Imagine you have worked hard and saved wisely. Then, one day, you wake up and find that your investments are worth less than a quarter million dollars. This is due to unauthorised trades, inappropriate recommendations, or misrepresentations. This is not a dream, but a real-life experience for a client. Simon Joseph, a representative from Truist Investment Services, Inc. Momentum Independent Network Inc. The client accuses the firm of a breach of fiduciary responsibility and a violation to Virginia securities laws. What can you do in this situation? There is a faint hope of recovery.
Arbitration at FINRA: A beacon of Hope
FINRA Arbitration is the knight in shining armour for these investors. What is it? Is this a complicated legal maze or a straight-forward path to justice for the accused? Let’s break this down.
FINRA, the Financial Industry Regulatory Authority, provides an arbitration platform – a sort of private court – where disputes between investors and their brokers can be resolved. Imagine it as an ER for financial injuries.
- This is faster than traditional litigation
- This is a less formal and intimidating way to communicate.
- Your privacy is protected.
Recovering losses with FINRA arbitration
How can one recover losses through FINRA arbitrations? Is it the same as returning a defective product to a shop? It’s not quite as easy as walking into a store and returning a faulty product.
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A Statement of Claim describing the dispute is first filed. The broker or firm will then respond, followed by the selection of arbitrators. Hearings are similar to a trial with witnesses and evidence, but without all the formalities. Arbitrators make a final decision that is usually binding.
What is the success rate of arbitration? In 2019, 73% arbitration cases ended with damages awarded to the claimant. This is like saying seven out of every ten times the investor gets a return.
Find the Right Direction
Where can you get more information on this process? You can get the help you need to guide you on this road to recovery. No need to look further alphabetastock.com. This site is a treasure trove of information, covering everything from basic investing to FINRA arbitration.
You are not out of luck if, as an investor, you have suffered losses because of unauthorized trades or unsuitable broker recommendations. With FINRA Arbitration, you can recover your losses to get your financial life back on track.
