The Financial Industry Regulatory Authority (FINRA) launched its new Disciplinary Actions Online database, which provides access to Finra complaints against firms and individual brokers, settlement agreements (known as Letters of Acceptance Waivers and Consent, or AWCs), decisions by Finra hearing panels and National Adjudicatory Council decisions.
Previously, the public had to contact FINRA to obtain copies of these documents, or obtain them by Subpoena and also pay up to $25 per document.
FINRA’s Monthly Summery
FINRA publishes a monthly summary of completed cases, which takes years to complete, and often long after the statute of limitations have expired for claims by injured investors, but has never provided any documents in these summaries.
Decisions by regional hearing panels and by the National Adjudicatory Committee, have always searchable on FINRA’s website, but since actual decisions are rare because in most cases firms either consent to sanctions by Letters of Acceptance Waivers and Consent, or in the case of defunct firms or brokers who leave the industry, they default and never respond to these actions, actual decisions are rare.
Pending Complaints
The database also includes pending complaints FINRAa has filed against firms and brokers. This feature could make pending complaints easier to find, compared to the multi-step process needed to find pending actions disclosed on FINRA’s BrokerCheck system, which are taken from editorialized disclosures made by typically lawyers, where substantially no useful information is disclosed.
BrokerCheck reports will now provide links to the disciplinary documents in the new database, FINRA said, as it does now for arbitration awards beginning June 15, 2011.
Guiliano Law Group
If you have been the victim of securities fraud you should consult with an attorney. The practice of Nicholas J. Guiliano, Esq., and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.
