November 14, 2010
I know personally, it is extremely UNFAIR when an investor claims unsuitability as an unsophisticated investor and still must disclose ALL financial information to the same CRIMINALS that perpetrated the fraud in the first place. The FINRA reps should have determined sophistication and suitability BEFORE the investment and not allowed to BLUR the facts by claiming some sophistication by arbitration discovery. This is an unbelievable travesty of justice. This is financial RAPE or described as the "financial colonoscopy."
I will be more than happy to come to Washington to explain more of my horrific experience with FINRA. I'm still waiting for the investigation results of my complaint filed with FINRA almost 3 years ago.
FINRA should consider more respect for the VICTIMS than the defrauding sales CRIMINALS. Remember, the sales people already have a tremendous advantage with verbal statements to convince the investor. There is no consequence for the investment firm and the sales agent to just not provide requested documents. It took 9 months for FINRA to rule on my request to compel the firm to provide discovery requests and I'm still waiting.
There must be a complete cultural change in FINRA.