FINRA washes out broker’s mouth with soap and a suspension.

Posted by on Oct 27, 2010 in Uncategorized | Comments(0)

OK, so remember when your mother was allowed to wash out your mouth with soap for using “dirty” words? (Now I think it counts as child abuse.) I do. There is at least one person who does not.

In a recent FINRA disciplinary decision, a certain “forbidden” word was written in the opinion multiple times. I can’t recall ever seeing that word appear in a prior opinion, but it most certainly could have. The opinion is here. The interesting thing is that the word was used in quotes of statements made by the Respondent (the person whose license was in jeopardy.)

I am certainly no prude. Anyone who knows me knows that I can sling profanity with the best of them. But I make it a practice of not directing it at regulators (at least not in their presence). But this individual, who was represented by counsel and must have been embarrassed by his client’s conduct, simply let the FINRA employees have it, with both barrels and unvarnished. I don’t know WTF he was thinking.

But I can only imagine his reaction to the fact that the National Adjudicatory Council increased his fine from $12,500 to $50,000 and increased his suspension from 35 days to one year. I’ll bet he said more than WTF.

So what did we learn from this? Don’t curse at regulators, unless you’re related to one. Behave yourself in disciplinary hearings. And don’t threaten people that you will get them fired. Either get them fired or don’t. They don’t react well to mere threats. In all my time practicing, I can’t say that I’ve ever threatened a regulatory employee that I would make them lose their job. I’m thinking that they would resent that behavior. But that’s just me.

So, read the decision and let’s all say WTF together and thank our stars that we’re smarter than this one person who seems to have an anger management issue.

That’s the friggin’ view of one lawyer from Jupiter, Palm Beach County, Florida. I’m Marc “effing” Dobin. Have a great “effing” day.

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