Key Points Regarding CRD and BrokerCheck Expungement for Registered Representatives- Part 3

Posted on August 13th, 2018 at 4:38 PM
Key Points Regarding CRD and BrokerCheck Expungement for Registered Representatives- Part 3

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the third in a series of posts to help guide registered representatives through the process of expungement of customer complaints and other false or misleading information on their public record.  

After a broker’s dismissal, an employer has 30 days to file a Form U-5 with the Central Registration Depository (CRD), a copy of which is required to be sent to the dismissed broker.

Essentially, the Form U-5 acts as an employment reference because every FINRA member firm is required to review the Form U-5 before making a hiring decision. Additionally, self-regulatory organizations (such as FINRA) and state regulatory and licensing authorities, also use the information to make informed registration and licensing decisions. Further, investors can rely on information displayed through BrokerCheck when considering whether to do business with a registered (or formerly registered) person.

Accordingly, as one can imagine, even one negative statement on the Form U-5 may limit a broker’s job opportunities. Many employers think twice before hiring a broker with a disparaging statement on his or her Form U-5. Similarly, the same information may cause the broker to lose prospective or current clients.

The securities attorneys at Eccleston Law, LLC assist advisors in negotiating the language of U-5 filings as well as help reps expunge customer complaints and other false or misleading information. Please contact our law firm at 312.332.0000 for a free consultation.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, crd, brokercheck

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