Appellant Failed To Exhaust Exchange Act’s Administrative Remedies, Panel Rules

Mealey's (October 15, 2020, 2:03 PM EDT) -- CINCINNATI — A licensed securities professional failed to exhaust all administrative remedies under the Securities Exchange Act of 1934 when he filed a state court lawsuit against the Financial Industry Regulatory Authority (FINRA) and others seeking damages for sanctions ordered against him, and, as a result, a federal district court did not err in dismissing his action for lack of jurisdiction, a Sixth Circuit U.S. Court of Appeals panel ruled Oct. 14 in what it deemed an issue of first impression in the Circuit Court (Jeffrey Allen Mohlman v. Financial Industry Regulatory Authority, et al., No. 20-3257, 6th Cir., 2020 U.S. App. LEXIS 32395)....