Financial Licenses, Judgment Debts, and Reporting on Form U4
Debt removal can be much harder for those who have financial licenses, such as:
Broker-Dealer Registered Representatives
Investment Adviser Representatives (IARs)
Principals managing or supervising securities activities
Securities Principals/FinOps
This is because a Form U4 will need to be filed should a judgment occur during any disputation of debts. Updating Form U4 poses a risk to an individual's license if it triggers a disclosure (and there is fraud) due to its disclosure in a permanent, public, and heavily scrutinized record regarding one's history, which FINRA and state regulators use to initiate investigations. Form U4 must be updated once again within 30 days of a judgment being nullified, vacated, or satisfied. While the original judgment remains on record, the update ensures the Disclosure Reporting Page (DRP) reflects the final status.
NOTE: Should one file as an indigent due to lawful money redemption, yet their prior U4s show reportable income - this will be seen as a blatant discrepency and thus an investigation will occur once reviewed by an agent.
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