Trader w/ a felony coviction

So far I have done my own research and spoken to a rep at FINRA. Iwas told by the rep that I could get licensed as but that I would have to get a firm to file an MC-400 or Mc-900. Either way its the eligibility proceedings. They then asses my whole character, history so on and so on and rener a decision. I just wonder how I get a firm to do this on my behalf when I am an entry level employee with no experience. It also cost the firm $1,500 to do this. The rep at FINRA said that its perfectly legal to offer to pay this fee for the firm so I would be willing to do so in order to create a situation where they have nothing to lose.
I will get a hold of a lawyer who specializes in this area to see what he might be able to help with.

Thanks j-law, hm, and everyone else for offering your two cents and support. I will keep at it and find a way.
 
If from what you say it would not be a problem from FINRA's perspective but rather getting a firm to sponsor you, I would think that you could get sponsorship through a prop shop. Just apply for a position and explain your circumstances (w/o going into your intention to get licensed so you can take it elsewhere) and offer to make the referenced payment. Since for most props you are not really a "true" employee of the firm, the risk would be minimal on their part. You would just have to sell them on your desire to REALLY be a prop trader if that is not your intention. getting the license would be one less hurdle you would have to overcome so do what you have to.
 
cstfx

Thanks for the suggestion. That makes sense and seems like it could work. I will definately keep that in mind and add it to my list of "doors" to try to open although I am not sure that I want to trade prop. But if it helps me get to what I want I am up for it. I appreciate it.
 
I'm not saying to actually trade prop, but to use their resources to get the license. You're behind the 8 ball and you have to work harder than most to get what you need. Just consider it a necessary step (evil) to get to where you have to go.

GL
 
Quote from hmcp:

If its your only conviction you can try to have it expunged
More...

It won't help to have it expunged because it will still show up in the FBI check as an arrest and you'll still have U4 problems. If FINRA is OK with a firm doing the sponsorship, I would work on getting a firm to sponsor you. If you have lived the clean life and can show a track record since the conviction, good credit rating, and all the like, put your resume in the hands of everybody you can. If you can get face time wear your good suit and bring your "A" game.
I can't say honestly whether I would hire a person with a felony conviction to handle my money, or my clients money, but if you showed up and impressed me I'd give you a whole lot of credit for having the gumption to look me in the eye and take your shot.
 
I can relate a story. A friend of mine has two felonies on his record. He took the Series 3 exam (you do not need sponsership to take the exam) and passed it. Then he applied for CFTC registration/NFA registration. In the application, the question about felonies is word as: Have you EVER, not Within the last # of years. His application was for CTA. His application was instantly denied based on the felony record. There is an appeal process; he basically was told that he needed to complete his sentence (4 years probation) and demonstrate rehabilitation. then he can reapply. Now, he stated that if he was sponsored by a reputable firm, then he would have won his appeal. My friend trades his own money for now.

I do not know if it is the same with FINRA.

Also, I assume you have completed your sentence and it has been five years since the completion of the sentence. You can try to get your record expunged, and you can even seek a Presidential pardon. I would retain an attorney to accomplish this. Since you live in Florida, you can seek a governatorial pardon to restore your civil rights on a state level, but this won't help you with registration.
 
CFTC is kinda weird. If you have ever read the Commodity Act, it says that you can be denied membership if you have been convicted of a felony within 10 yrs of your application for membership. The next section goes on to say if it has been greater than 10 yrs since you have been convicted of a felony, you can be denied membership. Go figure.

Years ago when I was a broker we had guys with records who could still get licensed/transfer licenses. They underwent extra scrutiny because of their records, but they still were allowed their membership.

I think that the CFTC has somewhat stricter regulations concerning people with dubious character issues than the NASD, however, since the creation of the combined entity I don't know if there has been a change on that front. Looking thru recent statements and such, there doesn't seem to be any added hurdles than a few years ago.

But bottom line, dre needs to spend some money and seek the advice of of a qualified lawyer familiar with security law and regulations rather than relying on free advice from an anonymous forum. After all, I think you know what the true value of free advice is.
 
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