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FINRA Enforcement Action in Tampa? An Experienced Defense Attorney Can Help
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Facing a FINRA Enforcement Action in Tampa? Here’s What You Need to Know
So, what do you do, if you get hit with one of these things? First, take a deep breath, because this is serious, but it’s not the end of the world. A FINRA enforcement action means the Financial Industry Regulatory Authority has launched an investigation into potential violations of securities laws or FINRA rules by you or your firm1.It all starts with FINRA’s enforcement staff conducting inquiries and gathering evidence2. They might request documents, testimony, or other information from you during this process, and you’re obligated to cooperate3. Refusing to do so could lead to bigger problems down the line, like being barred from the industry2.Once their investigation wraps up, FINRA’s enforcement team has two main options2:
- They can decide to take no further action and close the case.
- They can pursue formal disciplinary charges against you.
If they go for option 2, that’s when you’ll receive a disciplinary complaint laying out the alleged violations and proposed sanctions2. At this point, you can either negotiate a settlement through what’s called an “Acceptance, Waiver & Consent” (AWC), or request a hearing before a FINRA panel to fight the charges25.
The Settlement Path
Most FINRA enforcement actions actually get resolved through settlements2. The appeal is avoiding the cost, time, and uncertainty of a full disciplinary hearing. But, you have to be willing to admit to at least some of the alleged violations and accept FINRA’s sanctions, which could include fines, suspensions, or even a permanent bar2.Negotiating an AWC involves a lot of back-and-forth between you (or your lawyer) and FINRA’s enforcement attorneys2. They’ll propose sanctions based on their sanction guidelines, and you can make counteroffers trying to reduce the penalties. Having an experienced legal team on your side here is crucial for getting the best possible deal.
Taking it to a Hearing
If you decide to fight the charges at a FINRA disciplinary hearing, buckle up, because it’s an uphill battle2. FINRA’s enforcement team has a home-field advantage, and the hearing panels tend to defer to their sanction recommendations in most cases2.But, it’s not impossible to win if you have a strong legal defense and can poke holes in FINRA’s evidence or interpretation of the rules2. Your lawyers will need to bring their A-game in terms of crafting legal arguments, prepping witnesses, and trying to sway the panel in your favor.Either way, having skilled legal representation is absolutely vital when dealing with a FINRA enforcement action1. The stakes are high – you could face major fines, a suspension that derails your career, or even a permanent bar that ends it. It’s no exaggeration to say your financial future and professional reputation are on the line here.
Why Spodek Law Group?
At Spodek Law Group, we’ve been down this road with FINRA enforcement many times before1. Our team of seasoned litigators knows all the ins and outs of FINRA’s processes and tactics. We’ll explore every possible defense strategy and leverage our extensive experience to vigorously protect your rights1.It’s simple. Every single client deserves honesty and white glove service1. We take a hands-on approach, digging deep into the details of your specific situation1. Our attorneys hold regular case meetings to ensure we leave no stone unturned in pursuing the best possible outcome for you1.