Former FINRA examiner protests firing after whistle-blowing

04/8/2013 | InvestmentNews (free registration)

A former examiner for the Financial Industry Regulatory Authority says he was unjustly dismissed after he pointed out a flaw in a FINRA risk-rating system. Joseph Sciddurlo claims in a whistle-blower lawsuit that his 2011 firing came after he highlighted the flaw, which allowed major broker-dealers to be overleveraged in violation of a Securities and Exchange Commission rule. FINRA had no immediate comment.

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