MSSB Background

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Oct 7, 2009 6:06 pm

I filled out the background check, I had a misdemeanor DUI when I was 18, over 8 years ago and my gpa was very low.  Is this going to be a deal breaker?  They seem to be very interested in me and everything has been going well otherwise.  I also have debt but have never been delinquent, ever.  Anyone have any insight on what would be a deal breaker?  I felt as though it is vital for me to be honest and list everything accurately.  I hope to hear in the next day or two.  Any insight would be appreciated.  Thanks.

Oct 7, 2009 6:51 pm

You’ll be fine…just have a few drinks and forget about everything!

Oct 7, 2009 7:01 pm

No felonies or securities/financial related misdemeanors. No bankruptcies either. Debt doesn’t matter unless you have been delinquent.

Oct 7, 2009 7:10 pm

No felonies, no security crimes, just that one misdemeanor.  I rarely even drink anymore.  I really want this position so I’m just freaking out, like I have been for the last 3 weeks during this process.  I’ve never been delinquent with my personal finances, although I’m on unemployment right now.  I did get let go from my last job but it was a crazy situation and it can be explained.  I’m just praying they will appreciate my sincerity and honesty.  I was told not to say anything but they would’ve found that stuff out with the FBI check.  The last thing is to interview with the regional guy.  I can’t wait to get this over with.  Thanks for the feedback, and the peace of mind so far. 

Oct 7, 2009 7:31 pm

Do tell about the crazy situation.

Oct 7, 2009 8:41 pm

No felonies or securities/financial related misdemeanors. No bankruptcies either. Debt doesn’t matter unless you have been delinquent.

  I don't think delinquincies matter either. A frmr EDJ guy who is an indy now hasn't paid his mortgage in 4 months.   Another friend of mine has been sent to collections(around $6k total he said) but he was just hired by MSSB... The run a credit check at most places, I think they are looking for bankruptcy. But even then there are guys at my firm who have claim BK and they are still registered.
Oct 26, 2009 3:31 pm

I am taking the series 7 and submitted my U4 paperwork. I have 1 misdemeanor in the past 15 years and maybe 2 when i was kid. No securities fraud and great credit. The U4 only asked for Financial crimes. IS it up to the hiring firm or Finra?


Oct 26, 2009 3:48 pm

Congratulations on the ONLY 3 misdemeanors…

  I think it is up to both... Certain things automatically disqualify you from registering with FINRA, but the firms can also choose not to hire based on credit check.    
Oct 26, 2009 3:52 pm

Im 37 now. Two of them were back when i was 19 and 21. A Dui and disturbing the peace. No financial fraud or anything related. How many years do they usually go back? Ten?


Oct 26, 2009 3:53 pm

The U4 only questioned charges related to Securities or money related crimes it seemed.

Oct 26, 2009 4:04 pm

10 years.  But the hiring firm usually asks for full disclosure.  Best to tell them BEFORE they are suprised by the results of your background check.  Usually, they’ll request a written explanation.

Oct 26, 2009 4:15 pm

 So Finra will go back 10 years? My friend owns the brokerage sponsoring me and he know about the dumb things i did as a youngster. Ive been trading on my own for the past 5 years but jumped at the offer to obtain a 7 and become involved in the business on the client side.

I greatly appreciate your timely reponses. Do you run a broker/dealer?

Oct 26, 2009 4:27 pm

No, but I used to work compliance for a dual-registered B/D.  Not really on the registration side though.

Oct 28, 2009 1:10 pm

Thanks for the help. I did not disclose the old misdemeanors on the U4 since they did not involve any type of fraud or theft. Only one arrest in 15 the last years for disturbing the peace. My employer knows of this and is fine but i was just worrried about Finra. I will explain to them if it come back but it was not reportable.

Oct 28, 2009 1:26 pm

Hey guys, need some help.

  I got super drunk last weekend and beat up my girlfriend and then drove off and tried to outrun the cops (wasn't thinking, I was young and dumb).  They had to lay down a spike strip to stop me (no big deal I was told they do it a lot).  Anyway, my Branch Manager knows about what happened because I spent Monday and yesterday in jail before I could have a hearing and post bail.  I got out on only $2000 bail and I'm told that isn't a very high bail and it isn't a big deal.  I told my BOM the charges are only misdemenors and he doesn't have a problem with it, so that shouldn't be a big deal.   Anyway, my biggest client called today to say he read about the charges in the paper and he's moving his account to his brother's advisor.  Can he legally do this since the charges are in the past and they wern't securities related?   Thanks for your help.
Oct 28, 2009 1:38 pm

Yes, it is legal.  You shouldn’t have been dating your biggest clients’ daughter.

Oct 28, 2009 1:53 pm

It is legal, but on the bright side you can use the newspaper article concerning your arrest as a Third Party Provided Advertisment, pursuant to FINRA rules!

Oct 28, 2009 1:57 pm

Nice Berkshire

Oct 28, 2009 1:58 pm

The u4 only asked to disclose a misdemeanor if it involved certain criteria which in my case did not.

Oct 28, 2009 6:04 pm

Damn Bull!  Is all that true?  I’d say that you are getting easy by only having a client pull out!  That reads like a funny email that gets circulated!