Shanus-REA suit

[the 'stache]

Originally Posted by Snapolit1

I’ve had friends in the financial world who have been cited for serious securities infractions and have carried it around their neck like an albatross for years. They haven’t simply walked down the street and gotten another job doing the same thing. They have continued their careers but believe me the leading brokerage houses were not rolling out the red carpet to offer them another position.

I am not overstating it when I say that, in my particular industry, ethics was everything. It's a pretty big part of the Series 7 exam. I only worked for one broker-dealer firm, but they hammered it home that our fiduciary responsibility was at the forefront of everything that we did, especially when I began preliminary studying for my 66 to work as an RIA (registered investment advisor). I held that responsibility inviolate.

The Financial Industry Regulatory Authority, or FINRA (which used to be called the NASD) tracks every single registered representative within the industry, and continues to provide information on these representatives even after they are no longer a part of the industry. Case in point, here's my profile on FINRA's Broker Check. Even though it's been more than eight years since I was forced to leave the industry when I went on disability, everything I did as a registered representative is still available to the public. The licenses I held, and when they were passed, the firm I worked at, and the exact period of time that I was licensed. If any kind of regulatory actions had been brought against me, or if I had been terminated for cause-that information would be there. If you screw up, the black mark on your record, as far as I know, never goes away.