Can anyone comment their experience with U4 disclosures? I’ve never needed to be registered but I am considering an opportunity where I would. Unfortunately, I believe a few incidents (arrests/criminal charges) will need to be disclosed and while they’re not a deal breaker for this role, I’m wondering if putting these things out there is opening a a can of worms that isn’t worth it.
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Felony arrests in last 10 years and misdemeanor directly related to securities/fraud/etc
Also you need to have been convicted
Unfortunately that doesn’t seem to be the case. The language asks for arrests not convictions. Counsel is helping me explore my options but it feels like I’ll need to disclose at least a few things, none of which are convictions.
Generally if you're charged with a felony initially but it gets resolved as something less it does not get reported. (don't ask me how I know) Since you've never been registered before I assume that you haven't been committing securities fraud related misdemeanors in your free time, so that part is a moot point.
I’m not sure what you need to disclose but you can’t be statutory DQ’d unless you were convicted of any felony or a select number of Misdemeanors set forth by FINRA
Understood, that makes more sense.
I’m less worried about actually getting the license. What I’m really trying to evaluate is if its worth airing my dirty laundry on brokercheck. I presume once it’s up there it will then show up on every background check going forward.
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