When a financial advisor’s misconduct causes you significant losses in your investment portfolio, you might not know how to react. After you entrust a professional with your life savings and they betray your trust, your financial security might be in danger. An Indiana FINRA arbitration lawyer will help resolve this dispute and recover your losses.
At Meyer Wilson, we only handle investment negligence and fraud claims. We have over 75 years of collective experience advocating for investors nationwide. Over the years, we have recovered more than $350 million for our clients. Let our Indiana investment fraud lawyer help you hold the at-fault brokerage firm or financial advisor accountable. Call today for a free consultation.
The FINRA Arbitration Process
The Financial Industry Regulatory Authority (FINRA) oversees brokerage firms and exchange markets in the United States. This independent entity’s main goal is to protect the rights of investors by making sure that the securities industry operates fairly.
The investment fraud lawyers on our Indiana team have handled a wide range of FINRA arbitration claims, including:
- Failure to supervise
- Misrepresentation
- Unauthorized trading
- Breach of fiduciary duty
- Fraud
- Ponzi schemes
FINRA arbitration offers an efficient means of resolving disputes between brokerage firms and investors without the need for court intervention. This process is generally more effective than the traditional legal system, providing a specialized forum for securities-related conflicts.
By opting for FINRA arbitration, parties benefit from a streamlined procedure designed to address the unique aspects of investment disputes. During FINRA arbitration, an impartial panel of arbitrators hears both sides of the dispute. They review all the evidence, including documents, testimonies, and arguments from both parties.
The arbitrators then render a decision based on their assessment, which is enforceable. The binding nature of the decision adds a level of finality and certainty, helping to resolve the dispute quickly.
Navigating the arbitration on your own will become overwhelming. However, with the support of our experienced Indiana FINRA arbitration attorneys, your chances of achieving a positive outcome are significantly higher. Our team will also simplify the process for you so that it is as stress-free as possible.
Arbitration Is the Main Way to Resolve Securities Fraud Claims
When you open a brokerage account, the documents you sign typically include a clause requiring that any disputes be resolved through arbitration rather than litigation. By agreeing to this, you usually waive your right to have disputes settled by a judge or jury, committing instead to the arbitration process.
Most investment misconduct cases are handled through FINRA arbitration because it is often more efficient than going to court. Financial institutions favor this method as it provides a level of privacy; the hearings are private, and only the final award amount is made public. This confidentiality helps protect both parties’ interests.
Our FINRA Arbitration Lawyers Serving Indiana Will Guide You Through the Process
The FINRA Code of Arbitration Procedure provides a clear and detailed explanation of the steps involved in the arbitration process. It specifies the types of cases eligible for arbitration and outlines the time limits for filing the relevant documents.
Additionally, the Code describes the selection process for arbitrators, their responsibilities, the procedures for gathering evidence, and the conduct of hearings. This comprehensive framework ensures that disputes are resolved equitably.
Filing the Arbitration Claim
The arbitration process starts with the filing of a statement of claim. This document details your account of the events and explains why you are seeking compensation. It is the first impression the arbitrators will have of your case.
An Indiana FINRA arbitration lawyer will make your statement clear and accurate, presenting a convincing picture of your situation to the arbitration panel. They will also effectively argue why you deserve compensation.
To initiate arbitration, you must submit your statement of claim and a filing fee online. Following this submission, the brokerage firm has 45 days to respond.
Taking Part in the Hearing
The type of claim you file dictates the arbitration process. Claims under $100,000 are generally considered small and are typically handled by a single arbitrator. For claims under $50,000, decisions are often made based solely on the submitted statements and responses.
For claims exceeding $50,000 or $100,000, an arbitration hearing is required. During this hearing, witnesses testify and present evidence. When a panel of arbitrators is involved, the decision is determined by a majority vote.
The duration of the arbitration process varies depending on the specifics of each case. It can take about a year or longer from the time you file your claim to reach a resolution. Smaller claims may be resolved within a few days, while larger, more complex cases might take several weeks. At Meyer Wilson, we treat all cases with urgency.
Reaching a Decision
The decision reached through arbitration is final and typically cannot be appealed, making the outcome binding. Once a decision is made, the arbitrators, along with FINRA administrative staff, prepare an award document. This document is essential as it formalizes the decision and outlines the specifics of the case’s resolution.
The award document has important details, including:
- The individuals involved
- The type of claims and defenses presented
- The outcome of each claim
- The amount to be paid
If we win, the brokerage firm or financial advisor has 30 days to pay you. Should they fail to comply, our Indiana FINRA arbitration attorneys can ask for the suspension of their brokerage license. Additionally, we can initiate garnishment proceedings and attachment levies to get you compensation.
An Experienced FINRA Arbitration Attorney Serving Indiana Will Fight to Protect Your Future
Facing a brokerage firm or a professional financial advisor can be daunting, but you don’t have to face it alone. Collaborate with an Indiana FINRA arbitration lawyer to protect your right to recover your losses.
The experienced team at Meyer Wilson has assisted thousands of clients in their fight for a financially secure future. Contact us today to discuss your strategy and take the first step toward reclaiming what you deserve.