Imagine you have worked hard, invested wisely and saved assiduously, but your financial advisor has been the target of a regulatory investigation. What would you do in this situation? Are you in a panic? Do you panic? Well, don’t. There’s a way to get out. FINRA Arbitration is a beacon for hope.
What happened to Salvatore Carollo
Consider the recent case of Salvatore Carollo. Carollo, who was previously affiliated with Allstate Financial Services, LLC, CRD No. On May 22, 2023, a self-regulatory group expelled Carollo. This expulsion was a result of a New Jersey Bureau of Securities order, which not just revoked Carollo’s sanctions but also denied all exemptions in N.J.S.A. 49:3-50 paragraph (a), subparagraphs 9, 10, 11, and (b). N.J.S.A. provides exemptions from the registration requirements. 49:3-56(b), N.J.S.A. Carollo was also denied the right to use N.J.S.A. Carollo was also denied 49:3-56 (g).
What does it mean for Investors?
What does it mean for you as the investor? You may feel lost and uncertain about your next step if you invested with Carollo, or another financial advisor who is similarly disciplined. Is your investment lost forever? Are you in a bind?
It’s a clear ‘no.’ Here’s why:
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- FINRA Arbitration is a way for investors to recover damages caused by their financial advisors’ misconduct.
- It is an effective, cost-efficient, and streamlined method of resolving disputes.
- Investors can compete on an equal footing, regardless of financial expertise.
FINRA Arbitration: Recovering Losses
But how does FINRA Arbitration work? It’s like a traditional courtroom but without the formalities or complexities. This is a place where you can have your say, get your complaints addressed and recover any losses.
How it works
- You must file a complaint outlining your dispute.
- Your case is heard by a panel of arbitrators.
- Arbitrators decide after both parties have presented their arguments.
- If you win, your financial advisor or company is required to compensate your losses.
As simple as that. There is no legal jargon or intimidating courtrooms. Just a simple and straightforward process designed to protect investors like you.
Don’t lose hope if a financial adviser has wronged you as an investor. There is always a solution, in this case it’s FINRA Arbitration. It is your safety net, shield and beacon in the world of complex financial investment.