FINRA Sued by Broker Demanding Jury Trial Under Top Court Ruling

The Financial Industry Regulatory Authority’s allegations in an internal proceeding to sanction and expel a member are assertions of common law fraud that should be brought before a court, the member says in a new suit.

The constitutional right to a jury trial in a judicial branch court, discussed in a recent US Supreme Court ruling, SEC v. Jarkesy, applies to FINRA members targeted for violations of the industry self-regulator’s rules, broker D. Allen Blankenship says. He filed his complaint and accompanying request for a preliminary injunction Wednesday in the US District Court for the Eastern District of Pennsylvania. ...