After you suffer losses in your portfolio due to your financial advisor’s negligence or wrongdoing, you may feel uncertain about your next steps. This situation can have a profound impact on your financial security. However, a FINRA arbitration lawyer serving Virginia can recover all your losses.
At Meyer Wilson, we focus solely on cases involving investment fraud and misconduct. Over the years, we’ve successfully resolved numerous claims through FINRA arbitration. With a track record of securing over $350 million in awards and settlements, you can rely on our Virginia investment fraud lawyers to advocate for you. Contact us today for a free case review.
Understanding FINRA Arbitration
The Financial Industry Regulatory Authority (FINRA) is an independent organization that supervises brokerage firms and exchange markets in the US. Its main goal is to safeguard investors by promoting fairness within the securities industry.
Our team of investment fraud lawyers have represented many types of FINRA arbitration cases, including:
- Misrepresentation
- Fraud
- Unauthorized trading
- Failure to supervise
- Breach of fiduciary duty
- Ponzi schemes
FINRA arbitration is a way to solve disagreements between investors and brokerage firms or individual brokers without going to trial. It’s usually quicker and less formal than going through traditional legal processes.
During a FINRA arbitration, a fair third-party arbitrator or a group of arbitrators listens to both sides, examines the evidence, and makes a final decision on the disagreement. Their decision is binding and can be enforced.
Facing FINRA arbitration alone can feel intimidating. With the help of our knowledgeable Virginia FINRA arbitration lawyers, the process becomes much easier, and your chances of a positive result improve.
The Majority of Investment Misconduct Cases Are Handled Through FINRA Arbitration
When you open brokerage accounts, you often agree to settle any disagreements through arbitration instead of going to court. This structured yet flexible process is detailed in the agreements you sign, where you generally waive the right to have disputes handled by a judge or jury.
Arbitration is the main way to solve such issues because it’s considered more effective than court proceedings. Financial institutions also prefer it because of the privacy it offers. These hearings are kept private, with only the award amount being made public.
Our Virginia FINRA Arbitration Attorneys Will Guide You Through the Process
The arbitration process follows the FINRA Code of Arbitration Procedure, which lays out all the rules and steps. This Code mentions the kinds of disputes that can be addressed through arbitration and outlines the timeline for filing a claim.
Additionally, the Code covers how arbitrators are chosen and what they’re responsible for, as well as the process of gathering evidence and conducting hearings. This thorough framework is designed to ensure disputes are resolved fairly and efficiently.
File an Accurate Arbitration Claim
When you file a statement of claim, it marks the beginning of the arbitration process. This document outlines what happened and why you’re seeking financial compensation, serving as the first impression for the arbitrators.
The team at Meyer Wilson will make sure your statement is accurate and clear. We will provide the arbitration panel with a full picture of your situation and why you deserve to recover your losses.
To start the arbitration, you’ll need to submit your claim statement and a filing fee online. After filing, the brokerage firm has 45 days to respond.
Attend the Hearing
The size of your claim shapes how the arbitration unfolds. For claims under $100,000, usually considered small claims, one arbitrator typically handles the process. If your claim falls below $50,000, the decision is often based solely on written statements and responses.
Claims exceeding $50,000 or $100,000 require a FINRA arbitration hearing. Here, witnesses share their testimonies and present evidence. In cases decided by a panel, the outcome is determined by the majority vote.
The duration of arbitration varies depending on the specifics of your case. It may take roughly a year or longer from when you file your documents. Smaller claims with one arbitrator can be resolved in a few days, while larger ones may take weeks.
The Decision Is Binding
The decision made by the arbitrator or arbitration panel is final and typically cannot be challenged. After making a decision, the arbitrators and FINRA administrative staff create an award document.
This document contains important details, including:
- Identifying the parties involved
- Describing the claims and defenses
- Determining who succeeded in each claim
- Specifying the amount to be paid or dismissing the claims
If we succeed, the brokerage firm must pay you within 30 days. If they don’t, your Virginia FINRA arbitration lawyer can ask for the suspension of the brokerage license. We could also try to recover your losses through garnishment proceedings and attachment levy.
An Experienced FINRA Arbitration Attorney Serving Virginia Can Help With Your Case
When you’re trying to recover money lost due to investment fraud, working with an experienced attorney can increase the value of your claim. At Meyer Wilson, our skilled team has served thousands of clients and helped them get the money needed to protect their future.
Contact us to schedule a free consultation with one of our FINRA arbitration lawyers serving Virginia. We’re here for you.