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I never disclosed outside buisness activites with old firm and just got hired by a new firm and have form U4

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Mar 5, 2011 6:53 pm

millydog1

Joined: 2011-03-05Offline

I had a few part time jobs wile being licenced with my old firm and never updated  them on my U-4 . I just got hired with a new firm and need to complete a new u4 form with a 10 year employment history. These other postions were short term and non-investment related activity.  Is Finra going to see this mismatch in broker check and catch this. I have a feeling I am in big trouble and am panicked that I am going to get fined and barred from the industry.

any advice on what to do.

Mar 6, 2011 2:04 pm

7 Figs

Joined: 2009-06-15Offline

Like most things with FINRA, you are best to disclose them. 

Mar 11, 2011 4:22 pm

stockattorney

Joined: 2010-09-09Offline

More likely your firm may review your disclosed history and compare to any hiring due diligence they performed.  As a former CCO I've always advised "when in doubt disclose it or get an advisement before doing nothing."

Part Time job for a 1-2 months?  Low risk of it being an issue but the BD can always use failure to disclose to term you quickly.

Mar 12, 2011 2:02 pm

millydog1

Joined: 2011-03-05Offline

I don't think my new BD will have a problem with it , I already listed all mt past jobs full/part time on my resume and they still hired me and I already started this week. The problem is I have to fill out the U4 form again and I think FINRA will see the mismatch because my old u4 never had the outside buisness activity disclosed on it. The new u4 which I have to send over this week will.  Does anyone know What the odds are of FINRA picking up on this?

I saw on there web site huge fines and supension from for all kinds of stuff, some of it was pretty minor in my view and FINRA still fined reps, like 5K min.