FINRA U5 Expungement Award:

Young Financial Advisor Seeks Expungement of U5 disclosure


FINRA U5 Expungement Award:

Young Financial Advisor Seeks FINRA Expungement of Form U5 disclosure


 

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Expungement Award Date: February 19, 2021
FINRA Hearing Site: Phoenix, Arizona
FINRA Respondent Firm: TD Ameritrade, Inc.
FINRA Claimant Representative: Dochtor Kennedy, MBA, JD


Type Of Expungement Case:

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.


Summary Of FINRA Expungement Case:

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.



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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 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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