What is the name of your state? I live in a "right to fire" state. I prefer to keep this confidential, otherwise, unless a specific state law is involved. FINRA has national authority, as I understand it, and supersedes state statutes.
Recently I was put on "administrative leave without pay" due to "possible" statutory disqualification according to FINRA rules. I plead guilty to a felony DWI charge rather than fight the charge because I was told by my supervisor that the firm would take no action against me. The firm was subsequently sold to another firm, and that firm has been reviewing my case under their own different personnel policy, which is harsher regarding DWI.
Additionally, though the firm I work for was repeatedly made aware of my felony DWI, and I thought this was the extent of my responsibility, I am now faced with possible statutory disqualification charges from FINRA because I did not update my CRD (U4) as I thought my firm's compliance department, through my supervisor, had handled that. I was never made aware that I had to report the conviction until recently, and now I have been put on administrative leave without pay until the firm decides what to do with me.
I have had several people tell me, even in the firm itself, that my supervisor (branch manager)was responsible for ensuring that I followed any procedure of disclosure required
by FINRA (namely amending my U4/CRD). This did not happen and now I am in hot water with both the new firm, and possibly with FINRA (though we have recently filed for an exception, and things seem to be improving but slowly at the firm).
I do not know what my real rights are here, in terms of being an employee of a major financial institution, where I had certain expectations that the firm was looking out for me (namely, the branch manager). I personally did not call the compliance department but instead relied upon the advice of the branch manager, who told me the firm wasn't going to take any action but he wasn't sure about the regulators (ie NASD, SEC, FINRA, state insurance regulators). I've had threats of a 10 year ban from the industry despite a clean 15 year record. Everything is hinging on a level of disclosure requirement I thought I had met. Additionally, my supervisor did report my situation to his supervisor, and the firm paid for alcohol treatment, which I successfully completed.
But I am now going on almost three months without pay, and I think my business is being harmed. Even with a successful resolution (ie I get an exception from FINRA, and the firm allows me to return to work), I have suffered financial harm and very heavy stress of not knowing what will happen.
So what I'm getting at is that I was harmed because I relied on faulty assumptions put forth by the branch manager and perhaps some negligence from the firm as it knew what I was going through but took no action to ensure that I made the necessary disclosures to regulators, and that has put me into the current statutory disqualification regarding my securities (Series 7)and insurance licenses. The firm has not been especially forthcoming regarding its negligence in this case. I have been shouldering 100% of the burden but I don't believe I am 100% responsible. I certainly never made the slightest attempt to hide my DWI situation, though the new firm made some tough accusations in the early part of this case (it is still under review).
Recently I was put on "administrative leave without pay" due to "possible" statutory disqualification according to FINRA rules. I plead guilty to a felony DWI charge rather than fight the charge because I was told by my supervisor that the firm would take no action against me. The firm was subsequently sold to another firm, and that firm has been reviewing my case under their own different personnel policy, which is harsher regarding DWI.
Additionally, though the firm I work for was repeatedly made aware of my felony DWI, and I thought this was the extent of my responsibility, I am now faced with possible statutory disqualification charges from FINRA because I did not update my CRD (U4) as I thought my firm's compliance department, through my supervisor, had handled that. I was never made aware that I had to report the conviction until recently, and now I have been put on administrative leave without pay until the firm decides what to do with me.
I have had several people tell me, even in the firm itself, that my supervisor (branch manager)was responsible for ensuring that I followed any procedure of disclosure required
by FINRA (namely amending my U4/CRD). This did not happen and now I am in hot water with both the new firm, and possibly with FINRA (though we have recently filed for an exception, and things seem to be improving but slowly at the firm).
I do not know what my real rights are here, in terms of being an employee of a major financial institution, where I had certain expectations that the firm was looking out for me (namely, the branch manager). I personally did not call the compliance department but instead relied upon the advice of the branch manager, who told me the firm wasn't going to take any action but he wasn't sure about the regulators (ie NASD, SEC, FINRA, state insurance regulators). I've had threats of a 10 year ban from the industry despite a clean 15 year record. Everything is hinging on a level of disclosure requirement I thought I had met. Additionally, my supervisor did report my situation to his supervisor, and the firm paid for alcohol treatment, which I successfully completed.
But I am now going on almost three months without pay, and I think my business is being harmed. Even with a successful resolution (ie I get an exception from FINRA, and the firm allows me to return to work), I have suffered financial harm and very heavy stress of not knowing what will happen.
So what I'm getting at is that I was harmed because I relied on faulty assumptions put forth by the branch manager and perhaps some negligence from the firm as it knew what I was going through but took no action to ensure that I made the necessary disclosures to regulators, and that has put me into the current statutory disqualification regarding my securities (Series 7)and insurance licenses. The firm has not been especially forthcoming regarding its negligence in this case. I have been shouldering 100% of the burden but I don't believe I am 100% responsible. I certainly never made the slightest attempt to hide my DWI situation, though the new firm made some tough accusations in the early part of this case (it is still under review).