To make these points most evident, I worked an arbitration with a law professor and an ex judge as chairperson. The plaintiffs attorney was second rate since he had missed not only the unsuitability of an investment, but the illegality. Neither other arbitrator noted the problem, but I made a specific issue in addressing this issue during the arbitration and demanded to know how this sale could have ever happened. Since the award could not properly address the illegal action, I requested that the matter be turned over to the DBCC for further action- at least censure. In the subsequent weeks, I had to make further request to the NASD and demand that the issue go to a higher authority- all the while while being stonewalled by an arbitrator who should know better.
Arbitrators have a responsibility to follow through.
His actions were unconscionable and unethical in regards to his responsibility to the process, industry and public. Though I did make reference to this in my review, he is still actively doing arbitrations. Additionally, attorneys tend to be limited in the knowledge as well.