Oksman & Pontone
Attorneys at Law
Financial Advisor Misconduct & FINRA Arbitration
Recovering Losses Caused by Irresponsible Financial Advisors
Your Financial Advisor Has a Duty to Act in Your Best Interest
While all investments have inherent risk, financial advisors are required to minimize your exposure to financial loss by recommending suitable investment opportunities and managing your financial assets in your best interest.
If you believe you experienced a financial loss due to a broker, financial advisor, or investment firm recommending unsuitable investments or mismanaging your financial assets, it is in your best interest to retain a law firm that can represent you and seek to recover your loss through the most appropriate channel.
FINRA Arbitration
What is FINRA?
FINRA (the Financial Industry Regulatory Authority) is a non-government organization that, among other responsibilities, enforces federal laws and organizational rules for over 3000 member firms and their associated brokers and advisors, including most financial institutions in the United States.
When can I file a FINRA arbitration claim?
If you discover that a financial advisor or broker dealer firm caused you financial harm by failing to act in your best interest or recommending suitable investments, you have the right to file a claim for FINRA arbitration.
Financial advisors need to balance short and long-term market conditions to grow your investments. Poorly balanced assets, or an advisor not focused on achieving the best outcome for your portfolio can result in preventable losses of your financial stability. Some high-risk, short-term based investments like ProShares UltraPro QQQ (TQQQ), managed funds like ARK Innovation ETF (ARKK) and foreign-focused funds like iShares China Large-Cap ETF (FXI) are responsible for billions of dollars of losses in the last decade. To be effective, your financial advisor needs to not only understand how the financial products they recommend to you grow wealth, they also need to be proactive in recommending actions to you so you may retain your earnings and mitigate possible losses.
How does FINRA arbitration work?
FINRA arbitration is similar to a lawsuit filed in court with a few key differences. Rather than a judge and jury, a panel of one to three FINRA-trained arbitrators hear evidence and testimony relating to a claim and decide if the customer should be awarded compensation. FINRA arbitrations have limited discovery and are typically resolved much faster than court proceedings.
Common Causes of Financial Loss
Financial advisor misconduct can take many forms, including:
Breach of Fiduciary Duty
An advisor failed to act in your best financial interest or recommended unsuitable investments.
Misrepresentation of Investments
An advisor misrepresented an investment opportunity or omitted important information to convince you to invest.
Churning
A broker made unnecessary trades in your portfolio to increase their commission.
Unauthorized Investments
An advisor actioned a trade on your behalf without your permission.
Negligence
An advisor caused you financial loss through inattention, errors, or poor internal processes.
Fraud
An advisor misrepresented their actions or used your financial assets in an unauthorized way.
The FINRA dispute resolution process gives customers of FINRA-affiliated institutions a stream-lined forum where customers may bring claims against a financial advisor or FINRA member-firm. When you retain us, we will guide you through every step in the arbitration process.
What to Expect when you Contact Us
When you contact us, we will respond within two business days to schedule a consultation at no charge. During this time, we will discuss the following:
- Your Situation – This is your time to tell us how you believe your financial advisor caused financial losses by failing to act in your best interest, committing fraud, or recommending unsuitable investments.
- Details –We might ask very specific questions about your financial circumstances so we can understand the best path forward.
- Guidance – We leverage our combined experience in practicing law for over two decades to help you understand your rights and possible next steps if you choose to retain us.
Meet Our Legal Team
Michael J.S. Pontone
Partner and Principal
New York Bar Licensed, Second Department; New Jersey
Federal Court Admittance, Eastern District of New York
Michael Pontone went into private practice when he realized a substantial portion of the city’s most at-risk population was unaware of their rights and remedies under the law. If you are facing difficult legal issues, you need someone to fight for you. Micheal works with clients every day who have been injured or taken advantage of and wants them to know there is a way to fight back.
Nina C. Oksman
Partner
New York State Licensed, Second Department
Nina C. Oksman has over a decade of experience as an attorney practicing in law. She has appeared in courts and administrative venues throughout the five boroughs and the greater New York City area. A lifelong New Yorker, Nina is committed to social justice and advancing and elevating her community through her legal practice and volunteer work.