Imagine a court orders you to pay $1.2 million, and when you go to appeal this judgment, you learn the court has lost all records of key testimony in your trial.
And imagine this court isn’t in some Third World Banana Republic, but right here in the U.S.A.
It is, in fact, the venue most people are stuck when there’s a dispute with a big Wall Street firm – an arbitration panel of the Financial Industry Regulatory Authority or Finra.
This is what happened when former Morgan Stanley broker Mark Mensack went before Finra. He tried to call attention to what he thought were some unethical practices at the big firm where he worked, and soon found himself in bankruptcy court.
Click here to read my column on Marketwatch.