The fairness of FINRA’s arbitration process is being called into question as lawyers and clients consider legal action to obtain new hearings or revisit decisions amid allegations that a former arbitrator lied about being an attorney.

James H. Frank, the former arbitrator, who, according to FINRA, falsely claimed to be a lawyer, oversaw more than 30 cases involving more than $15 million in claims while working with the regulatory agency and its predecessor, the NASD. Those involved in cases that Frank oversaw during his 15-year tenure say they feel they were treated unfairly.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access