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BrokeAndBroker.com Blog by Bill Singer Esq WEEK IN REVIEW

April 29, 2023

https://www.brokeandbroker.com/7010/finra-citigroup-eligibility/
In today's featured FINRA Arbitration, we are reminded that he who hesitates is lost; and, while we're at it, how time and tide wait for no man (and no woman). Presented for your consideration is a lawsuit involving $3,500 in funds that seem to have disappeared in 2001. Was it Citigroup Global Markets' fault? Was the pubic customer at fault? Did anything extraordinary occur so as to warrant a tolling of FINRA's six-year Eligibility Rule? Do a whole host of sins simply get buried after 21 years -- no questions asked?
 
https://www.brokeandbroker.com/6998/craig-scott-capital-taddonio-beyn-finra-sec/
Six years ago, in 2017, FINRA expelled member firm Craig Scott Capital over allegations about about excessive trading in customer accounts. The self-regulatory-organization then turned its gaze upon the firm's President/Chief Executive Officer Craig Scott Taddonio, Chief Operating Officer Brent Morgan Porges, and registered representative Edward Beyn. In the ensuing years, this regulatory saga passed before FINRA's Office of Hearing Officers, then to its National Adjudicatory Council, and, by 2023, to the Securities and Exchange Commission. For those unfamiliar with FINRA's regulatory process and the attendant appellate route, these cases are the equivalent of a driver's manual.
 
https://www.brokeandbroker.com/7009/truist-hodgins-finra-arbitration/
The infamous "Touch Move" rule of chess prompts many arguments about whether you touched a piece or took your finger off that piece. In a recent FINRA arbitration, after SunTrust filed a Statement of Claim against a former employee, the employer metaphorically took its finger off the chess piece. In retrospect, SunTrust probably should not have touched the piece. That opening move paved the way for a disastrous endgame when arbitrators awarded the former employee over $207,500 in compensatory and punitive damages.

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