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FINRA license w/ misdemeanor

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Jun 4, 2011 4:23 am

Almost 5 years ago I got a misdemeanor of pety theft for stealing sweaters and shirts from a school store and after a 18 months of probation it was reduced to infraction of tresspassing.

I'm to start at a financial firm this July and will be taking series 63 and 79.

I disclosed it on the U-4 form and submitted to my firm along with a certified court doc which shows my misdemeanor has been dropped to an infraction. It's been more than 6 months and I haven't heard anything from the firm.So I thought the firm doesn't mind it.

Now being only a month away from taking the test and getting fingerprinted, I'm starting to worry about if FINRA would grant me these licenses. I looked through FINRA's website for past approved cases of applicants with misdemeanors and read on one of em that theft of property is not an automatic disqualification?

Your input would be greatly appreciated. Thanks

Jun 16, 2011 4:07 am

Did your firm submit your U4 6 months ago or just recently?  You could tell when you were able to schedule your test (you can't schedule if the U4 has not been submitted).  If it's been a while chances are that FINRA has already looked at it.  Unfortunately you can't tell but the person who has access to WebCRD can.  Typically FINRA will license a rep unless they're subject to statutory disqualification - normally reps with felony convictions.  Though this link also addresses misdemeanors, I'm not aware of which ones in particular.

good luck on your exams.