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Discovery Requirements in FINRA Arbitrations

Clients often ask, “if I file a securities fraud claim against my broker-dealer, what documents will I have to produce.”

Every case is different, but FINRA  has established a list of the basic documents that are presumed discoverable in all customer/investor cases. The list details the documents that investors will be expected to produce, as well as those documents that brokerage firms will be expected to produce. The lit is detailed in NASD’s Notice to Member (or NTM) 99-90 and can be accessed by opening the folloing link: http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p004058.pdf

Essentially, though, any investor bringing a securities case against his/her broker dealer or financial advisor, whether it be for unsuitability, churning, failure to supervise, misrepresentation, etc., can expect to have to produce the following documents:

(1) tax returns
(2) financial statement or similar statements of the investor’s assets/liabilities
(3) all documents the customer received from the brokerage firm
(4) account statements and confirmations
(5) all agreements related to the account at issue
(6) all account analysis relating to the account at issue
(7) all notes related to the account at issue
(8) recordings or notes of telephone calls
(9) correspondence between the investor and brokerage firm or financial advisor
(10) previously prepared written statements regarding accounts at issue
(11) prior complaints
(12) complaints or statements of claim filed in any civil actions regarding securities matters
(13) documents showing actions to limit losses
(14) resume or other documents sufficient to show educational or employment background
(15) documents sufficient to show ownership in or control over any business entity

If you have questions about the FINRA discovery process, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Ration, Florida.

To learn more about The White Law Group, visit https://whitesecuritieslaw.com.

Tags: , , Last modified: December 8, 2022