Enter bashing: Finra small-firm candidates tee off on each other
Two small-firm candidates have lost no time in squaring off in a bruising battle for a seat on…
Two small-firm candidates have lost no time in squaring off in a bruising battle for a seat on the Financial Industry Regulatory Authority Inc.’s appeals board.
Finra last week said that compliance consultant Karen Fischer had obtained enough signatures to get on the ballot for a spot on Finra’s National Adjudicatory Council. She is running against David Sobel, the general counsel at Abel/Noser Corp., who was nominated by Finra’s selection committee.
The NAC reviews disciplinary decisions issued by Finra hearing panels and hears appeals.
Mr. Sobel was “picked by Finra. We don’t know how — probably on the golf course somewhere,” Ms. Fischer said. “I’m a compliance consultant, so I deal with this stuff day to day.”
Ms. Fischer said that the NAC comprises too many attorneys, such as Mr. Sobel.
Not surprisingly, he doesn’t see eye to eye with her.
Mr. Sobel said that attorneys are needed because NAC members have to sort through legal issues in dealing with cases. He went on to say that he also is a full-time compliance officer — and bashed his opponent.
“She’s a rent-a-finop,” Mr. Sobel said, referring to Ms. Fischer’s work in doing financial operations consulting with a number of broker-dealers.
“How many hearings has she handled, how many enforcement actions, how many briefs, how many charge memorandums?” he asked.
Ms. Fischer countered: “I’m an arbitrator, and have been on a couple [of Finra] disciplinary panels.”
Ballots for the seat went out Thursday with voting to end Nov. 18. If the start of the race is any indication, this campaign will be interesting.
Learn more about reprints and licensing for this article.
