Meeting

David P. Meyer Co-Authors PIABA Study on FINRA Expungement Process

David P. Meyer has been hard at work as President of the Public Investors Advocate Bar Association (PIABA), co-authoring a new report on the FINRA expungement arbitration process.

According to the 2021 Updated Study on FINRA Expungements, FINRA arbitrators grant expungement requests in 90% of cases, often because the current system doesn’t provide opportunities for wronged investors or regulators to participate in any meaningful way.

As Mr. Meyer noted during a press conference for the new study, meaningful changes are needed to ensure that investors can trust FINRA and its online BrokerCheck tool:

 “With so many brokers’ records being erased through unopposed expungements, how can BrokerCheck be relied upon today by investors to make informed decisions about whom they trust to manage their life savings?”

The joint report is intended to assist SEC Commissioners as they consider FINRA’s proposed rule changes. As stated in the report, PIABA opposes the proposed rule changes because they fall short of fixing the underlying problems in the expungement process.

Learn more on this press release.

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