I'm looking to start a career as a financial planner/advisor/broker whatever... and I already have my CA Insurance license. Back in 2001 I was convicted of a felony possession of a controlled substance. In the summer of 2004, I had this conviction reduced to a misdemeanor and expunged from my record. For my CA insurance license i had to disclose the information anyway because its a government association. I realize that I will have to disclose this information on my U-4 (after doing some research it appears as though they will find it form a fingerprint check, and no matter what it has to be disclosed). But I'm wondering if it will affect my chances of becoming registered, and also if it will be available for viewing on a brokercheck online? Anyone have any experience with this?
Not sure if it will be available in a broker check.... Yes, it may somewhat hurt your chances of becoming registered... but it's not like your troubles involved "someone's money". If you had a money conviction *after* being registered, then your road would likely be rough.
It will show up when you are fingerprinted, better to be upfront about it. some brokerage firms may take it as a positive like JT Marlin.
Does the 1934 Act of the SEC have anything to do with me becoming a registered rep of the NASD? It says in that act that any felony within 10 years means you arent qualified...
It will not affect your chances of being registered with the NASD. However, the information will appear on a uniform disclosure report and will be available through the NASD. It is most important that you report any past felony misdemeanor. Failure to report will adversely affect your registration and you will immediately be fired by your sponsor. It's one thing to have a past indiscretion on your public record. It's another thing to be branded a liar in the business.
see thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=59784 Doesn't really answer the question, but may give an idea of what's here.
I guess no one really has a clear cut answer, i was hoping i could find someone that went through the wringer.... It may be damn near impossible to get a firm to hire me... but I need to get approved first (after passing the series 7 of course). The 1934 exchange act saying 10 years thing scares me... I WAS convicted, but it is now expunged... what do they see... I don't want to study, and pass to later find out i have to wait 10 years....
This is the thing the NASD will approve your app. The stickler's are the actually exchanges your BD has to be a member of etc. NYSE and PHLX will nix your app even over the arrests . . .