Expungement Lawyer

My RIA Lawyer helps clients expunge customer complaints from the Central Registration Depository database.

FINRA Expungement

Customer dispute information is listed in the Central Registration Depository (CRD) and available to the public via BrokerCheck and IAPD. This information is available, even if the dispute was settled amicably or dismissed. If the information is inaccurate or frivolous, you can take steps to obtain an expungement. Then, you can have the information removed from the CRD and BrokerCheck databases, protecting your reputation and your ability to make a living.

Our FINRA expungement lawyers will determine if you qualify for action under Rule 2080. This rule allows the arbitration panel to approve an expungement in three circumstances. Then, you can remove the record, so it won’t impact your career.

Requirements for Expungement

Rule 2080 outlines the requirements for Expungement. The arbitration panel can grant expungement if you meet one of the following guidelines. The information, allegation, or claim must be:

  • Clearly erroneous or factually impossible
  • Filed against someone who wasn’t involved in the violation, misappropriation, forgery, theft, or conversion of funds
  • False

While these are the basic guidelines, the process for filing for and receiving a FINRA expungement is quite complicated. Consult with an expungement lawyer to see if you qualify.

Grounds For Expungement Of Customer Complaints

FINRA Rule 2080 outlines the guidelines you must meet to file for an expungement. First, you can file for an expungement if the information, allegation, or claim is clearly erroneous or factually impossible. For instance, if you were not employed by the firm when the alleged activity occurred, you can file for expungement.

Second, you can file for expungement if you weren’t involved in the activity covered in the customer complaint. The arbitration panel must determine that you didn’t participate in any way in the investment-related sales practice violation and thus shouldn’t be held accountable.

Finally, you can file for an expungement if the information, allegation, or claim is false. The arbitration panel can grant the expungement after reviewing the evidence. If the evidence doesn’t point to a violation, the expungement will be granted.

In each of these cases, the burden of proof is on the broker. Thus, it’s important to hire a FINRA expungement lawyer for legal counsel during the process.

FINRA Expungement Process

My RIA Lawyer begins by filing a Statement of Claim to FINRA. Then, the FINRA expungement lawyers communicate with the investor who filed the original claim.

My RIA Lawyer selects an arbitration panel for the hearing. Then, after requesting all necessary paperwork, the attorney conducts pre-hearing conferences and attends the hearing. After receiving approval from the arbitration panel, our FINRA expungement lawyers file a motion in the state court. Once the court grants the motion of expungement, My RIA Lawyer sends the paperwork to FINRA, and the records are expunged.

Commenting On Claims Isn’t Enough

You can leave explanatory comments on claims made against you. However, investors are likely to ignore the comments, especially if you have numerous claims. Also, they aren’t likely to investigate the claims to determine if they have merit. Instead, they will move on to another adviser. Expungement is the only way to protect your interests. Without it, investors might view you as a problematic or unethical adviser, even if the claims aren’t based on fact. Contact an Expungement lawyer to begin the process.

Expungement Rule Changes

FINRA is considering sweeping rule changes that will make the expungement process more difficult. After years of consideration, it submitted proposed rule changes in 2020 but then withdrew them. However, FINRA might request the changes at a later date. Because of that, advisers need to seek expungement now, with the current rules. It will be much easier to get the desired outcome before the changes. Contact an expungement lawyer today to find out if you qualify.

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  • Experienced – My RIA Lawyer has a proven record of protecting financial advisers by helping them when issues, violations or the regulators themselves threaten your business and livelihood. We routinely help clients with expungements and are proud of our success rate.
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  • Proactive Approach – Our goal is to keep nosy regulators out of your business and out of your wallet. When we aren’t helping firms avoid regulators by putting in place robust compliance systems, we are vigorously defending them against client and regulatory actions.
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