When a broker-dealer ends a relationship with a registered financial advisor, the broker-dealer must submit a U-5, or Uniform Termination Notice for Securities Industry Regulation form within 30 days to FINRA’s Central Registration Depository, or CRD. The U-5 submitted to FINRA by the broker-dealer must identify the reason or reasons for termination. These forms become part of the public record that follows the terminated financial advisor throughout his or her career.
Occasionally, to justify dismissal or to maintain business or financial advantage by retaining a financial advisor’s customers while disadvantaging the financial advisor’s ability to compete elsewhere, the broker-dealers will make false statements in a U-5, resulting in significant financial damage to the terminated advisor. Such cases are actionable under FINRA Rules for the industry.
The attorneys at The Law Offices of Marc Seldin Rosen, LLC, have substantial experience seeking recourse against brokerages. We take pleasure in representing good financial advisors whose reputations and careers are sacrificed to dishonesty by helping them recover lost income and restoring their professional reputations.
To schedule a free consultation at no cost to you with an experienced attorney and to ensure that you move forward informed and empowered, please call 410-244-1155 or email firstname.lastname@example.org. We are willing to represent clients who have these cases on a contingency basis, and we advance all litigation costs.