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Quick Summary
- Outcome: Full expungement granted; all references to the 1997 criminal charge removed from CRD and BrokerCheck.
- Case Objective: Restoration of a 30-year professional legacy by removing a decades-old possession disclosure.
- Key Legal Strategy: Leveraged recent California legislative changes regarding the clearing of non-conviction felony records.
- Representative: Tad Burton, J.D.
Case Objective:
A California-based financial advisor with over three decades of industry experience faced a significant hurdle in his professional narrative. Despite a nearly flawless career, his CRD and public BrokerCheck records were marred by a single criminal charge for possession dating back to 1997.
As the advisor looked toward the future of his practice, he sought to ensure his regulatory record accurately reflected his professional standing. He retained AdvisorLaw to petition for the removal of this outdated disclosure.
Summary:
The incident occurred in 1997 when the advisor, then a young broker, was charged with possession of cocaine and marijuana (which was illegal at the time) following a police encounter in a parked car. For 27 years, this disclosure remained a permanent fixture on his regulatory profile.
However, recent shifts in California law have created new pathways for justice. Current statutes now allow for the clearing of certain felony criminal records that did not result in a conviction. Furthermore, these changes provide individuals the right to refrain from disclosing certain arrests in employment contexts under specific circumstances.
Resolution:
Tad Burton, J.D., of AdvisorLaw, spearheaded the effort to align the advisor’s FINRA record with California’s evolved legal standards. The strategy involved:
- Document Recovery: Assembling all required supporting documentation from the local California police department.
- Statutory Analysis: Mapping the advisor’s specific 1997 case to the new California "Clean Slate" provisions.
- Persuasive Advocacy: Drafting a compelling legal argument to FINRA, demonstrating that the scathing mark was no longer eligible for public disclosure under state law.
The disclosure was promptly removed from the advisor’s records. For the first time since 1997, the advisor’s CRD and public BrokerCheck profiles are entirely free of any mention of criminal activity. This victory ensures that the advisor’s 30-year legacy is defined by his decades of service rather than a single moment in his past.
Contact AdvisorLaw
If your BrokerCheck or IAPD record contains outdated or misleading criminal disclosures, you may have legal grounds for removal. AdvisorLaw specializes in the complex intersection of state law and FINRA regulation.