Self-Represented Broker Loses $122,000 in Arbitration Claim Battle
A broker who decided to represent himself in a legal battle over securities arbitration has lost his claim for $122,000. The case, which was reviewed and decided by a Financial Industry Regulatory Authority (FINRA) arbitration panel, adds to a series of outcomes where non-professional representation yields less favorable results. The claimant, Philip Richardson, a licensed broker himself, lodged a complaint alleging that his former employer, a brokerage firm named XYZ Capital (a fictionalized name used herein), mishandled his investment portfolio which led to significant losses. Richardson sought to recover $122,000 in damages. According to details … Read more