PIABA selects Andrew Stoltmann as new president

On plaintiff group's agenda: Establishing unpaid arbitration award pool and ensuring SEC doesn't 'water down' DOL fiduciary rule.
OCT 23, 2017

Chicago attorney Andrew Stoltmann has been selected as president of the Public Investors Arbitration Bar Association, replacing outgoing Ohio attorney Marnie Lambert. PIABA is a not-for-profit, voluntary bar association of lawyers who represent claimants in securities and commodities arbitration proceedings and securities litigation. In a release, the group said one of Mr. Stoltmann's top priorities over the next year will be to establish an unpaid arbitration award pool for investors who go through arbitration with the Financial Industry Regulatory Authority Inc. process, win an award and then don't collect. A 2016 PIABA study found that 25% of awards to investors issued in 2013 went unpaid. PIABA charges Finra with not having made substantive progress in implementing any of the possible solutions the attorney group outlined, and said millions of dollars go unpaid to investors every year. Another major effort will be to "prevent the SEC from watering down the fiduciary duty rule for investors." Other agenda items include making sure that any broker misconduct is not expunged from Finra BrokerCheck records, that the pool of Finra arbitrators be expanded, implementing a ban on non-attorney representation at Finra forums, and encouraging thorough oversight of Finra. Mr. Stoltmann heads Stoltmann Law Offices P.C., which he founded, and is an adjunct securities law professor at Northwestern University School of Law.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.