finra u4 disclosure

2 replies [Last post]
ds123's picture
Joined: 2011-12-11

this is in the state of nj, i was charged with disorderly persons offense of shoplifting, however i was convicted of a petty disorderly persons offense of disorderly conduct.does this info need to be disclosed on my u4? im looking to switch firms in the next couple weeks. my attorney who is not a securities lawyer said because its NOT labeled as a "misdemeanor" under nj law i would not have to disclose this... please help!!!

stockattorney's picture
Joined: 2010-09-09

Though your attorney may be correct on the conviction it would appear that your CHARGE is disclosable.  As a former CCO I've seen many cases where the rep got incorrect or incomplete advice.  The Form U4 is very broad and seeks to collect all felonies, charges and convictions as well as misdemeanors that cover theft, fraud or ethics.  If you do not disclose the charge and answer the U4 NO for that question, when your fingerprints come back from the FBI your firm will see the charge even though it was downgraded to a non-misdemeanor.  That will give the firm easy and quick grounds to term you for failure to disclose. good luck 

asd123's picture
Joined: 2012-01-11

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