The Delaware Insurance Department recently found itself in the spotlight after receiving notification from the Financial Industry Regulatory Authority (FINRA) regarding an administrative action taken against one of its representatives. The action resulted in a fine and suspension from association with any FINRA member for the representative.
The rep, Gordon Wallace, is currently associated with RBC Capital Markets, LLC, where he has been serving since June 3, 2021. According to Delaware state law, specifically Title 18 Del. C. Subsection 1719, any administrative action taken against a producer must be reported within 30 days of the final disposition of the action. Unfortunately, the department did not receive any information about the FINRA matter, which led to the imposition of a fine of $500.00 on Wallace.
Details of the Sanction
The sanctions imposed on Wallace were categorized as ‘Civil and Administrative Penalty(ies)/Fine(s)’. The fine amount was recorded as $500.00, which has been paid in full. This information is available to the public and can be viewed on BrokerCheck, a free tool provided by FINRA to help investors research the professional backgrounds of brokers and brokerage firms.
Recovering Losses with FINRA Arbitration
- FINRA arbitration is a streamlined, less formal process compared to litigation and can be a quicker way for investors to resolve disputes with brokers or brokerage firms. If an investor believes they have suffered losses due to broker misconduct, they can file a claim with FINRA and seek damages.
- The arbitration process involves a panel of arbitrators who review the evidence and testimonies presented by both parties before making a decision. The panel’s decision is final and binding.
- Investors can recover losses in the form of monetary compensation if the panel rules in their favor. The amount of compensation will depend on the extent of the investor’s losses and the specifics of the case.
Investors are encouraged to take advantage of the resources available to them, such as BrokerCheck and FINRA arbitration, to safeguard their investments and hold brokers accountable. The case of Gordon Wallace serves as a reminder of the importance of transparency and compliance in the financial industry.
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It’s worth noting that while FINRA arbitration can be an effective means for investors to recover losses, it’s not a guarantee. The success of a claim will depend on various factors, including the strength of the evidence and the specifics of the case. Therefore, investors are advised to consult with a legal professional or a financial advisor before proceeding with a claim.