Securities Regulatory Advocacy

Securities brokers are some of the most highly regulated professionals in the financial services industry: they’re subject to state securities and federal regulations and, on top of that, are bound to FINRA’s rules, all of which are constantly changing. Enforcement agents can subpoena securities brokers (FINRA 8210) and ask them questions on the record, even when investigating someone else’s conduct, as a “fishing expedition” to find potential violations regardless of knowledge or intent. If those enforcement agents suspect to have found evidence of misconduct, they bring an enforcement action against everyone and anyone even tangentially involved in the alleged misconduct. Violators face very steep financial penalties, punitive damages, and injunctions against them for anything from misconduct and malfeasance, to accounting violations, insider trading, misappropriation of funds, and even damaging investment advice.

Such enforcement actions—which can level entire brokerage firms—can easily spell disaster for individual brokers and their careers. Even the most experienced broker/dealers, who do everything they possibly can to best serve their clients and try to do everything right, can find themselves subject to an investigation or enforcement action by the SEC, the CFTC or FINRA.

Every broker knows that, when a regulator has you in their sights, one wrong step can end an otherwise illustrious career and that, when facing an 8210 request, subpoena, or allegations of regulatory violations, having a good attorney on your side is the best protection you can get.