Courtesy of Pam Martens
AdvisorLaw Says It Has Removed 1,004 Claims Against Brokers from their Public Records So Far in 2019
By Pam Martens and Russ Martens
Yesterday, the Public Investors Advocate Bar Association (PIABA) Foundation released a research study showing that Wall Street’s banks and brokerage firms are back to their old tricks again in gaming the private justice system that its crony self-regulator, FINRA, has carved out for the benefit of Wall Street to the detriment of Main Street.
PIABA previously exposed how FINRA, when it was called NASD, rigged the selection process for picking arbitrators so that the croniest ones kept getting selected. PIABA released this statement on July 20, 2000:
“In direct and flagrant violation of federal law, the NASD systematically evaded the Securities and Exchange Commission approved ‘Neutral List Selection System’ arbitration rule requiring arbitrators to be selected on a rotating basis. Instead, the NASD secretly programmed its computers to select some arbitrators on a seniority basis – just what the rule was designed to prevent.”
Selecting arbitrators from a limited pool of well-paid repeat players, many with ties to Wall Street, stands in stark contrast to the jury pool selection process in our nation’s courts where potential jury members are randomly selected from tens of thousands of average citizens.
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