Regulatory Notice 25-16

Summary

FINRA has amended its Codes of Arbitration Procedure (Codes) to better balance the process for generating the list of public arbitrators sent to the parties in certain customer and industry disputes that have a three-arbitrator panel. In addition, FINRA has made ministerial Code changes to codify certain current practices; establish new timeframes for certain actions; and align provisions of the Codes related to expungement of customer dispute information.

The amendments become effective January 26, 2026.

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2022074289901 Thomas G. Scheiman CRD 1508288_Stephen M. Franko CRD 2157707 AWC ks (2025-1766017195957).pdf

In August and September 2020, Scheiman recommended that one retail customer and Franko recommended that three retail customers invest in GWG L Bonds, which were speculative, unrated corporate bonds. These recommendations were not in the customers' best interests, and Scheiman and Franko therefore willfully violated Rule 15/-1(a)(1) under the Securities Exchange Act of 1934 (Reg BI) and violated FINRA Rule 2010. For these violations, Scheiman is suspended for two months in all capacities, fined $5,000, and ordered to pay $2,600 in disgorgement plus interest.
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