Series 7 Back Ground Check

Discussion in 'Professional Trading' started by sacramento343, Jul 31, 2006.

  1. Hello everyone, I am new to the board, and just wanted to introduce myself while I ask a question as a new trader.

    I am interested in taking the series 7 (necessary for what I want to do) and I have a question regarding the criminal background check. I have no felonies, but when I was 18 and in college I stole some lawn furniture from campus and was charged with Theft 2 which is a misdemeanor. Yes, not the smartest thing, but I was 18 and stupid and thought it was funny at the time. I think it has been purged off my record, but I cannot really remember. I am curious if this will interfere with obtaining my series 7 license. On the U-4 form, it was unclear to me if they are referring to being charged with “investment business” related crimes, or just crimes in general. If anyone can give me advice or input on this, it would be greatly appreciated. Thank you.

  2. Surdo


  3. Hey Marcus,

    I recently received a California Real estate License as well as
    a series 3 (commodities) with the same background check as a
    series 7. You do indeed have to disclose EVERYTHING. I had a
    felony charge reduced to a misdemeanor when I was young(er)
    and had it expunged. But I still had to disclose and there was
    no problems. Just be honest...straight and no explaining. Best
    of Luck!

  4. Yes, be very honest and disclose everything. They will look at everything under a microscope. You'll be toast if they found a discrepancy that you failed to disclose.
  5. so, i have to disclose my misdemeanor charges even though it was in no way investment related?
  6. alanm


    If you don't want to ask your propspective firm's compliance officer, call NASDR and ask them. IIRC, you don't have to disclose infractions, for example, so there is obviously some level of crime below which they do not care.
  7. FBI has records even on purged files...remember...they are the FBI. Be truthful.