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Award Date: March 20, 2024
Claimant Representative: Tad Burton, J.D.
Case Objective:
A California-based advisor who has spent more than 30 years in the industry had one glaring scar on his CRD and public BrokerCheck records: a criminal charge for possession. In an effort to repair his reputation, he hired AdvisorLaw to help him seek removal of the disclosure.
Case Summary:
In 1997, this advisor was a young broker registered with a well-known broker-dealer. He was caught experimenting with recreational drugs in a parked car. The police found small amounts of cocaine and marijuana (then illegal) on the young broker and in his car. The young broker ended up with a criminal disclosure on his CRD and BrokerCheck records, citing possession of cocaine.
Recent changes in California law have allowed for the clearing of certain felony criminal records that did not result in convictions. Additionally, individuals may now refrain from disclosing an arrest when applying for employment in certain circumstances.
AdvisorLaw’s Tad Burton, J.D. assembled all required supporting documents from the local police department in California, as well as the information regarding the new California statute. He accompanied the support with a compelling letter and submitted it to FINRA.
Result:
After reviewing the supporting documents, Tad Burton, J.D.’s letter and the California statute, FINRA had no choice but to clear the scathing mark from this advisor’s records.
FINRA processed its confirmation of the expungement of the disclosure and promptly removed it. This advisor now has CRD and public BrokerCheck records that are free of any mention of criminal activity — for the first time since 1997.
Learn more about our Disclosure Expungement services.