Mr. Betts represents brokers in connections with FINRA enforcement proceedings, including investigations, examinations and disciplinary actions. This includes representing brokers in responding to FINRA requests for documents and on-the-record interviews (“OTRs”) during which brokers are required to appear and testify under oath. Some of the common subjects of FINRA enforcement proceedings include:
Mr. Betts is also experienced in representing brokers in FINRA-related expungement proceedings. These cases generally arise from negative information appearing on a broker’s Form U4 or U5 and available to the public through FINRA’s Central Registration Depository (CRD) system and through the “BrokerCheck” system. Such negative information often (but not always) arises from complaints made by a customer and/or arbitration proceedings initiated by a customer. In many cases, following the completion of arbitration proceedings or otherwise, the negative information can be “expunged” from the broker’s record. There are a number of steps that must be taken in order to satisfy FINRA’s requirements for expungement, and FINRA has issued guidance summarizing how the expungement process works.