Do you have to disclose an expunged minor misdemeanor (non-theft or securities related) charge to FINRA?
Is being "charged" the same thing with being arrested? Do you need to report an expunged charge or no?
Jan 11, 2023Jan 11, 2023
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Comments (17)
What does the language say for what FINRA's asking?
If you have a compliance officer at your bank best to discuss with him/her/them. Otherwise, hard to go wrong if you disclose and explain the situation and work with them on getting comfortable with it / you. If they find out about it from a source that isn't you, it might not make them so happy. Good luck either way though
Look here. If it's expunged, it's expunged. You do not owe them an answer for your past action, but if they ask you should explain yourself.
I need to change that haha, not sure why it's showing for South America.
Yes. By definition, if a felony is expunged it doesn't need to be disclosed. However, the U4 asks whether you have ever been arrested. I assume you have.
I was a mess in college and got arrested for property damage and underage drinking (stole a stop sign after a night out lol). I made this disclosure and FINRA requested expungement records and / or arrest records if available. Upon receipt of the information request, they notified me that my arrest / felony was exempted from future disclosure. My guess is that given the different treatments of charges under state laws, they wanted to make sure that the offense didn't constitute a bona fide felony or financial conviction.
Well yeah I've been arrested multiple times lol. But 2/3 are expunged.
I don't have to disclose the expunged ones?
It sounds like you didn't have to report it since it was already "exempt of future disclosure" meaning you probably didn't have to disclose on the first place.
Correct. But I rather make a good faith disclosure and let them decide whether it's reportable or not. Bottom line is that if it isn't a felony conviction or a financial-related offense, you'll be fine.
"Wanted to 2x check"
so you ask a bunch of neurotic college freshman that spend their time putting each other down with "prestige rankings" lmao?
Hahahaha you're comedy man. There are some good people on here. Take it easy, Francis.
The arrest doesn't disappear even if the charge was expunged. If you're responding to "have you ever been arrested for X" then you need to disclose it. Discuss this with compliance. Having been arrested in the past is not a gating issue (speaking from personal experience) but I guarantee you that lying about it on your U4 will get you canned.
Yes it asks "have you ever been charged with a felony?" So I would have to answer yes to that I presume. Even if the arrest is expunged?
Yeah definitely disclose. It won't matter anyway but it will come back on the background check so don't try to sweep it under the rug.
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