FINRA Disputes
Sometimes, however, arbitration is necessary. When mediation does not work, you can file a complaint with the FINRA to have disciplinary action taken against your financial advisor/brokerage. There are several common circumstances under which an individual has sufficient grounds to file a claim: first, financial advisors are required to make recommendations based on the needs of their clients, and if an advisor acts outside of these rules, you may have grounds for a claim; second, if you lose a substantial portion of your principal after being told the investments being taken were low risk; third, irregular account activity could also be cause for concern, and may be worth looking into; finally, if your financial advisor deceives you through either directly or through omission of information.
When seeking an attorney to represent you in the state of California, it is important to know that the state of California requires out-of-state attorneys to submit a notice of intent to appear at the arbitration and obtain a certificate, to be reviewed by FINRA, in order to represent an investor in California. At Yadegar, Minoofar & Soleymani LLP, we are experienced in representing investors during all stages of the resolution process, from mediation to arbitration.