Imagine finding your hard earned money missing one morning. Imagine the shock and disbelief you feel, as well as the sinking sensation in your stomach. This is not just a bad nightmare, but a nightmare which recently became a reality for an investor. The culprit? Luis Rivera, their trusted financial advisor, who is currently affiliated with Ameriprise Financial Services, LLC, was the culprit.
Rivera was accused of violating the client’s rights. misappropriated funds Loss of $11,144 was caused by the withdrawal of funds from his third-party checking account without authorisation. Do you think this was a serious breach in trust? What if you were told there was a way that victims of this kind could fight back to recover their losses and get justice? Yes, that’s right. It’s done through FINRA Arbitration.
What is FINRA, and how can it help?
The Financial Industry Regulatory Authority is the sheriff in the financial Wild West. It’s an organization non-government that regulates exchange markets and member brokerages in the United States. They act as watchdogs by keeping an eye on financial advisors and broker like Rivera. Finra.org has more information about the organization.
FINRA arbitration is similar to a court case. In place of a judge you will have an arbitrator, or panel of arbitrators that listens to both sides and makes a decision. It is faster, cheaper and less formal than a courtroom. What’s the best part? It is a binding decision, meaning that if you win the game, it will not be returned to you. broker or the firm has to pay up.
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How does FINRA arbitration work?
Imagine FINRA Arbitration as a game similar to chess. You are the investor. Your attorney is your queen, the strongest piece in the game, and she will guide you throughout the process. Arbitrators act as the game’s rules, being impartial and fair. They are the adversary, defending their actions.
The first step is to file a written statement of claim outlining your claims. details of your dispute. The broker or firm has the opportunity to respond. Then, both parties select arbitrators on a list that FINRA provides. These arbitrators will examine the evidence, hear the testimony, and then make a final decision.
Can investors recover their losses?
Do you wonder if this is a hypothetical possibility or not? investors can really recover Their losses through FINRA Arbitration? Yes, it is! In fact, by 2020. investors were awarded more than $50 million Statistics from FINRA show that arbitration is the most common type of dispute.
If you are in a situation similar to that of the client who lost 11,144 dollars due to the alleged acts of Luis Rivera remember you are not powerless. FINRA arbitration is a powerful, effective tool that you can use to fight back against your losses and potentially recover them. You have every right to defend your hard-earned cash.
Take action despite the fear. As the saying goes: “The only thing necessary for the triumph of evil is for good men to do nothing.” Stand up, fight, and let FINRA assist you in bringing the wrongdoers before justice.
