statutory disqualification...why now, what now?

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Sdot got lots88's picture
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Joined: 2011-10-07

whats up forum...ive been employed with a member firm for 6 months, in New York, performing clerical duties and serving as an assistant while studying and preparing for the Series 7. During my interview with the firm I was blatantly honest and forthcoming with my criminal history stating that I did make numerous mistakes in my youth and that I do have a number of arrests/charges with 3 felony convictions, none finance related, theft, forgery or violence, i was told that it shouldnt be a problem; but i do have the folowing felonies: 1 dwi (2009), 1 wreckless endangerment (2007) & 1 fleeing or attempted eluding (2002). I have fully accepted my errors in judgement and have dealt with and learned from the imposed punishments. I attend A.A. regularly as well as meet with my psychiatrist twice a month, addressing alcohol and substance abuse issues. On October 6th, 2011, I was given my notice that I am subject to disqualification with reference to the 3 felonies...it doesnt say anything else except that the disqualification arises from these felonies. I write to inquire about anyones experience given my situation and I am in search of a tiny glimmer of hope. During my young and dumb days I still managed to earn a B.A. in Communications and I have held managerial positions at corporations such as Time Warner and Cablevision. Prior to transitioning into the world of finance I had been in advertising but my current career choice feels like the best fit as I truly and passionately would like to pursue this path in order to succeed....and im really good at it. With consideration of applying for review and subsequent hearing, do you think it would be a waste since the by-laws clearly state "any felony conviction within 10 years" and my most recent are 2 & 3 years old? Am I able to submit for review and hearing on my own or do I need a member firms presence or backing? If a denial is confirmed, is there any other appeal process to initiate? And are there any applications one may submit to claim indigency with regard to the fees? i really appreciate any help...i keep reading or hearing about people that have had something similar and/or worse overturned and still be able to work under stipulations....im with that!! having learned as much as i have about the industry and its potential along with my abilities to really excel, im determined to make this happen for me....but now this :( thanxS.

stockattorney's picture
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Joined: 2010-09-09

The problem with going for a review is that the firm has to want to do it and sponsor you.  There's an expense for the review and IF FINRA approves the BD would be subjected to ANNUAL examinations by FINRA and have to pay for them.  No offense, but I do not see them doing that for anyone except perhaps for large producer or senior executive and even then doubtful.It's ironic that the lesser 5% of all reps with extensive disciplinary histories of mistreating customers can remain in the biz yet non-industry-related youth committed felonies keeps you out of the industry.

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