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I have a dismissed petty theft misdemeanor from over 7 years…

I have a dismissed...

I have a dismissed petty theft misdemeanor from over 7 years ago, will this keep me from getting a licenses from FINRA?

Lawyer's Assistant: What state is this in? And can you tell me a little more about the charge?

I received it in ND I will be taking my tests in Utah. I plead guilty because I was told I wouldn't have to pay a larger bail (that I wouldn't have been able to afford) and that it was cheaper and quicker that way, noting the fact it was my first (and last offense) I would be fine getting it removed or something similar .. Being young and never in the situation I took this advice believing it wouldn't be as big of a deal since it was my first offense. Value was under $50

Lawyer's Assistant: Have you talked to a lawyer yet?

No

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Answered in 27 minutes by:
1/18/2018
Layne Pecoff
Category: Criminal Law
Satisfied Customers: 201
Experience: dasdasd
Verified

I am a Criminal Law attorney expert and a former District Attorney, and I will be helping you. Nice to meet you.

Please keep in mind that our conversation does not create an attorney-client relationship and this is for general information purposes only.

I will be answering your question with the expectation that if you are satisfied with my answer, you will give a positive rating.

I can see that you just joined Just Answer, Welcome!

You may not be familiar with how the site works. The Attorneys do not receive credit from the site for their time or with customers unless the customer provides a positive rating. We answer your questions in good faith, hoping for a good faith response regardless of whether the law is in your favor or not. If that works for you, let me know and we can proceed : )

I want to make sure I understand what you are asking:

1-Will a dismissed misdemeanor prevent you from getting FINRA license?

Let me know which parts I got right and fill me in on the other parts and we'll go from there. Thanks!

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Customer reply replied 6 months ago
Correct a dismissed petty theft under $50 first time offense

Got it. You can have your record expunged. You may do this one year after the dismissal and it sounds like it has been 7 years now. If you let me know what state you are in I can get you the correct form to file with the court.

Once your record is expunged, you should not have any trouble with FINRA as the case will no longer appear on your record.

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Customer reply replied 6 months ago
It was in the state of ND and for what it's worth I will be testing in Utah. If available, I'd be interested to know the time frame on the process as well

Oh I see. Unfortunately, ND expungement is VERY limited.

Read this: http://www.ndcourts.gov/ndlshc/forms/pdf/Expungement.pdf

And in ND, no adult convictions can be removed from your record.

I can research FINRA's rules on a misdemeanor conviction if you would like.

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Customer reply replied 6 months ago
If you would

Absolutely.

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According to FINRA, you could be subject to a "statutory disqualification" under the Exchange Act if you:

  • were convicted, pled guilty or no contest to any felony.
  • were charged or convicted with a misdemeanor involving investments and related to fraud, extortion, bribery, or other unethical activities.
  • were involved in arbitration or civil litigation where you were found to violate sales practices.
  • received a final order, from a state securities commission, state authority, federal banking agency, etc., that barred you from an association to that authority or from engaging in securities, insurance, banking and other financial services.
  • participated in fraudulent, manipulative, or deceptive conduct that violated any applicable laws or regulations.
  • had registration revoked or suspended from an accountant, attorney or federal contractor role.
  • filed for bankruptcy within the last 10 years.
  • made a false statement or omitted material information.

THAT IS GREAT NEWS!!

Your first time offense, petty theft should not be a barrier to getting your FINRA license. If you had ben convicted of a felony, it would be a mandatory disclosure on FORM U-4 for the FINRA licensing board, but NOT for the misdemeanor you have.

GREAT NEWS! I am so happy for you.

It was my pleasure to answer your question and I wish you good luck with this!

If I have answered your question and you are satisfied, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

It does not cost you anything to click and it is the only way I can get credit for my work, and of course a positive 5 star rating would be appreciated.

You can still ask me all your follow up questions, even after you please leave a positive rating at the top of your screen.

I wish you all the best in 2018.

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Customer reply replied 6 months ago
You say would be mandatory disclosure, does that mean I don't need to disclose for misdemeanor?

Yes, that is exactly what I am saying. You only have to disclose CERTAIN misdemeanors (the ones I listed above). So you are good to go since yours is not in the list.

Thanks for rating 5 stars at top of page, the best to you here.

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Customer reply replied 6 months ago
Is the risk typically too great not to disclose anyway since it will show on background check even though it's not specifically asked about?

No because it is not on the mandatory list of disclosures and therefore it is not one of the crimes that they are concerned about affecting your license.

If I have answered your question and you are satisfied, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

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Customer reply replied 6 months ago
Ok great and thank you much, I'll give u a 10 star. Just made my day. ThanksIs there a way to print/email this convo?

I want to remind you that this is information for general information purposes only and that no legal advice is being given here.

You can copy and paste the thread onto a word document and print it that way. Good luck to you and I am so glad it worked out in your favor.

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I am glad you want to give 10 star rating, please scroll to the top of your screen where you will see 5 stars and you can please click 5 stars and that will give me credit for my time.

THANK YOU!

Layne Pecoff
Category: Criminal Law
Satisfied Customers: 201
Experience: dasdasd
Verified
Layne Pecoff and 87 other Criminal Law Specialists are ready to help you
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Thank you!

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