If you have had a disclosure on your FINRA BrokerCheck, you know how damaging it can be. It can hurt your reputation, job opportunities, and financial future. A disclosure can prevent you from getting a job as a registered representative. This can feel like FINRA is barring you from the industry. But there is hope.
FINRA has a way to permanently remove improper disclosures from your CRD. At Bakhtiari & Harrison, we focus on U5 FINRA expungements to help you clear your record. We have the experience to make it happen.
We know the FINRA expungement process. We are here to fight for you every step of the way.
Ryan Bakhtiari, a founding partner, once led the National Arbitration and Mediation Committee (NAMC) of FINRA. This group creates and approves rules, policies and procedures for FINRA arbitration, mediation, and dispute resolution.
David Harrison, another partner, has unique experience. He used to be a registered representative with Shearson Lehman Brothers. He also worked as in-house counsel at Morgan Stanley Dean Witter, where he handled disclosures.
Unfortunately, many disclosures are wrong or exaggerated. This happens because firms want to avoid FINRA sanctions for not reporting debatable allegations.
With our help, you can protect your career. Avoid disclosures that impact your profession and options in the financial industry. Contact us for more information about the FINRA expungement process.
What is U5 FINRA Expungement?
U5 FINRA expungement is a process that lets stockbrokers remove certain disclosures from their BrokerCheck and CRD records. These disclosures can relate to terminations, disciplinary actions, or customer complaints. They can hurt a registered representative’s career.
BrokerCheck is a public database. It lets potential employers and clients see your professional history, including any disclosures. By expunging these records, stockbrokers can improve their reputation and job prospects. This process is essential for those who want to keep or restore their good name in the financial industry.
Disclosures on a BrokerCheck report can be very damaging. They can block future employment due to a termination, customer dispute, or regulatory action. Employers may see these disclosures as red flags. This can lead to missed opportunities or even job loss.
Clients may also hesitate to work with a stockbroker with negative marks on their record. They might think, “Where there is smoke, there is fire.” That is why expungement is necessary. By removing these disclosures, you can show a clean, professional image and increase your options.
The expungement process is not easy. It requires a deep understanding of FINRA rules and a strategic approach. But with the right legal representation, you can successfully expunge damaging disclosures from your record.
Purpose of U5 FINRA Expungement
The main goal of U5 FINRA expungement is to give stockbrokers a fresh start. A Form U5, compared to a Form U4 is triggered when a registered representative is no longer with a firm. Expungement is a way to clear your name. It’s crucial for stockbrokers who want to maintain their credibility in the financial industry. Expungement allows you to move forward without past mistakes or misunderstandings holding you back.
For many stockbrokers, a disclosure feels like a life sentence. Even if it’s a minor issue, it can have long-lasting effects on your career. Expungement offers a chance to wipe the slate clean. You can restore your reputation and open new opportunities by successfully expunging a disclosure.
In the financial industry, your reputation is everything. A single disclosure on your BrokerCheck report can make a difference between landing a job or losing out. Expungement is more than just removing a mark from your record. It’s about protecting your future. At Bakhtiari & Harrison, we understand your reputation is important and are here to help you protect it.
Who Can Request U5 FINRA Expungement?
Not everyone can request U5 FINRA expungement. Usually, the broker or their lawyer must file the request. However certain criteria must be met for the request to be considered. For example, the disclosure must not involve serious criminal activity or fraud. Our lawyers can help you determine if you are eligible for expungement.
Not all disclosures can be expunged. FINRA has strict rules about what can and cannot be removed. Disclosures involving serious misconduct, like fraud or criminal activity, cannot be expunged. However, other disclosures, like those related to terminations or customer disputes, may be eligible for expungement.
If you are unsure whether your disclosure qualifies, our legal team can help. We will review your case and provide you with a clear assessment. If you are eligible, we will guide you through the process and fight to get your record expunged.
The U5 FINRA Expungement Process
Step 1: Reviewing the U5 Form
The first step is reviewing the U5 form. This form has the details of your termination and any related disclosures. It is important to review this information to understand what needs to be expunged and why. Our legal team will help you analyze your U5 form and find issues that can be challenged.
Step 2: Gathering Evidence
Once we know what needs to be expunged, the next step is gathering evidence to support your case. This could include emails, company records, witness statements, and more. Strong evidence is crucial for a successful expungement. Our lawyers are skilled at finding and presenting the necessary documentation.
Step 3: Filing a Request for Expungement
With the evidence in hand, we will file a formal request with FINRA. Filing this request correctly is critical, as any mistakes can delay or derail the process.
Step 4: Attending the Expungement Hearing
After the request is filed, FINRA will schedule a hearing. During this hearing, both sides will present their cases. The arbitration will then decide on the merits of the case. Our experienced lawyers will represent you at the hearing, making sure your case is presented in the best possible light.
Step 5: Follow-up and Monitoring
If the arbitration panel grants expungement in an industry-related matter, FINRA will remove the disclosure from your CRD within 30 days. If it is a customer-related matter, a court must confirm the arbitration award before expunging the disclosure.
Choosing the Right U5 FINRA Expungement Lawyer
Experience and Track Record
At Bakhtiari & Harrison, we have years of experience helping brokers clear their records. We represent clients in securities arbitration and litigation claims before FINRA and other arbitration providers. We understand the importance of your reputation, and we are here to protect it.
Client Testimonials and Reviews
Client testimonials and reviews provide valuable insights into a lawyer’s capabilities. At Bakhtiari & Harrison, we have many satisfied clients who have successfully expunged their records. Their stories can give you confidence in our ability to handle your case.
When choosing a lawyer, it is important to consider past clients’ experiences. At Bakhtiari & Harrison, we are proud of the positive feedback we’ve received. Our testimonials speak to our dedication and expertise. When you choose us, you can trust that you are in good hands.
Take Control of Your Future and U5 Issue
Do not let a disclosure hold you back. At Bakhtiari & Harrison, we are dedicated to helping you clear your record and restore your reputation. With our experienced team by your side, you can navigate the FINRA expungement process with confidence. Protect your career and future opportunities by taking the first step today. Contact us for a free consultation. Let us help you reclaim your professional standing and secure the fresh start you deserve.