After leaving a firm, should you worry about your Form U5? When it comes to leaving a broker-dealer or wirehouse — whether on a voluntary or involuntary basis — every financial advisor should realize the gravity of the language published to the Form U5 and take all possible measures to mitigate any damaging effects to their future and career. What’s …
Advisor Expunges Form U5 Termination Disclosure From 2013
A Los Angeles-based advisor with over 20 years in the industry sought expungement of the one mark on his public record — a termination disclosure from nearly a decade earlier. The advisor hired AdvisorLaw to guide him through FINRA’s expungement process.
Advisor Expunges A 2020 FINRA Form U5 Termination Disclosure
After nearly 15 years with the firm, this advisor was terminated in November 2020. The firm filed a Form U5 that resulted in allegations being published to BrokerCheck, stating that the advisor had impersonated a client via telephone. Seeking to relieve herself of the damaging disclosure and restore her perfect public record, the advisor hired AdvisorLaw to seek expungement through FINRA arbitration.
Advisor Removes Unwarranted Form U5 Termination Disclosure
An investment adviser representative in Arizona hired AdvisorLaw to seek FINRA expungement of an unwarranted Form U5 termination disclosure that had been marring his records for nearly five years. The advisor joined the firm in 2012 and maintained a perfect compliance record for over five years. In 2016, a regional leader requested that the advisor hire an administrator. Initially, the advisor and administrator worked very well together and became a top-producing team with the firm. However, in late 2016, political and religious differences, in addition to other issues, caused the advisor and administrator’s relationship to become contentious.
Form U5 Termination Events
Any time a rep leaves a firm, regardless of the reason, the firm is required to file a Form U5 describing the circumstances under which the rep departed, within 30 days of the termination event. When a firm subsequently becomes privy to information that would render a previously-filed Form U5 inaccurate, the firm is obligated to amend the Form U5.
A 1991 Form U5 Termination Disclosure Removed From Record
A 1991 Form U5 termination disclosure had been plaguing the records of an advisor with over 30 years of dedication to the financial services industry. He sought the help of AdvisorLaw to seek the expungement of the mark from his records through FINRA Arbitration.