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Wednesday, February 26, 2020

Broker-dealer, New Jersey attorney allege false FINRA publication damaged reputations

Federal Court

By Marian Johns | Jan 8, 2020

Money065

NEWARK, N.J. (Legal Newsline) – A broker-dealer and a New Jersey attorney allege the Financial Industry Regulatory Authority's (FINRA) bias and its false reporting of the company's expulsion from the FINRA has damaged their reputations.

BlackBook Capital Inc. and Franklin Ogele filed a complaint Dec. 23 in the U.S. District Court for the District of New Jersey against FINRA, alleging violation of the Securities and Exchange Act, libel/defamation and other counts.

Ogele and BlackBook allege financing for their more than $60 million in real estate development project deals were pulled due to FINRA's false publication on its Central Registration Depositary that BlackBook was "expelled" from FINRA for not paying a $50,000 fine. The fine was actually $7,599.85 for a "minor infraction," the suit states, and BlackBook withdrew its FINRA membership voluntarily.

The plaintiffs seek damages, costs, attorney's fees and all other proper relief. They are represented Ogele of Newark, New Jersey. 

U.S. District Court for the District of New Jersey case number 2:19-CV-21772-JMV-JBC

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