FINRA with a Felony?

Discussion in 'Options' started by VSmith363, Jan 28, 2011.

  1. VSmith363


    I would like to take the Series 7 exam and become an Associated Person within my company. However, I was convicted of a felony one year ago (non-violent, not related to drugs or finance). This was my first and only offense and I did not go to jail or get probation. At sentencing, I received a Certificate of Relief from Civil Disability. Because I live in NY, I cannot have the record expunged.

    Do I qualify for an eligibility hearing? Does anyone have any tips on this process?

    I have never been a member of FINRA but my company would be willing to sponsor me.

    Any help would be greatly appreciated!

    Thank you
  2. You have to ask your Branch Office Manager (BOM) or Office of Supervisory Jurisdiction (OSJ). They can give you the right information.

    For example, Article III, Section 3 of FINRA's By-Laws1 provides that no member shall be continued in membership if it becomes subject to disqualification; and that no person shall be associated with a member, continue to be associated with a member, or transfer association to another member if such person is or becomes subject to disqualification. FINRA's authority to deny the registration and/or membership of disqualified persons or members is set forth in Section 15A(g)(2) of the Securities Exchange Act of 1934.

    FINRA then includes in that SD definition "all felony criminal convictions for a period of ten years from the date of conviction".
  3. LEAPup


    When I took the S7 (a well...few years ago), the time was 10 years from conviction date to be eligible. That was actually a test question. Lol!

    Maybe you can write some letters, and see if they'll grant you a hearing.
  4. cstfx


    Less than 10 years, a felony conviction is a cause for disqualification. If this was a theft or other associated "monetary" felony, then your chances are nil for getting approval. Even if the felony was more than 10 years ago, it still causes a problem as the firm who is sponsoring you may not want to take on the burden of having you around. It used to be that on the NASD U4, there was a question of whether or not you were convicted of a felony within the past 10 years. Since FINRA, they still ask that but also ask have you EVER been convicted of a felony, 10 yrs be damned.

    Much of what you can do with a felony depends on your firm and how hard they want to fight for you. I have known people with felonies (less than 10 years) who have been licensed, but under increased scrutiny - took 3x as long to xfer their license than regular people.
  5. the criminal activity and harm Goldman Sachs and it's criminal syndicate has done to the US economy and global economy is same as robbery.
    these crooks in wall street are worse than drug dealers and murderers.

    if you don't have a criminal record or have any morals you don't qualify to work at Goldman Sachs.

    only evil and immoral people are allowed to take the series 7.

    that was the reason for these exams...criminals are not wanted...immoral and unethical trading and business practices...

    with so many security violations...and nobody gets busted or shut down why bother.

    Brokerage firms like Goldman Sachs should have lost it's bank and broker dealer license and put out of business long time ago..forget fines..just shut down the crime racket. take away their 'business' license to conduct business.(crime activity) money laundering,tax evasion,pump and dump, market manipulation, skimming's financial fraud operation.

    the only reason goldman sachs and it's crime syndicate hasn't been shut down and top bosses are not in prison is they own the gov't and own the SEC and own the of goldman sachs and jp morgan and ceo of barclays is more powerful than Obama or any gov't official...etc.