Written ALLEGATIONS on u-4?

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Dec 15, 2009 9:21 am

new FINRA.

  If your not mentioned in complaint BUT can be reasonably identified as being invovled....... goes on u-4   written complaints.   valid or not    goes on u-4   this is what BOM said this AM.   is this true?  
Dec 15, 2009 11:06 am

Sounds about right in todays world.  The way things are going we are going to get dinged if a client THINKS of a rep in an unpleasant manner…

Dec 15, 2009 12:00 pm

so if someone writes in complaining

and its total BS that is proved bs it still goes on your record?   ok  sounds fair    wtf
Dec 15, 2009 12:32 pm

My understanding is that if it’s total bogus it does get removed in u r u4 after a year

Dec 15, 2009 12:59 pm

If it is a written complain, the allegation goes on your u4, if it is over 5k? if not gets removed immediately. If it is over 5k in allegations, you can request to remove it after 2 years.

The u4 does reflect that it was an allegation, and after firm or finra investigates, it is notated that it was an unfounded allegation and claim denied.

Dec 15, 2009 9:05 pm

was chaged this past may.

scumbag trial atty’s where not naming FA’s because firms would be more willing to settle the matters. (Just think client goes to atty atty says dont worry joe broker who you like wont be harmed this is about the evil wall street firm etc…)

so now allegations need to have a reg rep associated with them.

Dec 15, 2009 9:51 pm

Gotta be $5k to hit your u-4 for a complaint.  ANY settlement hits your U-4 regardless of dollar amount.

Dec 15, 2009 10:08 pm

There is wrong information in this thread.

If a written complaint is filed, even if there is no damages specified, it will go on your U-4. If it doesnt go to arbitration, or if it does go to arb and/or is settled for less than $10,000 (not sure, think the amount was changed to $15,000 recently), then it comes off the public record in 2 years. But it remains as an archived complaint permanently, and a prospective employer will see it when they pull your u-4. This holds whether the complaint was bogus, justified, or whatever.