Felony and the Series 7

Discussion in 'Trading' started by nytrader, Mar 8, 2001.

  1. nytrader


    okay, here's the scoop:

    I managed a very exclusive escort service, for five years, and I got arrested a few times. All the charges were felonies; i.e. Promoting and Pandering of Prostitution. They were all reduced to misdeamenors, and subsequently EXPUNGED from my record. They are no longer on my record...I've gone down to 100 Centre Street and CHECKED. They have been removed from my record, and sealed. I even had an FBI friend do a background check on me, and he said that no charges are on record.

    Now, I've started a new life (in same line of business....prop trader. LOL). I'm required to fill out the U-4 and hand-in fingerprints. One of the questions is, "have you *ever* been charged with a felony?" Is the right answer for me, "no, since I know my charges were reduced and later removed?" or "yes. for pimping.". I don't want my firm to know my sordid history, but now I feel the walls closing in on me. How should I interpret that question?
    Will giving them copies of my fingerprints give them access to "sealed" records? or are they just making sure that you're not on the "most wanted" list by asking for prints?

    One more thing, i ordered my credit report and I have a tax lien from ny municipal tax of $2700.00 It's so silly, I wish I had paid it back then...Now, provided that I get this amount paid and discharged....will having it on my credit report damage my chances of getting the Series 7?

    Thanks in advance and Warm Regards,
    Miss NYCtrader
  2. p2


    I vaguely recall when I filled out the U4 many eons ago that only felony convictions needed to be disclosed. But I don't know today. Perhaps you should ask your question at the message boards on http://www.seclaw.com. It's a web site for securities law.

    Your best bet is to contact a lawyer.
  3. nytrader


    Thanks for your input! I've been waiting for someone to respond, all day.

    Warm Regards,
    Miss NYtrader
  4. lexoo76


    Yo, NY

    You must disclose all felonies and do not try and hide anything from the SEC, If you do try to, it'll blow up in your face.