FINRA holding registration up after transfer

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Apr 23, 2010 10:06 pm

I was at ML and got hit with an order from florida for supervision and fine and ML cut me loose. Took me 3 months to find another job as an advisor, and my registration with the state cleared right away. However it hasn't with FINRA we learned after about a week of working, apparently something about a disclosure?

My compliance dept is "thinking" this will be resolved in a day or two. What could that mean or be? My attorney doesn't think itsĀ a big deal, but I don't want to sit for a long time. At ML the state made me sit for 4 months while they did their thing, and then I waited 3 months to land this job. Just when I thought I was finally going to get back to work, FINRA is now holding me up. Any thoughts / input would be helpful

Apr 26, 2010 10:37 pm

From what I have been told my registration went pending with FINRA last week and is under review...anyone know what that means or how long that might be?

Thank you

Apr 27, 2010 1:22 pm

I have been "under review" for 6 months with FINRA and no sight of any progress. They requested I respond to them within 15 days.........or else. But yet they can take their sweet time.

I would hunker down for a long wait. My compliance said that he doesn't recommend being a "squeaky wheel" with these guys. Just sit back and wait.

I am thankful they haven't taked my license..........it is just a review of an issue I had at my former BD.

Apr 27, 2010 2:43 pm

Great. So for the 2nd time I am sitting on ACATs...first time tried to move them at Merrll got held up by the state for 4 months, then lost my job and took another 3 to find another. Now the clients trying to move again, and naturally FINRA wants to do their review, and the clients wait some more and hopefully don't get pissed. This is such BS. They should just do what they do and be done. How can someone sit for 6 months waiting to get a paycheck? I can't...I dont get a salary or anything.

Apr 27, 2010 5:56 pm

Yank,

I feel your pain. Rest assured that you are not alone in this. It is a little comforting to me knowing that I am not the only one. Good luck, hopefully it will all be for the best in the long run.

Apr 27, 2010 7:39 pm

Just think its weird I didnt hear from them at all over 7 months the state had me on ice and while I was looking forĀ  new job. Get a job and licenses transfer and a few days later, BOOM, on ice and this time its FINRA. Bill Singer said since the state decided I violated NASD 2110, that FINRA can double whack me if they want since it was a violation of their rules. NUTS!!!

Apr 29, 2010 10:23 pm

learned I had marked 3 boxes wrong on my U4 at the same time Merrill decided to add more to my "permitted to resign" statement which caused me to have a deficiancy with FINRA. Have resubmitted my U4 and hope to get the green light shortly.

May 4, 2010 6:10 pm

Can anyone point to the actual rule that requires the firm to offer to rescind a trade if thr rr wasn't registered in the customer's state at the time of sale?

May 5, 2010 10:38 am

This goes back to my question:

FINRA arbitration cases may set another record this year -- after a
whopper 2009. Not a big surprise given the fallout from the market
crash and credit crisis. But some things are different today --
including the high number of complicated product cases -- the
complexity is bewildering. But more to the point: Does the FA get a
fair rap in these arbitration cases; how about the investor? Maybe this
is a good time to look at reforming the system. After all, these FINRA
arbitration cases are essentially sponsored by the industry -- so, once
again, does the FA get a fair shake? What about the client?