← Broker database 2024-08-28
Jason William Bostian Suspended by FINRA Under Rule 9554 for Failure to Comply with Arbitration Award
According to FINRA, Jason William Bostian (CRD #6203051), a broker based in Grass Valley, California, was suspended from the securities industry on August 28, 2024, for failure to comply with an arbitration award or related settlement pursuant to FINRA Rule 9554.
FINRA Rule 9554 authorizes FINRA to suspend or cancel the registration of any person who fails to comply with an arbitration award or a settlement agreement related to an arbitration. The FINRA arbitration process exists to provide investors with a fair and efficient forum to resolve disputes with brokers and brokerage firms. When a broker fails to pay an arbitration award, it undermines the entire dispute resolution process and leaves injured investors without the compensation they were awarded. This action was taken in connection with FINRA Arbitration Case #24-00404.
Arbitration awards are binding decisions that brokers are obligated to honor. When investors prevail in arbitration and are awarded damages, they have a right to receive the compensation that was determined to be owed to them. FINRA's enforcement of arbitration awards through Rule 9554 suspensions is a critical mechanism for ensuring that the arbitration process has teeth and that investors can have confidence in pursuing their claims.
For investors, this case illustrates that FINRA takes the enforcement of arbitration awards seriously. If you have an unpaid arbitration award, FINRA has processes in place to hold brokers accountable. The suspension means that Bostian is currently prohibited from working in the securities industry at any FINRA member firm, and this restriction will remain in place until the award is satisfied. Investors can use FINRA's BrokerCheck tool to check whether a broker has any unpaid arbitration awards or other disciplinary actions before entrusting them with their investments.