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U4 amendment issue

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Sep 7, 2011 12:19 am

Let me give you background.. I moved from philadelphia pa to NJ in Nov and in March got arrested.. The arrest was a criminal sexual contact but was changed before I went to court to Harrassment. In Pa they go by Felony and misdeameanors.. In NJ its crimes and disorderly conduct. I let my firm know of the arrest, but was not aware that when arrested as a crime that was a felony at the time. When i found out thru a mutual advisor months later that a crime is a felony, I let my firm know, and also started process to amend my U4.  Even though I didnt know I was arrested with a felony I know i am late. How will FINRA look at this situation. I kept my firm updated on everything and started to update my U4 as soon as this came to light. I never tried to hide anything. Does FINRA have a black and white process or will they look at situation.

Oct 6, 2011 2:13 am

It will depend.  There's a $300 late filing fee for filing 30 days after the last day to file.  The late filing may just be picked up as a cycle examination deficiency for the BD or may be directed towards you when FINRA Gateway (Rockville, MD) ntoifies your registrations department for explanation on the felony arrest and possibly the late filing.