FINRA Arbitrator Booted for False Claim of Being a Lawyer

On Monday, FINRA confirmed that it had removed a Santa Barbara, CA arbitrator  James H. Frank from its roster of arbitrators. Arbitrator Frank had sat on nearly 40 arbitrations in California over the past 15 years. A FINRA spokeswoman confirmed that Frank claimed to be a lawyer and member of the bar in several states, when in reality he was not. It is unlikely that Frank’s revelation will have any effect on the many cases in which he presided, as parties have only 90 days after an arbitration award is issued to appeal such results to a court.

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