Regulator On the Record (OTR) Interview 2010
Mr. May represented a registered representative in a Financial Industry Regulatory Authority (FINRA) “on the record (“OTR”) interview” where the allegations were unauthorized trading and forgery. The registered representative was very nervous and required a lot of hand holding. Mr. May took the time to practice the likely questions, what cross-examination feels like and how to make a good witness with the registered representative. After OTR but before the result was known, the registered representative confided that without the preparation and you there to protect me, “I would have taken my chair, smashed the window in the conference room and followed it down to the parking lot!” Both Mr. May and the registered representative were pleased when FINRA decided to take no action.
Blue Sky Matter in 2009
Mr. May defended individuals and firms from the Western United States in a blue sky related dispute regarding a Midwestern state’s securities regulator. As a result of Mr. May’s efforts, the clients were able to settle an initial demand by the regulator of almost $4,000,000 for less than $25,000, without having to spend money on a costly hearing and without having to admit liability on any of the accusations. While there were other terms applicable, they mostly amounted to agreeing to terms previously agreed to other jurisdictions bluesky regulators.
FINRA Arbitration in 2008
Mr. May defended a registered representative who was sued for approximately $205,000 concerning a private placement that went bad. Without doing any discovery or having an expensive hearing, Mr. May was able to settle the matter for a modest sum under the then applicable Financial Industry Regulatory Authority (FINRA) reportable amount. Amazingly, Mr. May’s broker client settled for only a little more than another party who had filed for bankruptcy, and whom could have been entitled to have any liability to the claimant/customer discharged.
NASD Arbitration in 2006
When Mr. May’s client received an arbitration claim from an upset investor of another firm that executed trades through his registered representative and it was for more than 10 million dollars, his client was very concerned. Even worse, Claimant’s counsel was the attorney a well-known Manhattan attorney who regularly appears on CNBC and originally brought suit against Merrill Lynch and Henry Blodgett.
Mr. May skillfully persuaded the National Association of Securities Dealers (NASD), n/k/a Finra to not hear the arbitration because the Claimant was not a customer of Mr. May’s broker-dealer (BD) client. Mr. May then filed suit in federal court seeking a declaratory judgment that his client need not arbitrate this dispute just because they were a NASD member. The other side tried to transfer the case to New York and have it dismissed, but Mr. May’s skillful brief convinced the judge to rule in his BD client’s favor. After that, his BD client was able to settle for a pittance!
NASD Disciplinary Matter in 2005
Mr. May defended his client from a disciplinary case brought by the National Association of Securities Dealers (NASD), now known as Financial Industry Regulatory Authority (FINRA), alleging violations of its Code of Conduct. In this matter, he was able to achieve a remarkable result for a registered representative charged with malfeasance by the NASD. The NASD’s Enforcement Staff sought a life-time ban and refused his registered representative’s good faith offers of settlement. At hearing, Mr. May’s defense resulted in his broker receiving a mere letter of caution from the Panel!
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