Wall Street’s industry-funded watchdog said it was beefing up oversight of its 6,500 securities arbitrators after one of them was criminally indicted and suspended from the practice of law but failed to properly disclose those legal run-ins. The Financial Industry Regulatory Authority’s new policy comes after Reuters asked questions about the background of Demetrio Timban, a Medford, New Jersey-based arbitrator who has become a central figure in a lawsuit between Goldman Sachs Group Inc and a wealthy investor. “In light of your questions, we reexamined our paneling process and initiated this change,” a FINRA spokeswoman said in an email. More in the Chicago Tribune here.
