December 26, 2011 Comments (0) Blog, Securities Fraud

U-5 Defamation Attorney

Are you a financial advisor with an erroneous U-5 entry? Do you need an experienced securities employment attorney to help you clean up your employment record? If so, The White Law Group may be able to help.

Under Article V, Section 3 of FINRA’s By-Laws, within 30 days after termination of a registered employee’s employment, a member firm must complete and submit a Form U-5 to FINRA and give a copy to the employee.  As FINRA has stepped up its regulatory functions in recent years, broker-dealers are now feeling the heat to report everything to assure compliance with both U-4 and U-5 disclosure requirements. This has resulted in brokerage firms disclosing the most innocuous details regarding an employee’s departure from the firm. These details can have a significant impact on a financial advisor’s ability to find employment with another broker-dealer. Even a simple “Yes” indicating a pending investigation at the time of termination can negatively affect a broker’s ability to get a job with a new firm. cAdditionally, if these statements are not completely accurate, they may lead to legally viable claims for defamation, wrongful termination, retaliation, or discrimination.  They may also lead to claims to have the improper information “expunged” from the advisor’s U-5 (generally, an arbitration panel can award expungement relief to a financial advisor if the information the member firm provided on an Associated Person’s Form U5 is defamatory, misleading, inaccurate, or erroneous).

The White Law Group represents brokerage firm employees whose former employers improperly placed derogatory or inaccurate statements on their U-5 termination forms.  To speak with a securities employment attorney regarding your legal rights, please call the firm’s Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities arbitration and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at