Employment Law

Employment law questions? Ask an employment lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Would like to get answer from an attorney with securities…

Customer Question
would like to get answer...
would like to get answer from an attorney with securities experience if possible*I have a question that I am asking for my spouse. She is in the investment securities business and has a U4. She is in a very sales related role and has decided she wants to do something different in the industry. She was offered a role with a new firm that would be a step up and less stress. At her current firm they put her on a performance plan because she didn't hit her sales goals last quarter and she decided the day to day stress is to much. Anyway she is preparing to resign but wants to make sure nothing will happen to her U4 since she is resigning on her own. Wanted to know if she should be concerned about anything.Thanks
Submitted: 8 months ago.Category: Employment Law
Show More
Show Less
Ask Your Own Employment Law Question
Answered in 16 minutes by:
11/16/2017
Employment Lawyer: Edward Young,
 replied 8 months ago
Edward Young
Category: Employment Law
Satisfied Customers: 512
Experience: Principal Attorney at The Law Offices of Edward D. Young, III
Verified

Hi. My name is ***** ***** I am a licensed attorney. I would be happy to provide assistance. Please give me a moment to formulate a response. Also, please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

Ask Your Own Employment Law Question
Employment Lawyer: Edward Young,
 replied 8 months ago

Your wife needs to be careful how she characterizes her resignation. She should answer no on Item 14J. I am going to quote some language and give you a link so that you can read it for yourself:

The first step in deciding how to leave a job is to learn the language of the regulators. A termination does not mean you were fired. That term covers three separate situations:

1) A “voluntary resignation,” meaning you quit;

2) A “discharge,” meaning you were fired;

3) “Permitted to resign,” meaning you quit before they fired you.

The reason the definition of termination matters is because many reps believe (erroneously) that a termination results in a permanent “yes” answer on the Uniform Application for Securities Industry Registration or Transfer (U4)…and that no one will ever hire them again, and that the regulators will treat them as a Statutorily Disqualified individuals, and on and on.

In fact, Item 14J on the U4 leaves significant wiggle room on the matter of leaving a firm. Here is what the item specifically says:

Item 14J: Termination Disclosure

14J. Have you ever voluntarily resigned, been discharged or permitted to resign after allegations were made that accused you of:Violating investment-related statutes, regulations, rules, or industry standards of conduct?

1. Fraud or the wrongful taking of property?

2. Failure to supervise in connection with investment-related statutes, regulations, rules or industry standards of conduct?

Notice that Item 14J only requires a “yes” answer if you were terminated after “allegations were made that accused you of …” the circumstances set forth in 14J(1), (2), and (3). Consequently, if you quit or were fired before any of the defined allegations were made, you have no obligation to respond “yes” in this section.

[Cite: http://www.wealthmanagement.com/archive/quit-or-not-quit-question-item-14j ]

I hope this helps.

Please go ahead and rate me. If you have any follow-up or clarification questions, please ask! There is no additional fee. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service (hopefully Excellent/5 stars!) at the top of the screen. Otherwise, I receive no credit for assisting you. I thank you in advance for taking the time to provide me a positive rating! A BONUS is also appreciated if you feel I've earned one today.​​

Ask Your Own Employment Law Question
Customer reply replied 8 months ago
Thanks for the info. I think her biggest question is if she resigns based on the info. How will her current firm code the ending of her employment?
Customer reply replied 8 months ago
She just wants to be sure it isn't coded as "permitted to resign" she is putting her notice in.
Customer reply replied 8 months ago
It's the performance plan they have her on now that she just wants to be sure on. Wants to be sure that wouldn't lead to her being marked as permitted to resign
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an employment lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Edward Young Your Own Question
Edward Young
Edward Young
Edward Young
Category: Employment Law
Satisfied Customers: 512
512 Satisfied Customers
Experience: Principal Attorney at The Law Offices of Edward D. Young, III

Edward Young is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I must thank you all for such a positive and knowledgeable Expert in your Employment Law category. She has provided much relief and answers for me in the midst of dealing with a case. I am totally pleased with her customer service and care.

MildredWashington, DC

Excellent direction from Socrateaser to help me preserve and pursue my rights as a proud American who has become unemployed in this messed-up economic downfall. Thank you

Happy CustomerDenver, CO

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Allen M., Esq.

Allen M., Esq.

Employment Lawyer

13,334 satisfied customers

Employment/Labor Law Litigation

Marsha411JD

Marsha411JD

Lawyer

12,490 satisfied customers

Licensed Attorney with 29 yrs. exp in Employment Law

Infolawyer

Infolawyer

Lawyer

12,478 satisfied customers

Licensed attorney helping employers and employees.

JB Umphrey

JB Umphrey

Lawyer

6,273 satisfied customers

Assisting employees and employers for over 14 years.

John

John

Employment Lawyer

4,029 satisfied customers

Exclusively practice labor and employment law.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

3,007 satisfied customers

I provide employment and discrimination law advice in my own practice.

ScottyMacEsq

ScottyMacEsq

Lawyer

2,893 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Employment Law Questions
I own a business in the state of Maryland and red my first
I own a business in the state of Maryland and hired my first employee a sales person. She was not hitting her goals or working the required hours and completing the tasks assigned as required. We deci… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I have a contract, from my employer, stating that I will
I have a contract, from my employer, stating that I will receive a quarterly bonus. This bonus will be paid no later than the last day of the month following the quarter. Unfortunately, I did not rece… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
3,007 satisfied customers
I live in Illinois and work for a software company as a Sales
I live in Illinois and work for a software company as a Sales Manager. On 6/18/2013 I was put on a 90 day performance improvement plan. The plan had 30, 60 and 90 day checkin points where I could be t… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
12,478 satisfied customers
I am a sales rep at company A (specific legal materials (books/CDs)
I am a sales rep at company A (specific legal materials (books/CDs) selling specifically to attorneys signed a non-compete with them at start of employment looking at a job with company B (offering cl… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I was promoted from Trial Manager to an Associate Director
I was promoted from Trial Manager to an Associate Director of Early Ops and assumed responsibility of operational management of a very busy and understaffed program during the last quarter of 2012. My… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
On Friday, my employer told me that they will be giving me
On Friday, my employer told me that they will be giving me a letter of reprimand on Monday. My boss then told me that I could either turn in a letter of resignation and get 30 days to find a new job o… read more
Allen M., Esq.
Allen M., Esq.
Employment Lawyer
Juris Doctor, Cum Laude
13,334 satisfied customers
I was recently forced to turn in a two week notice at work.
I was recently forced to turn in a two week notice at work. My question deals with the legality of this and I have any options to sue the company. The issue goes back two years ago when I started at t… read more
Allen M., Esq.
Allen M., Esq.
Employment Lawyer
Juris Doctor, Cum Laude
13,334 satisfied customers
I feel that I am being targeted at work and set up for failure.
I feel that I am being targeted at work and set up for failure. Here is the short version... I work for a small-business that has less than 30 employees. My job is in telephone based sales. During my … read more
socrateaser
socrateaser
1,031 satisfied customers
Good morning. I have a quick question regarding my employer
Good morning. I have a quick question regarding my employer and a Workmans Comp claim. I am a business development associate for Staples Advantage, which is the corporate/business account side of Stap… read more
Allen M., Esq.
Allen M., Esq.
Employment Lawyer
Juris Doctor, Cum Laude
13,334 satisfied customers
my spouse is owed a large sales commission for the 4th quarter
my spouse is owed a large sales commission for the 4th quarter 2010. Here company is in the process of being sold (said to close on the 15th of April) and she still has not been paid. They say payment… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
Im a former employee of a trade association that is made up
I'm a former employee of a trade association that is made up of two primary entities, one is for profit; the other is nonprofit. The association's CEO approved an agreement in which his wife was signe… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
I just was put on 6 months probation or offered a severance
I just was put on 6 months probation or offered a severance stating that my Sales Management practices were a risk to the firm. My firm has repeatedly ignored my requests for the last 5 years to addre… read more
Jane Doe Deer's Jobs
Jane Doe Deer's Jobs
Attorney
Post-Doctoral Degree
14 satisfied customers
My fellow co-worker, as well as myself were constantly being
My fellow co-worker, as well as myself were constantly being threatened that we will lose our jobs, as well as the owner having numerous interviews on the job in front of us. The office is brand new, … read more
MDLaw
MDLaw
Attorney
Post-Doctoral Degree
358 satisfied customers
Filing for Unemployment in Texas. Ive been a financial
Filing for Unemployment in Texas. I've been a financial consultant/stockbroker for Wells Fargo Investments for over eight years. I'm 59 years old and the stress and pressure over the turbulent stock m… read more
Marsha411JD
Marsha411JD
Lawyer
Doctoral Degree
12,490 satisfied customers
I am in a position that I am educationally qualified for and
I am in a position that I am educationally qualified for and have been doing for 9 months. The initial plan was for me to be in an action plan and work toward the role my boss has (for when she leaves… read more
legaleagle
legaleagle
Attorney
Doctoral Degree
7,047 satisfied customers
My wife works at a brokerage firm. They have just adopted
My wife works at a brokerage firm. They have just adopted a new code of ethics (insider trading is their concern. (My wife is an admin. assistant and never hears anything anyway.) She has alway been r… read more
socrateaser
socrateaser
1,031 satisfied customers
I had a meeting with my employer last Thursday. I figured they
I had a meeting with my employer last Thursday. I figured they were going to terminate me and I was right. They wanted me to sign a termination form. I already had another job, so I refused to sign it… read more
MDLaw
MDLaw
Attorney
Post-Doctoral Degree
358 satisfied customers
In the state on Minnesota, can a store manager send this letter
In the state on Minnesota, can a store manager send this letter to employees? "The store missed bonus by 1.5% for the fourth quarter which cost Jim and myself a significant amount of money and the opp… read more
JPEsq
JPEsq
Attorney
Doctoral Degree
5,086 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x