An embattled securities broker must face an enforcement proceeding from the Financial Industry Regulatory Authority over allegedly unethical business practices after failing to convince the U.S. Supreme Court to intervene over concerns about FINRA’s constitutionality.
Chief Justice John Roberts Jr. on Friday afternoon denied an emergency request from Salt Lake City-based Alpine Securities Corp. to stall the FINRA proceeding pending the firm’s challenge to FINRA’s private enforcement structure. Alpine, which was represented by the conservative boutique Cooper & Kirk, had argued that it would face “irreparable harm” by being subject to proceedings by a “‘private,’ utterly unaccountable enforcer of our Nation’s securities laws.”