Stock broker suing FINRA alleging 'misleading' records

By Kyle Barnett | Oct 16, 2013

GRETNA – A local stock broker is suing a national agency he claims has wrongly maintained misleading information on his professional history.

John J. Chaisson filed suit against FINRA Regulation Inc, FINRA Dispute Resolution Inc. and Financial Industry Regulatory Authority in the 24th Judicial District Court on Sept. 10.

Chaisson claims that FINRA publishes on its website through their BrokerCheck program background information on brokers with the aim of protecting investors and are authorized to supervise and regulate broker activity. The plaintiff alleges the defendant gets its information from securities industry online registrations and licensing database the Central Registration Depository (CRD).

Chaisson asserts that the CRD recorded a complaint against him on Aug. 2, 2007 concerning the purchase of a variable annuity when he was working for a Chase bank and that at that time no civil complaint or arbitration claim was made. The plaintiff claims the matter was resolved directly with the customer, the complaint was closed and that he and Chase denied the claim. However, Chaisson alleges the complaint has stayed on his record as provided by BrokerCheck and FINRA.

The defendant is accused of maintaining an incorrect and misleading record.

An unspecified amount in damages is sought for expungement of the record.

Chaisson is represented by James F. Willeford of New Orleans-based Willeford and Toledano Law Firm.

The case has been assigned to Division L Judge Donald A. Rowan Jr.

Case no. 730-923.

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