Broker Check

9 replies [Last post]
leeeagle's picture
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Joined: 2010-02-14

I had a staff person sign a customers name to an $8 a month whole like policy. The customer complained about it 14 months after the policy was written. I was terminated for this and on my broker check it has the complaint and that the company settled with the customer by refunding her $112. There is nothing on the broker check about me being terminated. FINRA sent me a letter asking me about it. I told them what happened and they sent me another letter telling me I would not have to disclose this and they would keep this event in my record and if anything happed in the future they would use this event to make any future punishment worse. On a U4 do I need to answer yes to any of the questions? This all happed about 3 years ago.

leeeagle's picture
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Joined: 2010-02-14

No, I am not lying about anything. I was a P & C agent and in my 2 year career I never sold one Variable policy. I had a very bad P & C loss ratio and my company was looking for reasons to get ride of agents with bad losses. They terminated about 6 or 7 agents for very small things (all had bad losses). My staff person who was a 19 year old college girl wrote a letter to my company and FINRA about it. My P & C Company told me that I was responsible for anything that happed at my agency. I have an opportunity to get a management job that requires a 6, 63 & 26. The questions on the U4 are very confusing so I want to be honest and accurate.

Sportsfreakbob's picture
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Joined: 2008-08-24

You guys should let up on this guy. He f***ed up. BFD. We all f*** up,. In fact i dont think he even f***ed up. His girl f***ed up. I believe him because i have no reason to believe he is lying.
He made a mistake, he's trying to fix his career. Either help the guy out or ignore him.
 
What questions are you concerned about? I have a feeling there is a question there you ahve to answer yes to.
It sounds like an innocent mistake - $14? It should be easily explainable to an employer.

leeeagle's picture
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Joined: 2010-02-14

The big question I have is about my broker check. It only has the complaint and that they settled with the client and refunded $112. It has nothing about the termination on it. So, did my old company not report the termination? So, do I report it on my U4? Do I need to answer yes to question 14? Thanks for the help.

Sportsfreakbob's picture
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Joined: 2008-08-24

it is my understanding that if a customer filed a complaint against you, no matter how small, you have to answer yes to question 14 on your u4. Your termination is reported on your u5
 
Does that answer your question?
 
If you are referring to brokercheck on the FINRA webdsite, its a reflection of your u4. However as long as any settlement is less than $10,000 (may hve changed to 15) it will dissappear from brokercheck in 2 years. However it will remain on your u4 forever as an archived complaint.
 
With all this said, MLGone is right, if you have any doubts about what the right thing is to do, consult a lawyer, none of us can hold ourselves out to be experts on this (except Bill)

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