Los Angeles, CA (PressExposure) December 17, 2011 -- Securities Arbitration's Paul Young today criticized both Occupy Wall Street and Wall Street investment firms. "The stats are shocking," says the long-time burned investor's advocate. "With all the publicity and attention paid to Occupy Wall Street, it is disappointing that, through October, FINRA has taken in just 4,000 cases from burned investors seeking recovery of money lost due to the alleged misdeeds of Wall Street firms."
Securities arbitration provides burned investors the opportunity to take their grievances to a neutral panel in arbitration to recover money lost in investments and accounts due to misdeeds of licensed investment firms and individual investment professionals. The top issues are suitability, misrepresentation, failure to supervise, and other violations.
"Wall Street and Occupy Wall Street are on opposite sides. But they can and should come together to promote securities arbitration as an effective forum for burned investors to bring their claims, to get a proper and fair hearing, and a reliable result," says Young, whose advocacy for burned investors nationwide began in 1989. "Real people who've been abused by Wall Street can fight back and they can win. The number of case filings 2011 should be not 4,000 but 400,000 or more. If it were so, then it would mean that both Occupy Wall Street and Wall Street (and FINRA) were both doing right by Americans," concludes Young.
Securities arbitration programs have been in place for decades. By design arbitration and mediation are intended to replace court to provide individuals and others a fair forum to bring their grievances before a neutral panel. The panel will hear a case in any of the 50 states and in a location closest to the home of the claimant (the burned investor). Designed to be fair and neutral, in the "real world, fairness of process must be fought for but more often than not can be achieved in cases," notes securities arbitration veteran Young.