Has your employer taken the position that your deferred compensation was forfeited when you moved to a new financial service firm?
We represent employees that have been the subject of Wall Street’s retaliation. When leaving their firm, many financial advisers have been told that by taking a position with another competing firm they have forfeited the money accumulated in their retirement accounts up to the moment of their departure.
The Employee Retirement Income Security Act (“ERISA”) prohibits such forfeitures of retirement money.
We have reason to believe that many of the large banks and brokerage firms have similar policies with respect to departing employees. We are interested in talking to any former financial advisers who worked for wire-house firms and had their retirement money withheld from them when they left the firm.
The Financial Industry Regulatory Authority (FINRA) is a self-regulatory organization that plays a critical role in overseeing U.S. broker-dealers and protecting investors. Established in 2007 through the consolidation of the National Association of Securities Dealers (NASD) and the regulation, enforcement, and arbitration operations of the New York Stock Exchange (NYSE), FINRA operates as an independent, non-governmental entity. Its primary mission is to safeguard the integrity of the securities industry by enforcing rules that ensure fair and ethical conduct among broker-dealers and their registered representatives.
FINRA’s responsibilities include writing and enforcing rules that govern the activities of its member firms, conducting examinations and audits to ensure compliance with these rules, and administering a dispute resolution forum for investors and broker-dealers. Through these activities, FINRA promotes market transparency and fosters investor confidence.
Investor education is another key component of FINRA’s mission. The organization offers a wealth of resources to help individuals make informed investment decisions and recognize potential fraud. Additionally, FINRA maintains a public database, BrokerCheck, which provides detailed information about brokers and brokerage firms, including their professional backgrounds and disciplinary histories.
By maintaining a robust regulatory framework and emphasizing investor protection, FINRA plays an essential role in the stability and integrity of the U.S. securities markets, ensuring they operate fairly and efficiently for all participants.