FINRA Employment LawyerBeing fired is never easy, but for registered stockbrokers, termination can be devastating. If you are in an employment dispute with your former firm, a FINRA employment attorney may be able to help you resolve this conflict. Employment law in and of itself is complex, but when you work in the financial industry, employment law goes beyond things like discrimination and harassment. Most stockbrokers do not have an employment contract and are therefore employed at will. This means that they can be terminated at any time, for any reason. However, there are exceptions to this rule, which we will discuss further below. At Meissner Associates, we are dedicated to helping brokers bring to justice the employers who have wronged them. A FINRA employment lawyer can assist you in seeking compensation through FINRA arbitration and more if you are prepared to initiate your arbitration request. Common Types of Employment Disputes in the Financial IndustryWhen most people think of employment disputes, thoughts of discrimination based on race, gender, age, and sexual preference as well as sexual harassment likely come to mind. In the financial industry, employment disputes do include these previously mentioned items but also extend beyond them. Though stockbrokers are working on an at-will basis, they cannot be terminated for any type of discrimination, nor be terminated due to their involvement in an SEC investigation. Unfortunately, retaliatory action for whistleblowing is not uncommon in the financial industry. But that doesn’t mean your employer should get away with it. In addition to retaliation for whistleblowing, there are many other types of financial industry employment disputes you could be facing, including:
Repayment of outstanding promissory notes
Misrepresentation upon hire
Form U5 disputes
The Impact of Employer Wrongdoing In many other lines of work, if you quit your job or are fired, you can just find a new job and put the past behind you. But in the financial industry, things are much different. All stockbrokers and brokerage firms are required to register with the Central Registration Depository (CRD). This database provides corporations, FINRA, and the U.S. Securities and Exchange Commission (SEC) with specific information regarding these registrants. When you are terminated, your employer is required to fill out a Form U5 and provide copies to both you and FINRA so the information contained can be added to the CRD. Whether you have been terminated due to your own conduct, left on your own accord, or no longer work with your firm for any other reason, it is possible that the company could include false information on your Form U5, which could then result in an investigation by FINRA and an inability to find employment in another firm. If your reputation has been damaged by such misleading or untrue information, sometimes the only way to resolve this conflict is by heading to FINRA arbitration. Reasons to Head to FINRA ArbitrationAfter you have retained a FINRA attorney to represent you upon termination, you’ll need to initiate a FINRA arbitration request. There are a couple of things you should know about arbitration and how the process works before you proceed. First, FINRA arbitration is similar to litigation, except that the decision issued by your panel of arbitrators will be final, as opposed to having the opportunity to appeal it in court. With that being said, choosing arbitration is often much less costly and affords the opportunity to resolve the employment dispute sooner than going to court would. Your FINRA employment attorney will gather as much evidence as possible to present during the hearing, and your employer will then refute our claims. Once the arbitrators presiding over your case have heard both parties’ arguments, they will then adjourn to examine the details of the case independently. It can take as long as 18 months for a FINRA arbitration case to be resolved, but rest assured that at Meissner Associates, we have a strong track record of success when it comes to FINRA employment disputes. Get Help from a Qualified Employment Dispute LawyerDealing with an employment dispute on your own can be overwhelming and near impossible to overcome. Fortunately, when you reach out to an experienced FINRA employment lawyer at Meissner Associates, you may be able to work with a highly trained attorney who has years of success in FINRA arbitration. If you are interested in coming in for a free, no-obligation consultation, you can give our office a call at 212-764-3100 or submit the brief contact form provided on this page to schedule.