U-4, line 14

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Jun 17, 2009 1:39 am

I was arrested in 1996 for misdemeanor shoplifting and adjudication was withheld after a no contest plea, I had it sealed in 2008 by court order. Will FINRA allow me to sit/hold a the series 7 license?



If so, would I need to acknowledge that I was charged or does sealing the case allow me to legally say 'No"?

Jun 17, 2009 8:17 am

why did you shoplift?

Jun 17, 2009 9:05 am

I don't believe "sealing" the case will help you at all in this instance.  I forget, are they looking for within the last 10 years, or ever been charged period?

Jun 17, 2009 6:32 pm

It was a moment of stupidity for a 19 year old on a $2 item.



Would you know how FINRA would come down?

Jun 17, 2009 6:46 pm

on the U-4 application, #14 Disclosure Questions



14B. (1) Have you ever:

a) been convicted or pled guilty or nolo contendere (no contest)....

b) been charged with a misdemeanor specified in 14B(1)a....



It does not give a time line, do you think FINRA will let me hold a license?

Jun 17, 2009 11:02 pm

That I really don't know.  I would discuss it with EJ (or whatever firm you are applying at).  I know that theft is one of the worst things you can do as far as FINRA is concerned (since you will be dealing with people's money).



If you are really concerned, discuss with a securities lawyer if a sealed record needs to be reported.

Jun 19, 2009 8:43 am

How can I get a copy of my U-4, U-5?

Jul 1, 2009 12:04 am
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Jul 10, 2009 5:43 pm

When I was getting my 7 transferred over the registration guy was able to access the info big brother had on me. LET ME TELL YOU! big brother is watching.