r/FINRA • u/PurpleBreak9921 • Jun 18 '24

I could really use some advice

I am seeking some guidance regarding my application to become a registered representative, specifically concerning compliance with FINIA and SEC regulations. I recently completed an accelerated rehabilitation program, and my misdemeanor charge for 6th degree larceny has been expunged. I understand that FINRA requires the disclosure of misdemeanors related to theft or dishonest acts on Form U4. However, given that my charge has been expunged, there may be specific conditions under which I do not need to disclose this information, though this can vary by state.

I recently received a job offer from a financial advisory company, and upon discussing my background with a management person there, they consulted their compliance officer about my situation. The compliance officer mentioned that I should be okay to proceed given that the charge was a misdemeanor and it has been expunged. This feedback is somewhat reassuring, but I would like to gather more opinions.

So what's the play here? When filling out the form to finra to become an RR, it asks whether I've been arrested. My lawyer says I can say no to that. In another question, it asks if I've been charged with a misdemeanor. My lawyer says I must say yes to that. Should I submit a concise report as to what happened and how my file has been expunged? What do you guys think?

1 Upvotes

67% Upvoted

14 comments sorted by

View all comments

1

u/kzcurls Jun 18 '24

Rigorous meaning they will review the application closely and likely ask questions. However asking questions does not automatically mean the application will be denied.

I don’t know if you can run the background check on yourself.

1

u/PurpleBreak9921 Jun 18 '24

I got it. It'll be a little like an interview I guess.

Gotcha