Posted 8 years ago on Dec. 21, 2011, 1:59 p.m. EST by fraudfight
from Santa Monica, CA
This content is user submitted and not an official statement
FINRA securities arbitration filings of just 4,000 cases in 2011 (through October) means Wall Street wins yet again. Why is this so? What can be done about it? Should anything be done or should those of the 99% who've been ripped off by Wall Street simply do nothing (when something may be able to be done)?
Securities arbitration provides burned investors the opportunity to take their grievances to a neutral panel in arbitration to recover money lost in investments and accounts due to misdeeds of licensed investment firms and individual investment professionals. The top issues are suitability, misrepresentation, failure to supervise, and other violations.
Wall Street and Occupy Wall Street are on opposite sides. My view: They can and should come together to promote securities arbitration as an effective forum for burned investors to bring their claims, to get a proper and fair hearing, and a reliable result. Real people who've been abused by Wall Street can fight back and they can win.
The number of case filings 2011 should be not 4,000 but 400,000 or more. If it were so, then it would mean that both Occupy Wall Street and Wall Street (and FINRA) were both doing right by Americans.
What do you think? Can we afford to only Occupy without doing all we can to use the systems in place to effect real change for real people? Even one person at a time? If we who are the 99% and who may have some ability to positively impact people's lives (I as a 24 year burned investor's advocate), recognizing the flaws in the securities arbitration system and that fairness of process must be fought for every hour of every day, should we not use the system to help people now as we work to improve it?