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FINRA's problem: arbitration, settlements, expungement & credibility

Let's say you have a legitimate complaint against a broker who behaved unethically (e.g. sold unsuitable investments or misrepresented or ommitted material facts). You go to arbitration and a settlement is offered; however, a requirement of the settlement is a release for expungement, a statement that you will not oppose the broker's request for expungement of the FINRA record of the whole matter.
So you take your money and move on, leaving the perpetrator or the public with no record of the event... about 92% of them in 2014. All the while FINRA proudly proclaims the virtue of its Broker Check function in the name of transparency and accountability.
The best regulation money can buy, and did. More here: Deleted: FINRA Erases Many Broker Disciplinary Records

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