The Financial Industry Regulatory Authority—the independent, securities industry–funded Wall Street regulator and investment arbitrator—has weathered its share of storms over the last couple years. Now another one is brewing, and it’s a doozy.
On Tuesday, Reuters reported that longtime FINRA arbitrator James H. Frank of Santa Barbara, Calif., lied about being a lawyer admitted to the bar in several states. Frank allegedly piggybacked on the academic and bar credentials of another lawyer of the same name in California, according to the report.
