Client Alert: FINRA Under Fire: New Lawsuit Challenges the Constitutionality of Its Enforcement Power

The Financial Industry Regulatory Authority's (FINRA) enforcement framework is again under scrutiny, as Boustead Securities, Sutter Securities, and former CEO Keith Moore filed a constitutional challenge in the U.S. District Court for the District of Delaware seeking to halt a pending FINRA disciplinary proceeding that they claim is unconstitutional from top to bottom. The complaint alleges that FINRA, a private corporation and the only registered national securities association, serves as a... By: Shumaker, Loop & Kendrick, LLP