Forum Post: Securities Arbitration via FINRA and NYSE Combats Investment Fraud, Stock Market Abuse of Investors.
Posted 3 years ago on March 16, 2012, 2:16 p.m. EST by fraudfight
from Santa Monica, CA
This content is user submitted and not an official statement
Don’t we have to do more than march and engage in “theatrics” to achieve fairness, parity and equity from Wall Street? Is it enough to protest and to march? Don’t we have to do more than march and engage in “theatrics” to make sure the one percent we want to pay attention to the 99% (let alone respect) are getting the message?
I think that the one percent view the 99% as a joke. As people to be walked around, stepped over (literally and figuratively) and just simply abused – as we have been since the NYSE was formed on May 17, 1792 under a buttonwood tree at 68 Wall Street.
People. Just people, now called the 99%, set up to be financially abused and used. As an annoyance when we march and as customers to be fleeced and left by the side of the road when Wall Street has successfully separated us and our family from our money.
To the thesis that marching isn’t close to being enough, I have written here before, as a 24 year securities arbitration advocate representing Main Street people burned by Wall Street, that we CAN use the securities arbitration system to effect change; to impact Wall Street and government, too.
That the 5,000 or so new securities arbitration cases filed in 2011 against Wall Street is testimony that Wall Street is winning. Until people ripped off by Wall Street file case after case, Wall Street will keep on winning. Winning to them is money. More and more money from individuals, retirement savings, college education funds, etc.
Unless more and more and more burned investors fight back via securities arbitration systems that are in-place and, believe it or not, work damn well for most people most of the time, we 99%ers are screwed still and will be in future.
So, the goal is to spread the word that we want burned investors from across America to stop being victims. To stop the embarrassment and anger which jointly work to create inertia. Inertia - doing nothing - is exactly what Wall Street wants! They plug it into the calculus. People ripped off by Wall Street will fail to fight back they correctly calculate. Few investment fraud victims fight back. Sad though it is, it is nonetheless true.
Wall Street thinks that investment fraud victims will sit. They will sit with their embarrassment and get depressed from their anger. That Main Street will think that fighting back is an impossible David versus Goliath burden. And, therefore, Wall Street wins – twice. First they get the money from victims to whom they have sold unsuitable investments, lying about them (or failed to disclose the full truth of the character and risks of the products), charging excessive commissions and fees, etc. (so many issues of abuse of Main Streeters). Second, they count on people to fail to fight back.
Wall Street will take notice when 500,000 new securities arbitration cases are filed this year. 500,000 – not the terribly low number from 2011.
As one who has been fighting them in securities arbitration for burned Main Streeters from 33 states over 24 years, the securities arbitration system can work well for burned investors when it is worked well. When the fight is hard, the harder we must fight.
Join us. Make 2012 the year Wall Street must take notice by using the securities arbitration system work for burned Main Street investors. It can be done. We can do it. But marching isn’t nearly enough.