Moulton, Wilson & Arney, LLP's securities lawyers assist registered representatives, financial advisors, securities brokers and investment advisors in resolving issues related to their Forms U5.

What is a Form U5?

The Uniform Termination Notice for Securities Industries Registration (Form U5) lists all

  • registrations
  • securities licenses
  • amendments
  • customer complaints

for a registered representative or investment advisor.  Among other things, a firm must report a “Reason for Termination” when it terminates a financial advisor.

Once a brokerage firm submits a Form U5 on a former employee, the contents of the U5 become a permanent record.  Typically, the contents of the Form U5 can be changed only through a FINRA arbitration proceeding or other claim.  The securities attorneys at Moulton, Wilson & Arney, LLP assist advisors in U5 amendment and expungement cases.  These cases bring claims seeking an amendment (change) or expungement (removal) of inaccurate statements on the Form U5.  Registered representatives and advisors may also have claims for money damages arising from a false or inaccurate Form U5.

Form U5 Defamation Claims

When a brokerage firm terminates an employee, a Form U5 is completed by the firm and filed electronically with the Central Registration Depository.  The Form U5 will be seen by future employers in the securities industry, and some information may be available to the public through FINRA’s BrokerCheck system.

Sometimes, a securities firm or broker-dealer will report false, misleading, or defamatory information on a Form U5.  The brokerage firm may be seeking retaliation against the financial advisor.  A false U5 can damage a financial advisor’s reputation and affect his or her ability to find a job in the securities industry.  Through a Form U5 defamation claim, financial advisors can seek to have the language on their Forms U5 changed or removed.  Money damages may also be available.

Form U5 Expungement Attorney

The securities industry is specialized, with its own regulatory reporting requirements.  Firms must report the “Reason for Termination” on the Form U5 when a registered representative, financial advisor, securities broker or investment advisor is fired.  The firm must also report whether the advisor was the subject of an internal investigation at the time of termination and whether any regulatory actions or customer complaints were pending against him.  The information reported on the Form U5 is filed with the Central Registration Depository (“CRD”) and prospective employers can obtain the information.  A false or misleading Form U5 can negatively affect a financial advisor’s reputation.  An experienced Form U5 expungement lawyer can help protect your career in the securities industry.  If your Form U5 is marked with false or inaccurate information, with the help of a Form U5 expungement lawyer you may be able to seek expungement (removal) of defamatory information from your Form U5 or CRD record.

We represent financial advisors, registered representatives, investment advisors and securities brokers nationwide in Form U5 expungement claims, disciplinary investigations, employment claims and disputes, and transition issues.

Contact Moulton, Wilson & Arney, LLP for a free initial consultation.