Dallas FINRA Attorneys Defend Financial Industry Employees Wrongly Evaluated by Their Employers

Ted Anderson, Attorney Pat Milfeld, Paralegal

Ted Anderson, Attorney
Pat Milfeld, Paralegal

Kilgore & Kilgore’s Texas FINRA lawyers have successfully defended many employees in the financial industry from false charges made by their employers concerning their job performance. Our attorneys know how to navigate the FINRA arbitration process. They have won compensatory damages as well as expungement of defamatory information on FINRA Forms U-5 on behalf of employees serving as brokers and other employees of financial institutions overseen by the Financial Industry Regulatory Authority.

Our FINRA lawyers help employees submit claims for dispute resolution by FINRA who were damaged by false performance reports by their employers that appeared on their FINRA Forms U-5. Other types of cases include charges of account churning, unsuitable investments, or breach of trust by stockbrokers or other financial industry professionals and brokerages. Securities litigation cases and shareholder lawsuits for economic failure are other securities matters that we undertake. We also bring actions on behalf of investors claiming misconduct, attempts to conceal negligent activity, and other dubious behavior by securities dealers and stockbrokers.

Recent FINRA Cases Illustrate the Breadth and Scope of Our Law Practice

In 2018, there were 23 FINRA matters completed or underway at Kilgore & Kilgore. Below are some examples of the many FINRA cases that our Dallas FINRA attorneys undertook:

  • Claim on behalf of two brokers against their employer, a major bank, that resulted in each broker being awarded lost earnings and compensatory damages plus the expungement of false and defamatory information on their FINRA Forms U-5;
  • Claim on behalf of a former bank vice president regarding false and defamatory information on his
    FINRA Form U-5;
  • Claim on behalf of a family estate against brokers who were involved in churning and investment suitability misjudgments;
  • Claim on behalf of a broker terminated from a securities dealer involving defamation and disparagement on his FINRA Form U-5;
  • Claim that a financial institution wrongfully forfeited a financial advisor’s retirement and wealth accumulation account; and
  • Claim that a broker and broker-dealer breached their fiduciary relationship of trust with our client.
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FINRA Arbitration Experience

Our Dallas FINRA attorneys have a depth of experience with FINRA arbitrations. This form of dispute resolution is an alternative to litigation. The decision of the FINRA arbitrator or FINRA arbitration panel is legally binding, just like a court’s decision. A matter that goes through a FINRA arbitration cannot be brought before a court of law. In a FINRA arbitration, the arbitrator(s) hear arguments from both sides, review the testimonial and documentary evidence, and render a decision. A FINRA arbitration can take as long as 16 months. The claim’s size determines the type of FINRA arbitration process that is used. Claims that exceed $100,000 in value require a hearing with a three-arbitrator panel. Smaller claims can be decided by one FINRA arbitrator or proceed administratively through a process called the FINRA Simplified Arbitration Process.

Arbitration or FINRA Mediation

FINRA offers different methods of resolving a claim between an individual and a brokerage firm, arbitration or mediation. Deciding which method to use is easier with the help of an experienced FINRA attorney. Mediation is an alternative to arbitration. It is a simpler process and the result is easier to achieve. An attorney can help you understand how the result can differ using either method and can also represent you through the claims process. There are many important steps to the claims process, which a FINRA attorney can explain and guide you through. An arbitration is required when a broker or brokerage firm has a dispute concerning securities business activities and when the dispute is between one brokerage firm and another brokerage firm or between a brokerage firm and a broker. An investor can request arbitration and the broker and brokerage firm must comply. When a broker has a dispute regarding matters of employment, an arbitration is not required, but it may be decided that they agree to an arbitration. Since brokerage firms are represented by attorneys, it is not a good idea to represent oneself in a mediation or arbitration without benefit of legal counsel.

We Can Help You Build a Law Team

We respect established relationships with counsel and frequently joint venture with other lawyers representing clients with cases that demand large legal teams with adequate resources. We receive most of our referrals from other lawyers. When a conflict arises, or there is a need for local or trial counsel, we stand ready to support the team in whatever configuration makes the most sense. As a matter of policy, we always return a client to his or her original attorney.

Our Clients Tell Us

Review the testimonials shown on this page or click on this link to read some of the many client testimonials that people have sent to thank our FINRA attorneys for getting them back on track with their careers. Kilgore & Kilgore can do the same for you.

Reach Out to Us

To learn more about our FINRA arbitration practice, or to schedule an appointment to discuss matters in confidence with a Dallas FINRA lawyer, click on this link contact us, fill out and submit the form to get the conversation started. We offer a free review of the facts of your case with a Kilgore & Kilgore attorney.

“I lost my entire career by that wrongful termination report in the FINRA U-5 Form from my former employer. I was not prepared, emotionally or mentally. One day I was on top, the next day I was in complete despair. But I was in good hands with a team that advised and guided me and my wife with empathy and confidence. From my first visit with Bill Masterson, I knew I was in good hands. The Kilgore & Kilgore team guided me to victory and the recovery of my career. Thank you to Bill Masterson and the entire Kilgore legal team.”
– LLK, 2018, FINRA Arbitration, Defamation and Expungement, Former Wealth Management Team Supervisor, Major Insurance Company

“Bill Masterson listened to my story and understood my case at a time when I felt helpless. Through the FINRA process, Bill Masterson obtained a settlement and successfully got my U5/U4 from a large financial institution expunged so that I can work in the industry again. The institution would have won if I had fought them by myself, but Bill Masterson remained composed and confident. After working with Bill Masterson, I am happy to say I can now get my career back. Many thanks to Bill Masterson and his team.”
– HD, FINRA Mediation and Arbitration, 2016

“I was fired because of a report filed with FINRA stating I and others in my company were under investigation by a federal agency for our professional activities. I would unequivocally recommend the Dallas law firm of Kilgore & Kilgore because of how they handled my case. Robert Thornton and Ted Anderson were not intimidated by a politically powerful, multi-national corporation in the pursuit of what was right and fair. They never gave up. They cared about my interests. They knew what they were doing and prevailed. I deeply thank the FINRA Arbitration Judges for their dedicated efforts, independence, knowledge, and sense of justice.”
– MS, Local Government Bond Broker, Wrongful Termination and Defamation, Case Settled in 2011 and 2014, Respectively


Defamation on FINRA Form U-5, Reason for Termination Expunged:
FINRA Dispute Resolution, FINRA Arbitration No. 17-01737, dated December 1, 2018, in the matter of Keng v. USAA Financial Advisors, Inc.

Defamation, False Statements on FINRA Form U-5, Reasons for Terminated Expunged:
FINRA Dispute Resolution, FINRA Arbitration No. 16-02352, dated March 12, 2018, in the matter of Clark v. BOK Financial Corporation, BOKF NA, FOB Financial Securities, Inc., and BOSC, Inc.

Defamation and Expungement of Reason for Termination:
FINRA Dispute Resolution, FINRA Arbitation No. 16-02761, dated September 21, 2018, in the matter of Haney and Staton v. Deutsche Bank Securities, Inc.

Defamation, Libel, Slander on FINRA Form U-5, Reason for Termination Changed:
FINRA Dispute Resolution, FINRA Arbitration No. 15-02271, dated August 12, 2016, in the matter of Storaska v. LPL Financial LLC and Mark Kipling Durham, dba Texas Investment & Retirement Associates

Breach of contract, fraud, tortious interference with business relations and defamation:
FINRA Dispute Resolution, FINRA Arbitration No. 10-03097, dated November 11, 2011, in the matter of Schonhorst v. RBC Capital Markets Corp., f/k/a RBC Dain Rauscher, Inc., and William Gumbert

Libel and slander on FINRA Form U-5 and wrongful termination:
FINRA Dispute Resolution, FINRA CLAIM No. 13-02311, dated December 16, 2014, in the matter of Schonhorst v. RBC Capital Markets Corp., f/k/a RBC Dain Rauscher, Inc., and William Gumbert

Petition to vacate the FINRA arbitration award
was denied:
Clubine v. Southwest Securities, Inc.

Two FINRA Arbitrations and an Innocent Broker Clears His Reputation By Robert M. Thornton, Attorney, Kilgore & Kilgore PLLC
Every once in a while, you get a FINRA arbitration case that reminds you of why you became a FINRA arbitration lawyer in the first place. That was the case with Kilgore & Kilgore’s representation of Mel Schonhorst, a former managing director, financial advisor and bond executive with… Read More
A Banker’s Seven-Year Fight for His Reputation Against FINRA By Richard Williamson, March 23, 2014, The Bond Buyer Read More
Schonhorst v. Dane-Rauscher, LLC Wrongful discharge of securities broker results in large FINRA award for Kilgore & Kilgore’s client. Read More
FINRA’s Class Action Rule, Not as Simple as it Seems The class action rule issued by FINRA has been the subject of litigation and debate, requiring strategic decisions to be made with profound implications… Read More