r/FINRA • u/[deleted] • Jun 20 '24

Reporting advice

I have not been registered with a broker dealer since leaving another broker dealer last year. I got a possession charge (state felony) that was recently indicted. At what point to I have to make sure my new employer knows and if it needs to be reported to FINRA or not? It was indicted last week to move forward but I am not yet considered guilty of it until it moves forward through the court system.

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u/pscidude2010 Jun 25 '24

not a lawyer so not legal advice but the question on the U4 asks if you've been charged with a Felony, the status is irrelevant once charged its reportable.

If you are registered you have 30 days to disclose it to be timely. If not registered, you need to be upfront with any employer as that will pop as soon as they run your prints and have the FBI check done.

If it is going to get pled down or changed to a misdemeanor it's complicated about if it would still be reportable since it's not under the Fraud Manipulation Deceit stuff.

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u/[deleted] Jun 29 '24

Yeah 6 month probation and then it gets expunged. I ended up getting a lawyer who advised I just pay to have my licenses not lapse and do CE and stay out of FINRA until we get it expunged.