Securing compensation after experiencing significant losses due to investment fraud or negligence is crucial. In the majority of cases, you must pursue the recovery of your lost funds by filing a FINRA arbitration claim. A Tampa FINRA arbitration lawyer can guide you through this process and give you the best chance of reclaiming the money you lost.
At Meyer Wilson, our skilled legal team understands the challenges that come with substantial investment losses. Our Tampa investment fraud lawyers bring more than 75 years of collective experience in handling investment fraud cases, which we will leverage to your advantage. Contact us by phone or via our website to set up your free case review today.
Handling Investment Disputes Using FINRA Arbitration
The Financial Industry Regulatory Authority (FINRA) arbitration is the primary method of alternative dispute resolution used to settle investment disputes between investors and their financial advisors or brokerage firms.
FINRA is a non-profit organization authorized by the U.S. government to oversee the financial industry. It helps to ensure that financial professionals act legally and ethically to protect investors and maintain a fair marketplace.
Typically, when there is a dispute between an investor and their financial advisor or brokerage firm, FINRA arbitration is the only option available for resolving the issue. At Meyer Wilson, our team will manage every detail of your legal case. We have experience handling various types of investment misconduct cases, including:
- Unauthorized trading
- Broker negligence
- Asset allocation misconduct
- Failure to supervise
- Breach of fiduciary duty
This list is not exhaustive. We are prepared to help you seek compensation for any financial misconduct you have faced. When working to recover damages, you will likely need to submit a FINRA arbitration claim instead of taking your case to trial. Generally, arbitration offers a faster and more cost-effective method for resolving disputes compared to a courtroom trial.
While pursuing damages through a FINRA arbitration claim may be simpler than going to court, it still presents its own set of challenges. Fortunately, an experienced FINRA arbitration lawyer serving Tampa, FL, will be well-versed in the nuances of the arbitration process and can assist you through every step.
Hiring a knowledgeable attorney can be vital when suing your financial advisor or brokerage firm. Brokerage firms often have expensive legal teams at their disposal. Engaging an attorney from our firm can help level the playing field and increase your odds of recovering the money you need.
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$350 Million for Our Clients Nationwide.
Most Investment and Securities Disputes Are Handled Through FINRA Arbitration
When you invest with a financial advisor or brokerage firm, you typically sign an investment agreement outlining how your funds will be managed, along with the rights and responsibilities of both parties. This contract often includes a clause requiring that any disputes must be resolved through FINRA arbitration.
Brokerage firms prefer this method of alternative dispute resolution for several reasons, but one of the most significant benefits is that the process is private. The evidentiary hearings are not generally open to the public, compared to court cases where the public can typically attend court trials.Â
An Experienced FINRA Arbitration Attorney Serving Tampa Will Guide You Through the Entire Process
FINRA’s Code of Arbitration Procedure establishes the rules and guidelines for arbitration. This code outlines which types of cases must go through FINRA arbitration and which should be settled through alternative methods.
Filing Your FINRA Arbitration Claim
To initiate the arbitration process, you must submit a statement of claim to FINRA. This document is crucial, as it serves as the first impression for the arbitrator or arbitration panel regarding your case. It is highly recommended that you hire an experienced securities arbitration lawyer to prepare the statement of claim on your behalf. You can rest assured that the broker and brokerage firm will have an army of sophisticated defense lawyers fighting on their side. You need to level the playing field with the right lawyers on your side.Â
Your statement should clearly outline your situation, detailing the damages you have incurred and how your financial advisor or brokerage firm is liable.
FINRA Arbitration Hearings
The amount you are attempting to recover significantly influences the proceedings in your FINRA arbitration case. If your claim is for less than $50,000, a single arbitrator will decide your case based on the statement of claim and the opposing party’s response without holding a hearing.
For claims between $50,000 and $100,000, a single arbitrator is still typical, but a hearing will occur, allowing both parties to present evidence and call witnesses. For claims exceeding $100,000, a panel of three arbitrators will rule on your case following a hearing, with a majority vote determining the outcome.
Once you file your statement of claim, you can expect to wait 12 to 16 months for your case to be resolved. During this time, your attorney will work diligently to build your case. The arbitration hearing itself typically lasts three to five days, though it may extend over several weeks in more complex situations.
FINRA Arbitration Rulings
Rulings made in FINRA arbitration are legally binding, and except under rare circumstances, neither party can successfully appeal the decision. After a verdict is reached, FINRA will issue a final award document detailing:
- The names of all parties involved
- A description of each claim and the defenses presented
- The outcome of each claim
- The amount awarded in damages or a dismissal of all claims
If you win your claim, your brokerage firm or financial advisor must pay the awarded damages within 30 days. Should they fail to do so, your attorney can file a petition to suspend their brokerage license. Your FINRA litigation lawyer will then pursue the owed funds through garnishment proceedings or an attachment levy.
Partner With a FINRA Arbitration Attorney Serving Tampa Today
If you have suffered financial losses due to securities or investment fraud, enlisting the help of an experienced FINRA arbitration attorney serving Tampa, FL, can greatly enhance your chances of recovering the funds you need and deserve. At Meyer Wilson, our award-winning team has successfully recovered over $350 million for our clients.
Reach out to us by filling out our online contact form or giving us a call to schedule your free initial case consultation with a member of our legal team. Check out these reviews from our clients to learn more about the type of service we provide.
Recovering Losses Caused by Investment Misconduct.