{"id":3691,"date":"2016-04-26T00:00:00","date_gmt":"2016-04-26T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/04\/judge_dismisses_scottsdale_cap"},"modified":"2016-04-26T00:00:00","modified_gmt":"2016-04-26T05:00:00","slug":"judge-dismisses-scottsdale-cap","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/judge-dismisses-scottsdale-cap\/","title":{"rendered":"Judge Dismisses Scottsdale Capital Advisor\u2019s Lawsuit Challenging FINRA\u2019s Enforcement Authority"},"content":{"rendered":"

U.S. District Judge Deborah K. Chasanow has dismissed Scottsdale Capital Advisors\u2019 securities case claiming that the Financial Industry Regulatory Authority did not have legal authority to enforce securities laws. The self-regulatory organization had filed an administrative case against the financial firm, accusing it of selling unregistered penny stock shares.<\/p>\n

In March, Scottsdale filed its complaint, contending that the claims brought by the regulator came out of violations of the Securities Act of 1933, which it believes that the Securities and Exchange Commission, and not FINRA, has purview over when it comes to enforcing it the act. However, Scottsdale also said that both the SEC and FINRA did not have the \u201crealm of expertise\u201d to make a ruling in the SRO\u2019s case against it.<\/p>\n

Judge Chasanow dismissed Scottsdale\u2019s lawsuit citing lack of subject matter jurisdiction. She said that the allegations brought by FINRA as they pertain to the penny stock trades should not be in heard in federal court. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. District Judge Deborah K. Chasanow has dismissed Scottsdale Capital Advisors\u2019 securities case claiming that the Financial Industry Regulatory Authority did not have legal authority to enforce securities laws. The self-regulatory organization had filed an administrative case against the financial firm, accusing it of selling unregistered penny stock shares. In March, Scottsdale filed its complaint, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3739],"tags":[2545],"class_list":["post-3691","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","tag-penny-stock-fraud"],"yoast_head":"\nJudge Dismisses Scottsdale Capital Advisor\u2019s Lawsuit Challenging FINRA\u2019s Enforcement Authority — Investor Lawyers Blog — April 26, 2016<\/title>\n<meta name=\"description\" content=\"U.S. District Judge Deborah K. 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