Brokerage Rejected as Supreme Court Lets Finra Case Proceed

The US Supreme Court let the Financial Industry Regulatory Authority proceed with disciplinary proceedings against a brokerage accused of stealing from customers in a case testing Wall Street’s longstanding 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.

The rebuff is a win for Finra on one aspect of ...