U-5 Expungement

Most registered members of the broker dealer community do not recognize the significance of the regulatory reporting requirements or even recognize the many terms used in the business until they have a problem. There are forms U-4, U-5, form RE-3, and the CRD system which is run by FINRA under and agreement with the North American Securities Administrators (NASSA). Unfortunately, these problems can include defamatory or false and misleading form U-5 filings made by former employers. In some states these filings enjoy absolute privilege and in others only a qualified privilege. Our firm is highly experienced in this area and has counseled registered representatives successfully in both defamation and expungement claims against their former employers. In today’s highly charged regulatory environment, even one negative form U-5 entry can cause a serious negative impact on your ability to earn a living by causing problems in your registration in various states or affiliation with different insurance/annuity companies.

We have successfully negotiated or obtained arbitration awards with substantial changes to negative entries on professionals’ form U-5.

Some of our firm partners are members of the FINRA board of arbitrators and have received the same FINRA rule 2310 expungement training that all FINRA arbitrators have received.