Statutory Disqualification, and U-4

Discussion in 'Prop Firms' started by sacramento343, Oct 20, 2006.

  1. Hi, I'm wondering if anyone has any advice/opinions on Statutory Disqualification for criminal history on the U-4 form.
    In 2000 I was charged with a misdemeanor theft, conviced and fined. There was no arrest, and the police officer gave me a "ticket", and I went to court (just like traffic court) and they gave me a fine, etc.

    I have called compliance officers at different firms and received very different answers. Some firms that are members of the Chicago Exchange said they would not even process my paperwork, and I should try with a NASD member firm.
    However, what disqualifies me is the 1934 ACT, section 3, paragraph 39, on file with the SEC. So, I don't really understand what exchange memberships have anything to do with it.
    Other firms have told me that they believe it should be okay, as long as the "dollar amount" was low.

    I am wondering since this involves "theft, and wrongful taking of property" if this means I have no hope, and am automatically statutorily disqualified, and barred from the securities industry in general. Any advice is appreciated, thanks.
  2. Check your PM.

  3. nkhoi

    nkhoi Moderator

    "14A. (1) Have you ever:
    (a) been convicted of or pled guilty
    or nolo contendere ("no contest") in a domestic, foreign,
    or military court to any felony?
    (b) been charged with any felony?"

    I say you get no chance.
  4. artis74


    its not a felony so it doesnt need to be disclosed fyi.
  5. Well, the wrong part of the U-4 form was quoted, since it was about a felony.

    My question pertained to misdemeanors and the next two questions on the U-4 form which I am required to disclose.

    The question is not whether i disclose or not, but whether I will be automatically disqualified or not since my misdemeanor is due to theft of property of a low dollar amount.

    Thank you for your responses and time taken to read my post.
  6. koko2


    I have a misdemeanor fraud charge on my record. I basically got caught with a fake ID in college, went to court and had to pay a small fine. I've had no trouble with registering with NASD firms, including large reputable brokerage houses. However, I do have to disclose the situation.
  7. nkhoi

    nkhoi Moderator

    it is yes or no check box, and it looked like one of those ready for scanner form, I guess your form will be auto rejected long before any body even touch it

  8. Fraserj


    I also sent you a PM