Federal Court Dismisses Advisor's Attempt to Remove Customer Complaints from BrokerCheck Profile

A federal court has blocked an advisor from directly suing FINRA over complaints on BrokerCheck, reinforcing the regulator's control over the profile. Advisor James Richard Tuberosa sought to erase six customer disputes from his record, but the court ruled that FINRA cannot be sued for doing its regulatory job, which includes collecting and keeping registration information, including customer complaints. The SEC has said this information helps protect investors and regulators.