Legal Question in Securities Law in New York

Re: Arbitration

It depends on why you were fired and the nature and circumstances surrounding the reneges, including the amounts. You need to counsult with a lawyer who has experience representing registered representatives. You can contact me for further information. My contact information can be found on my webstie, whihc you can get to by typing "GelberLaw" into a search engine.

Re: Arbitration

Generally speaking, under FINRA rules, you have the ability to re-register with another broker-dealer within two years of your termination from a firm without retaking the series 7 exam. FINRA generally won't hold up your ability to get registered if there is an ongoing arbitration claim or investigation involving you. However, each state functions differently and they may hold up your license to do a securities business in that state for a variety of reasons.

As far as what can happen to you, its always possible that your former firm or client could file an arbitration claim against you for a variety of reasons. its also possible that a regulatory body, such as FINRA, could open an examination to determine whether you executed unauthorized trades or violated any other industry rules and regulations.

If you receive notice of any claim, action or examination you should consult with a securities lawyer with experience in this area. You may also find more information online at BDLawBlog.