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  1. #1
    Join Date
    Mar 2015
    Posts
    1

    Default FINRA Arbitration for a Dual Employee

    My question involves labor and employment law for the state of: New York (at-will, i know)
    I was a dual employee of a large global bank. By dual employee I mean that I worked as both a banker and registered representative (series 7). Hence, I was employed by both the bank and the securities firm. I was wrongfully terminated with malicious intent and used as a scapegoat regarding accusations for which this bank has already admitted criminal wrong-doing and paid a fine.
    The bank is not a member of FINRA, but its affilaite, the securities firm is a member of FINRA. FINRA has accepted my claim for arbitration against the securities firm however the bank, not being a member and already admitting guilt to the US govt., has decided not to enter into the arbitration.
    I am confident in presenting and backing up the facts of my case with a great deal of evidence. However, my main question now is the extent to which I can ultimately hold the securiites firm responsible. As the bank filed my termination form and provided the false allegations to the securities firm. The securities firm, accepted these false allegations and disclosed this information to FINRA.
    At no point did the securities firm attempt to verify these false allegations prior to filing the U5 and essentially blacklisting me from employment in the financial industry.
    It is my perspective that since the bank refuses to own up to their false and malicious allegations and since the securities firm blindly accepted these allegations witout any investigation (and being an affiliate of the bank for which I was also employed), and made them public via u5 disclosure on FINRA broker check, that I can hold the securities firm equally responsible.
    Any advice regarding this matter would be greatly appreciated. Thanks

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: FINRA Arbitration for a Dual Employee

    I'm in the middle of training to be a FINRA arbitrator. I suggest you talk to a lawyer. Your premises here are full of holes.

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