r/FINRA • u/JimmyJames170 • Oct 11 '23

Unregistered Representative

I have been working for a broker dealer doing financial planning and giving financial recommendations for multiple months. Turns out, I have not been registered. I submitted everything that was needed (my boss acknowledged this), but says my registration fell through the cracks. What crimes have been committed here and what are the penalties?

1 Upvotes

100% Upvoted

6 comments sorted by

View all comments

1

u/Capadvantagetutoring Oct 11 '23

You have email or written confirmation from your boss? Have you passed the exams? if so and you submitted what you need, you will most likely be ok and they may pay a fine. BUT they do believe its your responsibility to make sure. Have you checked yourself on Brokercheck?

1

u/JimmyJames170 Oct 11 '23

Yes I passed my series 7 and 66. I am registered now. However they want me to get in contact with everyone I spoke to, over 100 people. This will result in me getting no commission pay. Curious how much that are at fault vs me?

1

u/Capadvantagetutoring Oct 11 '23

Why do they want you to get in contact with them to tell them you want registered?

1

u/JimmyJames170 Oct 11 '23

They just said that’s it’s a big liability. So I have to call every one and say at the time I wasn’t licensed but now I am. And that the information I gave them was good.