Receiving a letter from the Financial Industry Regulatory Authority (FINRA) can be an anxiety-inducing experience for broker-dealers and other professionals. Sadly, one mistake made by FINRA can derail or even end a career. That’s why it is wise to retain legal help, both to fight for your best interests and to hold FINRA accountable for any errors made during the investigative process.
As of 2023, FINRA has over 625,000 registered members and about 3300 registered securities firms, all of whom it is responsible for regulating and overseeing for compliance. In doing so, in 2023, FINRA gave out over $88 million in fines and $7 million in restitution. The agency also barred 178 individuals and expelled 5 firms and suspended over 257 other individuals and over 20 firms. In addition, FINRA referred more than 623 fraud and insider trading cases to the SEC and other agencies for litigation and/or prosecution.
What does a FINRA investigation entail? | FINRA investigations can potentially entail on-the-record testimony, informal interviews, and 8210 information and document requests. |
What is FINRA Rule 8210? | Rule 8210 provides FINRA with authority to request documents and information needed in FINRA investigations. |
What kind of requests are included in an 8210 Request? | 8210 Requests usually ask for professional and personal documents and information related to the alleged misconduct FINRA is investigating. |
If you have received a FINRA 8210 request, the New York Regulatory Attorneys at Malecki Law can guide you through this stressful time. Founded in 1999, our law firm has helped thousands of clients in New York and across the nation to successfully navigate the delicate needs involved in FINRA 8210 requests, investigations, and hearings. We will draw on our wealth of experience to protect you and your licenses. It really does matter how you word written response and disclose information. Sometimes, you may have exculpatory evidence they did not ask for that can help you. We will assess what is in you best interest. It is our mission to solve your problems quickly and transparently. Our goal is to get you a no action letter that puts the matter behind you and if that’s not possible, to negotiate the best deal possible or fight FINRA through a hearing to potentially exonerate you.
For legal representation you can rely on, contact Malecki Law online or call. We offer free consultations in person and over the phone.
What is a FINRA 8210 Request?Under FINRA Rule 8210, FINRA has the power to investigate broker-dealers, financial advisers, and other licensed professionals when they potentially have violated FINRA or SEC Rules relating to the core business they are engaged in. That spans from retail financial advisors to a brokerage firm’s CEO and all the people working at the brokerage firm between the two that play a role in advising on and executing transactions, analysis, issuance of securities and the like. The securities industry is one of the most highly regulated businesses in America. You could also get a FINRA 8210 request when you fail to disclose material information about complaints, bankruptcies, liens, private securities transactions, outside business activities and so many other matters financial professionals are required to disclose.
A FINRA 8210 request is, essentially, a subpoena for a member or licensed professional at FINRA. This means that if you receive this request, you are required to respond with the requested documents or you could be barred from the industry and lose your license(s) completely. Typically, this includes both business and personal documents. Failure to respond and being barred from FINRA will be publicly announced by FINRA and the order barring you would be publicly searchable on Google by just entering your name. FINRA’s posts get high search value on Google and other web search platforms, which means it will follow you around for life.
If FINRA decides that it will bring an action, you have an opportunity to try to convince them not to do through the Wells submission process or settlement before a complaint is filed. Malecki Law’s New York City FINRA Defense Lawyers actively fight at this step to minimize any impact on your reputation, licenses and career. Many aspects can be negotiated at this step. If it cannot be ended or settled, Malecki Law’s 8210 Attorneys in Manhattan have significant and successful regulatory hearing experience. We will represent you in answering the complaint, reviewing discovery, subpoenaing witnesses and defending you at the hearing to retore your reputation, maintain your licenses, and put your career back on track.
The fact is good people make mistakes. Not every mistake should be punished. Our lawyers will work with you to protect your rights, as well as to minimize the impact of a FINRA investigation.
Our Regulatory Law Firm in New York can also assist with the FINRA Regulatory Hearing process from FINRA Complaint, through discovery to a hearing. We will provide strong, powerful legal counsel at every step of the way.
Why Did I Receive a FINRA 8210 Request?At Malecki Law, we know that many people don’t even know why they have received a FINRA 8210 request in the first place.
A few things that trigger FINRA investigations include:
Our experienced attorneys will get to the bottom of why FINRA has turned its attention to you. That way, we can launch a strong defense to protect you and your career.
How Our FINRA Attorneys Can HelpJenice L. Malecki is known for her tenacity in fighting for justice, fairness, and equity.
Our experience also makes us stand out among other firms—in fact, we have set precedents and developed laws as a result of our ethical representation. We take on complex, high-profile cases on both sides, which has given us unique insight into how FINRA operates and investigates. Let our FINRA lawyers help you!
Schedule a free consultation today to learn more about how we can help with FINRA 8210 requests, investigations, and hearings.
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