If you lie about it, then you're in deeper shit and definitely will get screwed for a bit longer than if you tell the truth.
http://registeredrep.com/compliance/
http://registeredrep.com/compliance/
One Felony Arrest ???
- Thread starter ImamicPH
- Start date
Every exchange has different rules regarding felony charges / convictions. I know of two individuals who got their memberships / registration revoked become of prior felony charges, one even for possession. It caused significant headaches for their backers.
Then what I understand is on the next application I phil out I should answer "no" to the question of whether or not I've been charged with a felony.
I mean after I was denied to take the test I called the exchange, and the woman specifically told me that was the reason I had been denied.
I am sorry, but unless your record have been expunged, you should answer "yes" to the question "have you ever been charged with a felony". See the EPIC (Electronic Privacy Information Center) page on Expungement to get your record expunged.
http://www.epic.org/privacy/expungement/
I ran a prop trading office. One of the guys in my office had and arrest conviction and jail time for selling cocaine.
He was straight forward about it, and got the series 7 and we traded as members of an exchange.
I am also pretty sure we were with the Philly exchange at the time although it could have been chicago. We moved exchanges a few times when Philly changed their fees.
He traded in our office in the late 90s through 2000 or 2001. His conviction was over 10 years old.
By the way I am a lawyer, I have recently applied to the bar in Florida, they say you must tell them everything, even if a lawyer says it is a violation of your rights. They do not care if you were pardoned, expunged, whatever. They want to know.
While I feel this is very invasive and perhaps a violation of rights. Unless you want to be a supreme court test case, I say always answer those questions truthfully.
YOu do not want to answer the following affrimatively,
Have you ever been turned down by another SRO for membership. If yes, please fill out the following page.
He was straight forward about it, and got the series 7 and we traded as members of an exchange.
I am also pretty sure we were with the Philly exchange at the time although it could have been chicago. We moved exchanges a few times when Philly changed their fees.
He traded in our office in the late 90s through 2000 or 2001. His conviction was over 10 years old.
By the way I am a lawyer, I have recently applied to the bar in Florida, they say you must tell them everything, even if a lawyer says it is a violation of your rights. They do not care if you were pardoned, expunged, whatever. They want to know.
While I feel this is very invasive and perhaps a violation of rights. Unless you want to be a supreme court test case, I say always answer those questions truthfully.
YOu do not want to answer the following affrimatively,
Have you ever been turned down by another SRO for membership. If yes, please fill out the following page.
My Compliance Officer, who was a PHLX regulator for years, says that if you disclose the arrest, and there was not a conviciton, that you should be OK. Worst case is a 10 year wait.
Don
This is what I understand :
1) If I go through the expungment process I can remove any record of the a) arrest or b) conviction if there was one.
Now the question is if I would still have to answer yes to the "charged" question, and if so will this deny certification throught every exchange or do exchanges have different rules.
I think I need to contact the NYSE and a lawyer.
The thing about lawyers is that most that I afford do not know what they are talking about.
