Gonser Law PC

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FINRA Expungements

WE ASSIST BROKERS WITH SEEKING EXPUNGEMENT OF NEGATIVE DISCLOSURES ON THEIR FORM U-4’S AND U-5’s

Broker and investment advisor records are now public through the FINRA Broker Check database at www.FINRA.org and accessible by all investors.  Brokers or Advisors with a negative entry on their registration, be it an adverse arbitration award, a lien filing or a termination from a member firm for example, are less likely to be hired to manage an investor’s assets and damages his/her reputations. In many instances, we can assist clients in efforts to have the negative disclosure(s) removed (expunged) from his/her CRD, thus creating a clean record for anyone utilizing the FINRA Broker Check. Gonser Law PC has assisted many brokers by filing a FINRA Action seeking expungement and successfully obtaining an Award that is then confirmed in a Court of competent jurisdiction directing FINRA to remove the negative disclosure from the broker’s record forever.

FAQ’s:

  1. What types of information can be expunged?
    The information that is typically expunged arises out of disputes between customers and member firms or their associated persons that have been reported on Forms U-4 and U-5 by the brokerage firm in response to those claims.
  2. What steps should one take to seek expungement?
    If a party seeking expungement is involved in an active arbitration proceeding, he or she should request expungement in his or her answer, counterclaim, or statement of claim. If a proceeding has concluded, our firm is able to file a new FINRA action solely aimed at obtaining expungement of the negative disclosure. The 3 standards for a panel granting expungement of CRD entries is specified in Rule 2080 of the FINRA Code of Arbitration Procedure. This rule dictates the procedural requirements for seeking expungement and the arbitrators will ultimately determine whether expungement should be awarded following a hearing. The standard of proof in such a hearing is whether the Panel determines any of the following apply to the original claim:

    1. The claim, allegation, or information is factually impossible or clearly erroneous.
    2. The registered person was not involved in the allegedly investment-related sales practice violation, forgery, theft, misappropriation, or conversion of funds.
    3. The claim, allegation, or information is false.

If any of these three (3) standards are met, that Award can be confirmed in Court with an order that FINRA remove the negative entries.

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    Testimonials

    Bob: I just wanted to send you a note now that all this is behind us, to let you know how much we appreciate your effort on our behalf. If it was not for you, we would never have been able to recover anything from our broker/dealer. My sincere thanks for all your help.
    J.B., California
    Bob: You should feel proud of your professional performance in handling my mother’s securities arbitration case earlier this year. My family and I extend our personal thanks to you and Marie for your hard work to make our case a success. We were extremely pleased with your performance.
    G.B., North Carolina
    Through your hard work and smarts, you secured a good settlement for me. I would never have been able to recover a penny without your help. I thanked you at the time, but just wanted to be sure you know how grateful I remain.
    C.O., California
    Thank you so much for the result. We got the result that was better than expected. It was a long journey and was worth the fight.
    P.K., Illinois
    Thank you for all you have done to make things easier during this difficult time. We were lucky to have you on our team.
    L.T., CALIFORNIA
    On behalf of my family, we wanted to again Thank You for helping us in regard to our case. During some very stressful times you were always there to answer questions and put everything back into perspective. I felt a great level of comfort having you handle our case. You are very good at what you do.
    A.L., Minnesota
    Bob-My brother Dick, myself and especially my Mom want to thank you for all your hard work. We appreciate your candid appraisals of where our case stood as process evolved. We feel that realistically you achieved all that was possible considering all factors… Thank you.
    D.P., California
    Thank you so much for all your efforts on my behalf. It was a pleasure to be represented by a kind, professional and passionate legal team during a challenging time for my family and me.
    V.D., CALIFORNIA
    Bob took my case on a contingency basis, which was important to me because I had lost everything in the bad investments my securities broker had recommended. Bob successfully argued in mediation, and got me a sizable reward. I would absolutely recommend Bob, especially for FINRA related cases.
    Joe B.
    Thank you for all you have done to make things easier during this difficult time. We were lucky to have you on our team. We were also very blessed to have the staff support that you provide with your services.
    L.T
    We appreciated Bob Gonser’s professional advice and support in handling our case and were impressed with his vast knowledge of our securities investments. Through Bob’s guidance, we were able to obtain a pleasing settlement without having to endure the stress of a hearing…
    A.P., Maryland

    Gonser Law PC

    3717 Mt. Diablo Blvd. Suite 210
    Lafayette, CA 94549

    (925) 310-4408

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