In the past year or so, I've received more calls then ever from brokers asking whether they can have a criminal history disclosure removed from their Form U4. Sometimes these events are matters from long ago, including college pranks that went awry, but other times the case is much more recent. Regardless of the age of the incident, the general response I provide the caller is, "Maybe. Maybe not." Some criminal history events can be removed from a broker's Form U4, but others may not be. We have to dive into the specifics of each situation, and evaluate the applicable laws to make a determination. But, in many cases when we do believe that an incident is eligible to be removed, we have had success in petitioning FINRA to expunge the matter from the U4 and from public disclosure.
In this short video, I'l share with you more information about the common question of whether a criminal history event can be expunged from the U4.