DD Support Board and Research Team

[janice shell]

Yes. And the perps themselves don't seem to take FINRA seriously. They pay their fines and then do it again a few years later.

Of course they don't take the SEC all that seriously, either. Both FINRA and the SEC disciplined John Fife around 15 years ago, but that didn't stop him for a moment. Eventually the SEC came back with a more effective action. I'm not sure what's up with that one, but I don't believe it's yet been decided.

But Fife--whose extremely lucrative business is important to him--is appealing a case HE filed against FINRA a few years ago. It goes back to the FINRA disciplinary action from 2007. Oral arguments were held in late December:

https://www.law.com/newyorklawjournal/2022/12/14/2nd-circuit-eyes-jurisdiction-over-brokers-customer-in-finra-disciplinary-process/?slreturn=20230019165708