FINRA Grants Motion to Dismiss Pursuant to Rule 13206 in Expungement Case

FINRA Rule 13206 states that “no claim shall be eligible for submission to arbitration under the Code where six years have elapsed from the occurrence or event giving rise to the claim.”

In Leonardo Duarte Costa v. J.P. Morgan Securities LLC., FINRA case No. 25-01035, Mr. Costa, a registered representative, filed a statement of claim in FINRA requesting the expungement/removal of a disclosure from his BrokerCheck Report. On August 7, 2025, J.P. Morgan filed a motion to dismiss pursuant to FINRA Rule 13206. The Panel dismissed Mr. Costa’s request as untimely pursuant to FINRA Rule 13206.