The new president of an organization of attorneys representing investors in disputes with brokers warned that retail investors’ rights are “under an unprecedented attack from the financial services industry, Wall Street, banks and cryptocurrency interests.”
Michael Bixby, the founder and managing attorney for Pensacola, Fla.-based Bixby Law, was sworn in to lead PIABA, a volunteer group of attorneys representing claimants in securities arbitration and litigation.
Additionally, this week, the Financial Services Institute, a group lobbying lawmakers on behalf broker/dealers, welcomed new members to its advocacy team.
Bixby Law specializes in helping investors recover losses “caused by the misconduct, negligence and wrongdoing of broker/dealers,” according to the firm’s website. Bixby often represents retirees and has “obtained numerous record-breaking” arbitration awards.
In a statement, Bixby warned that regulators are “cutting back” on investor protection efforts, while state regulatory efforts are being challenged.
“I am eager to apply my professional tenacity and willingness to fight Wall Street greed to the critical mission of PIABA, and I look forward to working alongside PIABA members and investor advocates to stand in the gap for mom and pop Main Street investors,” Bixby said.
For the upcoming year’s agenda, Bixby said he is focusing on advocating for consumer protection standards in cryptocurrency regulation.
In recent months, state securities regulators have sounded the alarm about legislation that augments the country’s rules governing digital asset market structure. (In a letter to senators earlier this month, Massachusetts Commonwealth Secretary William Galvin called potential legislation a “recipe for disaster” that could impact millions of investors.)
Bixby also said he’d continue PIABA’s push for mandatory arbitration reform. The organization has long criticized the practice, arguing that arbitration clauses often fail to consider the client’s location and can price them out of pursuing claims altogether.
Bixby also said the organization would continue advocating for FINRA to implement “a real fix” to the problems of unpaid arbitration awards; earlier this year, PIABA criticized FINRA for approving a $50 million fee rebate for member firms, saying it should have instead gone toward paying down the amount of unpaid awards.
Additionally, PIABA announced that Joseph Wojciechowski would become President-elect, while Benjamin Edwards was elected Vice President, Courtney Werning would serve as Secretary, and Lance McCardle would be Treasurer.
In Washington, D.C., the FSI appointed Andrew Hartnett as its vice president of regulatory affairs and deputy general counsel, reporting to Executive Vice President and General Counsel David Bellaire.
Hartnett was previously Deputy Insurance Commissioner at the Iowa Department of Insurance & Financial Services, led the Missouri Securities Division and served as president of the North American Securities Administrators Association.
Additionally, the organization brought on Hanna Laver as vice president of legislative affairs and senior counsel, as well as Dan Barry and Matt Landers as associate vice presidents of legislative affairs and political engagement, respectively.