mr. Tomlinson at the arbitration hearing, the arbitrator found that the complaint was factually impossible or clearly erroneous. The arbitrator then awarded expungement of the complaint from the broker’s record. The firm obtained confirmation of the arbitrator’s award in court and had the complaint removed from the broker’s record.
In the securities industry, it is essential for a broker to keep their Central Registration Depository (“CRD”) and BrokerCheck® report as clean as possible from customer complaints or other negative disclosures. FINRA takes these marks on the CRD and BrokerCheck®very seriously and therefore requires strict adherence to the requirements Rule 2080 to ensure these marks are not improperly expunged. The attorneys at Tomlinson & Shapiro are familiar with these requirements and with the arbitration procedure that must be followed in expungement proceedings. We can help you through this process, from filing the necessary documents, to conducting discovery, to representing you in the arbitration either at an in-person or telephonic hearing. Following a successful expungement, we can then assist you in clearing your CRD record by filing the arbitration award in court seeking confirmation. Lastly, once the expungement is approved by the court, we will the help you finalize the expungement with FINRA and clear your CRD record.