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Are you facing a FINRA bar? If so, it is imperative that you engage experienced defense counsel immediately. A bar can have severe ramifications, and fighting a FINRA bar requires a comprehensive understanding of both the substantive and procedural aspects of FINRA’s enforcement of the federal securities laws.
What to Do if FINRA is Seeking a Bar
1. Find Out Why FINRA is Seeking to Bar You
Is it because of non-cooperation with a FINRA investigation or because FINRA is accusing you of a serious violation of the federal securities laws?
2. Determine if a Settlement is Your Best Option
If possible, you want to avoid a bar. But if you are facing a clear risk of a bar in the future, accepting one as part of a settlement could provide important certainty and stability.
3. Carefully Consider (and Negotiate) the Terms of Proposed Settlements
There may be opportunities to negotiate and seize these opportunities to significantly improve settlement terms.
4. If You Don’t Settle, Be Prepared to Face a FINRA Enforcement Action
Your defense counsel will need to develop a comprehensive defense strategy custom-tailored to the specific circumstances.
5. Engage Experienced Defense Counsel
You need to make fully informed decisions quickly when facing the possibility of a FINRA bar.
12 Key Facts About FINRA Bars
- FINRA bars are common — 513 individuals were barred in 2022
- FINRA bars are extremely serious
- FINRA can bar broker-dealers, investment advisers, and others
- Bars are often used to settle FINRA investigations
- Bars can also result from FINRA enforcement proceedings
- FINRA enforcement proceedings are formal but more limited than SEC enforcement actions
- FINRA refers barred brokers to the SEC
- FINRA bars are public
- FINRA bars are permanent with no automatic reinstatement
- There are different types of FINRA bars
- It is possible to petition for relief from a FINRA bar
- Petitioning for relief is not easy and relief is not guaranteed
Reduction in pretrial jail population since NJ bail reform implementation.
Source: NJ Judiciary Annual ReportApproval rate for properly filed expungement petitions in NJ.
Source: NJ Courts Statistical ReportCommon Mistakes to Avoid
Actually Stay Silent
Most people know they have the right to remain silent but still talk to police. Anything you say can and will be used against you. Politely decline to answer questions until your attorney is present.
Bail Conditions Are Enforceable
Violating bail conditions, even minor ones, can result in immediate re-arrest and make it much harder to obtain bail again. Follow every condition to the letter.
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"Facing an SEC investigation was terrifying. The Spodek team negotiated a resolution that preserved my career and my reputation. Their knowledge of securities law is unmatched."— David A., SEC Defense Client MORE REVIEWS
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Todd Spodek
Featured on Netflix's "Inventing Anna," Todd Spodek brings decades of high-stakes criminal defense experience to every case.
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Frequently Asked Questions
New Jersey reformed its bail system in 2017. Instead of a cash-based system, judges now use a Public Safety Assessment (PSA) to determine whether a defendant should be released pretrial. Most defendants are released with conditions, while those deemed high-risk may be detained. An experienced attorney can argue for favorable release conditions at your detention hearing.
No. You have the constitutional right to remain silent and to have an attorney present during questioning. Anything you say to police can be used against you in court. Politely invoke your rights by saying "I want to speak with my attorney before answering any questions." This cannot be held against you.
Attorney fees vary based on the complexity of the case, the charges involved, and whether the case goes to trial. At Spodek Law Group, we offer transparent pricing and flexible payment plans. We provide a free initial consultation to discuss your case and give you an honest assessment of costs. Investing in quality representation often saves far more in the long run than choosing the cheapest option.
An arraignment is your first court appearance after being charged with a crime. The judge will read the charges against you, and you'll enter a plea (usually not guilty at this stage). The judge will also set bail or release conditions. Having an attorney at your arraignment is critical, as they can advocate for favorable bail terms and begin building your defense strategy from day one.
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