Wow, re-reading this paragraph from HoC II has set my head spinning again:
FINRA is not a part of the government. FINRA is a non-profit entity with regulatory powers set by congress. This makes FINRA the largest self-regulatory organization (SRO) in the United States. The SEC is responsible for setting rules which protect individual investors; FINRA is responsible for overseeing most of the brokers (collectively referred to as members) in the US. As an SRO, FINRA sets the rules by which their members must comply- they are not directly regulated by the SEC
So uh, who watches the watchmen here exactly? Hell, how can something this big with such a huge bearing on people's lives not have public oversight?!?! Setting aside the aneurysm caused by contemplating all this, I still really want to give someone a piece of my mind.
I know u/atobitt says FINRA takes FOREVER to respond to anything (and it definitely won't go anywhere), but I decided it would be cathartic and worthwhile to file a complaint anyway and I want to share the steps I took in case anyone else might be interested.
My intention is to continue following up on any molasses or lack of response from FINRA to my local and state officials, as well as following up with Mr. BDE GG at the SEC since he encourages the public to weigh in and tell us what’s important to us.
The optimist in me hopes GG and the SEC are hoping for riled-up comments from the public so that they have cover to drop the ole' 'People are saying' bit to take action.
The pessimist tells me this goes nowhere, but at least we are all documenting this stuff as we go this time.
All of this said, here is how I expressed displeasure:
1.) Looking at the options in the investor complaint center, manipulation of price and volume is definitely what I want to leave a word on.
2.) On this first page, only the Security type, dates, primary problem, and explanations are required. Please note, you are extremely limited in most character fields, which is why I referred them back to the complaint summary since it has 3,800 characters available. In the complaint summary, I have linked some of the best due diligence that goes into the issue at length.
Sorry, the screenshot of this step needed to be broken into 2
Screenshot 2 of 2 for step 2
3.) Next, they ask for who the complaint is against. I hope a wrinkled brain can weigh in, but I don't believe FINRA has a CRD Number.
So far, so good
4.) Some additional required fields they ask about:
5.) FINRA allows for the complaint to be submitted anonymously or with information filled out. Then the only other requirement is military status and age breakout.
6.) Ta-Dah! A participation trophy 🏆!
Saving and tucking this bad boy away somewhere nice
7. Rest easy knowing your concern is securely on file with someone who gives a shit....