The fairness of FINRAs 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.
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