Bloomberg Law
Sept. 8, 2021, 9:07 PM

Broker Loses Challenge to FINRA Zoom Hearing, Sees Case Tossed

Jennifer Bennett
Legal Reporter

Alpine Securities Corp. failed to keep its challenge to a virtual FINRA hearing afloat after a federal judge in Utah dismissed the case for lack of jurisdiction.

The broker-dealer sued to prevent the Financial Industry Regulatory Authority disciplinary proceeding over alleged excessive fees from moving forward over Zoom. But federal securities law requires Alpine to seek review first with the self-regulatory organization and then the Securities and Exchange Commission before heading to federal court, the U.S. District Court for the District of Utah said.

The Exchange Act and FINRA rules provide a detailed process—internal review first, then review at ...

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