06.02.25

Supreme Court Lets FINRA Case Proceed in Test of Wall Street’s Self-regulation

by: Greg Stohr

The U.S. Supreme Court let the Financial Industry Regulatory Authority (FINRA) proceed with disciplinary proceedings against a brokerage accused of stealing from customers, in a case testing Wall Street’s reliance on self-regulatory organizations. The justices without comment turned away an appeal from Alpine Securities Corp., which argued that a lower court didn’t go far enough when it blocked FINRA from expelling the brokerage until the Securities and Exchange Commission weighs in. Alpine said the federal appeals court should have stopped proceedings altogether while the legal fight goes forward.

Read the full article on Bloomberg