The Wall Street Legal & Regulatory Feed
Securities Industry Commentator by Bill Singer Esq
January 16, 2018
FINRA Dispute Hangs Out As SEC Unzips Zipper Appeal (BrokeAndBroker.com Blog)
http://www.brokeandbroker.com/3773/sec-zipper-finra/
http://www.brokeandbroker.com/3773/sec-zipper-finra/
So . . . 2016 became 2017, and 2017 now turns the page to 2018, and, go figure, but Bruce Zipper is still in the ring battlin' it out with FINRA and the SEC. Having read the SEC's September 29, 2017, Opinion and Order dismissing his application to review FINRA's finalization of his AWC settlement, Zipper now moves for a reconsideration of that ruling. Yeah, I know, biggggggggggggg surprise! In the Matter of the Application of Bruce Zipper for Review of Action Taken by FINRA, (Order Requesting Additional Written Submission, Securities and Exchange Commission, '34 Act Rel. No. 82486; Admin. Proc. File No. 3-17963 / January 11, 2018) As set forth in part in the January 11th Order, Zipper argues that [Ed: footnotes omitted]:
[H]e was induced "to accept a flawed agreement" because FINRA told him that he could not withdraw from the agreement the day after he signed it. The September 29 opinion addressed Zipper's argument that "he tried to withdraw from the AWC ‘the very next day after it was signed,'" but he appeared to raise that issue in an attempt to demonstrate that his appeal was timely. The Commission stated that Zipper's purported attempt to withdraw from the AWC the day after he signed it did "not change the fact that he did not file his application for review with the Commission within thirty days." Now, Zipper clarifies that he seeks relief on the ground that FINRA should have advised him of his options after he sought to withdraw from the AWC.