Recent Entries
«Return to Main Blog Page
Press Release - Phantom Retentions
March 12, 2015

Securities Experts Roundtable Sends FINRA Report Critical of “Phantom Retentions” – the Unauthorized Listing of Experts on FINRA Witness Lists
March 12, 2015, New York, NY.     The Board of Directors of the Securities Experts Roundtable (SER) has approved and today sent to the Financial Industry Regulatory Authority (FINRA) Dispute Resolution Task Force a report critical of the practice of “phantom retentions.” The report is authored by Stuart Ober, SER’s immediate Past President and a current Director. 
According to the report, phantom retentions occur when one party in FINRA arbitration lists an expert witness, without the knowledge or consent of the listed expert and without actually retaining the expert. This deceptive tactic has several adverse effects noted in the report, including impeding the fair and efficient resolution of disputes and possibly unfairly harming the listed expert’s reputation.
In SER’s cover letter to FINRA, Richard M. Leisner, SER’s current President, stated: “SER is grateful to Stuart Ober for an excellent report that so effectively spotlights the unethical practice of phantom retentions and also suggests several solutions that SER hopes FINRA will consider.”
For a copy of the complete report, click here.
Founded in 1993, SER is a select group of financial services industry professionals with significant experience as testifying and non-testimonial consulting experts in litigation involving securities, commodities and investment-related issues. SER members provide expert witness services in federal and state courts, arbitration (FINRA, JAMS, AAA, etc.) and mediation proceedings. Our members’ backgrounds include careers in accounting, investment and asset management, business leadership, investment banking, corporate governance, the law and academe. SER is a non-profit corporation and conducts its business exempt from federal income tax under Section 501(c)(6) of the Internal Revenue Code. 
Additional information about SER is available at


SER Members serve parties engaged in securities disputes. SER is a party-neutral organization. Items published in this Newsroom that express an opinion or a party bias are not reflective of SER's policy positions or its views as an organization. Items published in the Newsroom on this Website may also be published on SER's LinkedIn Page.

Members: To submit a news item to the Newsroom, first log in, then return to this page and press the button that will appear here.