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Arbitration case and U4

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Oct 26, 2010 5:44 pm

my broker/dearler was named in an arbitration as well as 4 officers, I was NOT named - the case includes 5 different clients complaints and totals $540,000 - only one of the clients is mine and represents only 50,000 of the name is NOT mentioned in the case however the b/d reported the arbitration on my CRD and also reported the full amount of $540,000 - is that the way it should be reported?

Oct 27, 2010 5:19 pm

Thank you - that was helpful.  Since my firm reported this without the benefit of a good faith determination or a reasonable investigation (I was never contacted about it - in fact did not even know there was a complaint until a new U4 showed up asking for my signature) appears to me that the firm was not required to report it but made the choice to.

Nothing in the notice actually dealt with the amount that was client's claimed damage is only 50,000 but the entire amount of the arbitration $540,000 (which includes clients of several other reps - reps that I don't even know or have any assocation with) is reported on my CRD......bad enough that it maybe shouldn't have been reported in the first place but the amount reported is a total misrepresentation of my actual involvement.

Again I very much appreciate your help.

Oct 27, 2010 7:10 pm

JJJ, give us an update over time, I'd be interested in hearing about it. This whole U4 thing has turned into a complete joke, lots of people in the same boat as you. Wish some legal, class action status would come about to clear up some of this.

Nov 7, 2010 3:38 pm


Please update.   The system appears to be out of control. 

Would a Class Action Suit remedy?   Does anyone else out there care for TRUTH?

I am following and interested in how we can bring the system under control.  How do we get back to the ethical standards set before the most money and the person with the best presented argument wins philosophy took over?

Where is the justice for Truth and Honesty over money and best techniques?

Please respond if you would like to help bring TRUTH back.

Nov 8, 2010 6:43 pm

I imagine that Bill Singer could discuss this at length, and whether a class action suit has any merit, or is even legally applicable in dealing with a regulatory body.

Fortunately, most firms, and hiring managers can see the difference between a rogue broker and someone with a frivolous item on their u4.