Ad­vi­sor Wants Back In In­dus­try Af­ter DUI

Un­der SEC rules, this planner was statu­to­rily dis­qual­i­fied af­ter driv­ing un­der the in­flu­ence. Can he ever reg­is­ter with a bro­ker­age again?

Financial Planning - - Contents - BY ALAN J. FOXMAN

This planner was dis­qual­i­fied for driv­ing un­der the in­flu­ence. Can he ever reg­is­ter with a bro­ker­age again?

Q: A few years ago I got a felony DUI which made me “statu­to­rily dis­qual­i­fied” [un­der Sec­tion 3(a)(39) of the Se­cu­ri­ties Ex­change Act of 1934]. I’ve to­tally com­plied with all as­pects of my pro­ba­tion, which is due to ex­pire in a cou­ple months. What are the chances that I could get reg­is­tered with a bro­ker­age firm? A: FINRA may deny a firm’s ap­pli­ca­tion for as­so­ci­a­tion with a statu­to­rily-dis­qual­i­fied in­di­vid­ual if it de­ter­mines that in­di­vid­ual’s em­ploy­ment wouldn’t be con­sis­tent with pub­lic in­ter­est and the pro­tec­tion of in­vestors. By the same to­ken, FINRA by­laws (Ar­ti­cle III, Sec­tion 3(d)) say that FINRA “may ap­prove as­so­ci­a­tion of statu­to­rily

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