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Florida Form U5 Lawyer

Florida Securities Lawyer Gregory Tendrich Represents Financial Advisors and FINRA Brokers in U5 Amendment and Expungement Cases

The U5 Form (Uniform Termination Notice for Securities Industry Regulation) is used to terminate the registration of an individual broker in a certain jurisdiction and/or with a specific self-regulatory organization.  Firms are required to give a reason for terminating a registration and are required to file the Form U5 within 30 days of a termination.

In doing so, these brokerage firms may unintentionally (or intentionally, in some instances) damage the broker’s reputation and career prospects. Though a U5 can mean absolutely nothing to the person who filed it, it can mean everything to a financial advisor or securities broker. Given the ability of the general public and current and future clients to see this information through FINRA’s BrokerCheck system, it is critical that the language on the U5 be fair and accurate to you and the circumstances. If not, many current and future clients and even future employers may simply opt to work with another financial professional “just in case.”

In the unfortunate event you are temrinated from a firm, it is imperative that the language on the U5 be fair and accurate. Having an experience Florida Form U5 lawyer on your side to review the U5 before it is filed is critical and can be the differnce between getting hired at a new firm or not.

What is a Form U5?

For a registered representative or investment advisor the Uniform Termination Notice for Securities Industries Registration (Form U5) lists all:

  • registrations
  • securities licenses
  • amendments
  • customer complaints

For a registered representative or investment advisor. Among other things, a firm must report a “Reason for Termination” when it terminates a financial advisor.

Once a brokerage firm submits a Form U5 on a former employee, the contents of the U5 become a permanent record. Typically, the contents of the Form U5 can be changed only through a FINRA arbitration proceeding or other claim. The securities attorney Gregory Tendrich, P.A. assists advisors in U5 amendment and expungement cases. These cases bring claims seeking an amendment (change) or expungement (removal) of inaccurate statements on the Form U5. Registered representatives and advisors may also have claims for money damages arising from a false or inaccurate Form U5.

Form U5 Defamation Claims

When a brokerage firm terminates an employee, a Form U5 is completed by the firm and filed electronically with the Central Registration Depository. The Form U5 will be seen by future employers in the securities industry and some information may be available to the public through FINRA’s BrokerCheck system.

Sometimes, a securities firm or broker-dealer will report false, misleading, or defamatory information on a Form U5. A false U5 can damage a financial advisor’s reputation and affect his or her ability to find a job in the securities industry. Through a Form U5 defamation claim, financial advisors can seek to have the language on their Forms U5 changed or removed. Money damages may also be available.

Form U5 Expungement Attorney

The securities industry is specialized, with its own regulatory reporting requirements. Firms must report the “Reason for Termination” on the Form U5 when a registered representative, financial advisor, securities broker or investment advisor is fired. The firm must also report whether the advisor was the subject of an internal investigation at the time of termination and whether any regulatory actions or customer complaints were pending against him. The information reported on the Form U5 is filed with the Central Registration Depository (“CRD”) and prospective employers can obtain the information. A false or misleading Form U5 can negatively affect a financial advisor’s reputation. An experienced Form U5 expungement lawyer can help protect your career in the securities industry. If your Form U5 is marked with false or inaccurate information, with the help of a Form U5 expungement lawyer you may be able to seek expungement (removal) of defamatory information from your Form U5 or CRD record.

How to Get Information Expunged From Your Record 

Laws and regulations surrounding the investment industry are designed to benefit investors and the general public.

Information contained in a broker’s record (CRD) can only be expunged if it is misleading, defamatory, inaccurate, or erroneous. These limits are in place because the “information on the CRD system has important investor protection implications, provided it is complete and accurate.” Unless the information is defamatory, the person seeking expungement must provide written notice of how the information is misleading, inaccurate, or erroneous, as well as evidence indicating one of the three to be true.

Contact An Experienced Florida Form U5 Lawyer

Contact Gregory Tendrich, P.A. for a free initial consultation with an experienced securities and employment litigation lawyer. We represent financial advisors, registered representatives, investment advisors and securities brokers nationwide in Form U5 expungement claims, disciplinary investigations, employment claims and disputes, and transition issues.

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Gregory Tendrich, PA
Gregory Tendrich, P.A. serves clients throughout Florida, including the cities of West Palm Beach, Palm Beach, Delray Beach, Boynton Beach, Boca Raton, Port St. Lucie, Lake Worth, Wellington, Riviera Beach, Palm Beach Gardens, Fort Pierce, Vero Beach, Hobe Sound, Jupiter Island, North Palm Beach, Lake Park, Lantana, Stuart, Palm City, Jensen Beach, Tequesta and Juno Beach and represents clients in Palm Beach County, Martin County, St. Lucie County, Indian River County and throughout Florida.

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