Imagine you waking up and finding out that all of your hard earned money, including your life savings has disappeared. You trusted it to people who promised high-returns, only to learn that you were a part of a grand scam. This is what victims of Ponzi schemes face. A nightmare that was recently experienced by clients of John Woods James Woods Michael Mooney and Iris Israel.
Between 2012 and 2021, four individuals are accused of orchestrating an elaborate Ponzi scheme to defraud investors. The alleged Ponzi scheme resulted in a $3 million loss. The case was settled and the victims received $2,575,000. However, the damage caused goes beyond the monetary losses. The victims were left to pick up pieces of their financial security after the trust in the system was broken. Is this the end for these victims? Are there any chances of them recovering their losses?
Arbitration by FINRA: A beacon of Hope
Enter the Financial Industry Regulatory Authority. This non-profit is dedicated to investor protection, market integrity and investor protection. As a lighthouse that guides lost ships to safety. FINRA This provides a path for victims to recover losses. But how does it work exactly?
Imagine FINRA’s arbitration panel as a courtroom. Instead of a judge there is an arbitrator. Like a court judge, this arbitrator hears from both parties, evaluates the evidence, then renders a decision. This process is called FINRA arbitration and allows investors to seek a resolution outside the traditional court system.
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Why Choose FINRA Arbitration as a FINRA Arbitration Process?
Why would investors prefer FINRA Arbitration over a traditional suit? Why would investors choose FINRA arbitration over a traditional lawsuit? The answer is in the effectiveness and efficiency of the arbitration procedure. Unlike the traditional court process, which can take many years to conclude, FINRA arbitrations are typically completed in 14 months. It’s quicker, less formal, often cheaper. Does it work?
Recovering Losses via FINRA Arbitration
Let’s revisit our victims who were allegedly the victims of a Ponzi scheme. Could they have recovered losses by FINRA arbitrations? Yes, it is possible. FINRA has awarded more than $50 million in arbitration awards since 2021. This is $50 million in the pockets of investors who were defrauded, and $50 million of restored hope.
Don’t lose hope if you are a victim of financial fraud or a Ponzi Scheme. There is hope for you in the form FINRA arbitration. Not only can you recover your losses but you can also hold the responsible parties accountable. Remember that it isn’t the end of the journey, but just the beginning.
