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Award Date: February 19, 2021
Hearing Site: Phoenix, Arizona
Respondent Firm: TD Ameritrade, Inc.
Claimant Representative: Dochtor Kennedy, MBA, JD
Case Objective:
A young financial and investment advisor from Arizona sought expungement of a Form U5 termination disclosure from his Central Registration Depository (CRD) record and online BrokerCheck profile.
Case Summary:
The representative, in this case, was fired from TD Ameritrade for allegedly recording client interactions, without having had any call or meeting with the clients, for the purposes of receiving a performance credit from the firm.
The advisor was adamant that he had not engaged in any improper conduct, nor had he made any indication in the firm’s recordkeeping system of interactions that had not taken place. Furthermore, the dispute was internal, did not involve any complaints by customers, and was not investment-related. With a few years of experience in the industry, the meritless mark threatened to keep the advisor from registering with any reputable broker-dealer or investment adviser firm.
Result:
After holding a hearing via video conference call and examining all evidence, the FINRA Arbitrator recommended that all references to the Form U5 termination occurrence be expunged, based on the defamatory, misleading, and inaccurate nature of the information contained in the termination disclosure.
The Termination Disclosure Reporting Pages were deleted from the CRD, and the disclosure was removed from the advisor’s BrokerCheck record for good.
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- Juris Doctorate from the University of Denver Sturm College of Law
- Master of Business Administration (MBA) with a major in Finance from the Keller Graduate School of Management
- Bachelor of Science in Business Administration (BBA from the University of Minnesota)
- Former FINRA licenses Series 7, 63, and 55 and former L&H license
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