FINRA Defeats Legal Challenge By Penny Stock Broker Alpine, But Faces Ongoing Legislative Threat

FINRA Defeats Legal Challenge By Penny Stock Broker Alpine, But Faces Ongoing Legislative Threat

The Supreme Court just declined to hear a penny stock broker’s legal challenge to FINRA’s constitutionality. Despite it, a new bill aims to strip the self-regulatory body of its key powers, moving them to the SEC.

Supreme court lets FINRA proceed with Alpine case

The Supreme Court allows FINRA to continue seeking industry expulsion for the embattled brokerage Alpine in a case testing the authority of self-regulatory organizations.