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Following Publication of the PIABA Expungement Study, Co-Authored by Attorney David Meyer, FINRA Withdraws Expungement Proposal

On the very day the SEC was set to rule on it, FINRA withdrew its proposed rule change regarding the expungement process for broker customer complaints under criticism from investor protection advocates.

The 2021 PIABA Study on FINRA Expungements was released on May 18, 2021, as SEC commissioners deliberated over approving FINRA’s proposed rule changes to the expungement process. You can read more about the PIABA study on our website. FINRA’s proposed changes included using three randomly selected arbitrators from a special roster and more training.

As reported by InvestmentNews, the PIABA report, co-authored by Meyer Wilson managing principal David Meyer, found that FINRA’s proposed changes fail to address the underlying problems and will not fix the overall problem of brokers abusing the expungement process.

Today, the SEC reportedly directed FINRA to submit a new proposal that addresses the concerns in PIABA’s report. Months of collaboration between PIABA and the PIABA Foundation lead up to today - research, analysis, comment letters, report writing/editing, pro se representation in expungement cases, lobbying with Capitol Hill Staffers, meetings with SEC Commissioners' and the Chairman's staff, and press conferences: it all paid off with a very big win for the investing public.

With decades of experience, our firm has the experience, resources, and tenacity needed to tackle even the largest cases nationwide. Contact us today for a free case evaluation.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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