Juvenile criminal record

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Feb 21, 2015 6:46 pm

I am 30 years old and aspiring to work as a registered rep. Have been studying for the 63 and just turned in my u4 on Friday. When I was 16 I was convicted as a minor for shoplifting and had totally forgot about the incident as it had never come up on an pre employment background check in the past. I don't think the u4 has been sent off yet and was not sure if I should fill a new one out and disclose this juvenile theft conviction?

If so, Will this disqualify me from being licensed?

Feb 23, 2015 10:44 am

This sounds like something that you should at least disclose to your firm's compliance department and ask them how they recommend to proceed.

Feb 25, 2015 10:41 am

It shouldn't disqualify you as you can look at many U4s and see criminal activities prior to being licensed. I know of a guy on the radio in my local area that has a criminal conviction of theft while working at another firm and is still in business. Probably half the CFPs you will meet have a ding on their U4 and use the CFP to get over that "hurdle". Actually if it was that long ago, you might just want to call them and see if they even want you to put it on your U4s as it was a juvenile conviction.

Don't worry and just tell your compliance, they aren't hear to stop you from working. I can almost guarantee if you don't disclose it and they find it, it will be a totally different talk you have!

Feb 25, 2015 10:41 am

It shouldn't disqualify you as you can look at many U4s and see criminal activities prior to being licensed. I know of a guy on the radio in my local area that has a criminal conviction of theft while working at another firm and is still in business. Probably half the CFPs you will meet have a ding on their U4 and use the CFP to get over that "hurdle". Actually if it was that long ago, you might just want to call them and see if they even want you to put it on your U4s as it was a juvenile conviction.

Don't worry and just tell your compliance, they aren't hear to stop you from working. I can almost guarantee if you don't disclose it and they find it, it will be a totally different talk you have!

Mar 13, 2015 12:18 pm

it can only disqualify you if it happened within the last ten years and if it was securities or ethics related. you pretty much have to disclose everything and then the stuff they don't care about will be ignored. be prepared they may ask for documentation. The best way to handle it is to ask your compliance department and explain that since it was over 10 years ago and you were under age of majority you didn't know if you were to disclose. feel free to DM me if you have other questions
Ken Finnen
twitter @wallsttutors

Sep 12, 2015 12:37 pm

Hi, I am 46 years old and registered rep for 11 years. I have passed all background checks and FINRA checks, licenced 6,63,7,66. But I recently applied for a RIA job internally with same BD but they are seperate BD and did a different background check. I have conviction for shoplifting from college when I was 21 & took alcohol from store, 6 mo. later I broke probation so had to spend 20 days in county (both misdemeanors) Long story short it came up on this new check, now compliance wants me to update U4 & send to Finra. I have not been fired but wondering what this means. Will finra add it and it will it permanently be on broker check? Or might they disregard altogether? It was 24 years ago and did not disclose on U4 & never thought I had to. I have not submitted drp yet and if I resign does it stop all updating of my U4? I was considering getting out of industry anyway, but if need to go back I need a clean U4. Can Finra add it anyway, or just if my firm sends paperwork? Appreciate any advice!