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Opinion
Bill Cohan

Wall Street's Overlords Always Win

A case study of one unhappy investor's attempts to get the federal courts to overrule a decision in his securities arbitration case.
It's not easy to recover what you lost from Bear Stearns. Photographer: Andrew Harrer/Bloomberg
It's not easy to recover what you lost from Bear Stearns. Photographer: Andrew Harrer/Bloomberg

Larry Stone is just your typical wealthy businessman who trusted millions of his hard-earned dollars to Colin P. Gordon, a hedge-fund manager at the now defunct Bear Stearns, and then lost most of those millions when the hedge fund crashed and burned in 2007.

Understandably peeved, Stone wanted to see if he could recover some of his losses from Bear Stearns, so he filed an arbitration claim against Bear's successor, JPMorgan Chase & Co., under the auspices of the Financial Industry Regulatory Authority, known as Finra.