Attorny Richard Greenfield of the firm Greenfield and Goodman is aiming to grab some attention with comments like these:
FINRA’s mindset has never been on major league enforcement, but rather relatively picayune broker-dealer violations and even then the violations are more technical than they are real. Greenfield said, “the big boys always seem to get away with murder.”
Greenfield appeared on Larry Doyle’s Sunday radio program and talked openly and at length about corruption within FINRA. Some of the more riveting comments are regarding who FINRA goes after, the laissez-faire attitude of regulatory agencies, and outright lying on the part of the NASD/FINRA. For example:
The NASD coming out of the 1930s initially did a good job, but over time it became less and less concerned with enforcement and more concerned with the appearance of enforcement.
Here’s the clincher:
Documents provided by the NASD (now known as FINRA) to Greenfield and his colleagues show unequivocally that the NASD defendants lied to the NASD member firms regarding distribution of funds from the sale of the Nasdaq. Greenfield reiterates that these individuals lied blatantly and unequivocally. They intentionally lied. The lies are repeated over and over in a proxy statement provided to the member firms. The lies were repeated at roadshows which took place all around the country.
You can listen to the interview here, starting at the 16:40 mark.