Chris Seps

Chris focuses his practice on complex litigation and arbitration in the securities and commodities industries. His securities practice involves handling both customer and industry disputes, as well as regulatory matters, involving issues of fraud, suitability, breach of contract, wrongful termination, negligence, defamation on a Form U-5, breach of fiduciary duty, negligent misrepresentations, and violations of state and federal securities laws. His commodities practice involves handling a wide variety of matters including issues of churning, fraud, breach of fiduciary duty, unauthorized trading, failure to supervise, and NFA arbitration. He has litigated matters in a variety of forums including FINRA arbitration, NFA arbitration, and AAA arbitration, and he has represented clients in both state and federal courts. Chris also has experience defending industry members against regulatory actions brought by FINRA and the NFA. His experience in both the securities and commodities industries has exposed him to a variety of industry and customer situations, as well as a variety of products, including tenancies in common (TICS), real estate investment trusts (REITS), auction rate securities (ARS), swaps, bonds, futures, options, variable annuities, private placements, and other derivatives.

Latest Articles

When a registered rep contacts us about seeking expungement of customer complaints from his or her CRD record, we always respond that expungement is not a sure thing.  It turns out that is more true than ever before because of the way FINRA is treating its “waiver” process. You see, we recently participated in an expungement hearing on behalf of our client, let’s call him AJ.  After the obligatory hearing took place, which was uncontested,…
Here is a piece from Chris Seps, who has a bit of a reputation around here for being angry.  Judge for yourself.  But, for what it’s worth, I do want to say that I have had the pleasure of being involved in several cases in which the subject of this post, Dr. Craig McCann, appeared on behalf of the opposite party.  While I generally disagree with his opinions, Dr. McCann is a gentleman, and has…
At the end of last week, we received our second[1] decisive win in a FINRA Enforcement case in a matter of days. Following a two-day hearing back in July, the hearing Panel dismissed all charges against our clients Paul J. McIntyre and MSC-BD, LLC. While any victory is nice, and doing justice for a client who always viewed these allegations as meritless is rewarding, this success was even sweeter because of the completeness of…
I’ve previously posted about my frustration with the way the discovery guide is written, with particular attention focused on List 1 Item 10.  See my prior post here.  Item 14 causes me similar angst. Why? Because Item 14 is so poorly worded that, if read literally, almost no audit report will ever be responsive to it. Under Item 14, a Broker-Dealer involved in a customer arbitration must produce: Those portions of internal audit reports for…
FINRA’s Discovery Guide for Customer Disputes is not perfect. I think that FINRA would be the first one to admit that – which is why the Discovery Guide adopted under the Code of Arbitration Procedure for Customer Disputes has been revised three times in the past five years, and a task force has been set up to continue making revisions. This is the first of what will likely be many posts that highlight some of…
I recently had two clients, both respondents in pending matters – ask me the same question in the same day: should I mediate this case? The answers I gave them differed dramatically, not just because the facts of each case were very different, but because one case was a customer arbitration, where we are defending against claims of fraud brought by a sophisticated investor, and the other was an Enforcement action, where we were defending…