Keeping your U-4 up to date can be a real hassle, but it’s critical. Let me give you one example of why it is so.
On May 15, 2026 an AWC was issued and Jing Li was fined $5,000 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Li consented to the sanctions and to the entry of findings that she willfully failed to timely amend her Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose that she had been charged with two felonies. The findings stated that although Li was aware of the felony charges, she failed to amend her Form U4 within 30 days or disclose the charges to her member firm. Li falsely stated in a firm compliance questionnaire that the information on her Form U4 was accurate, including with respect to any felony charges. Li later falsely stated in a pre-hire questionnaire for another firm that she had never been charged with a felony. The other firm discovered the existence of Li’s felony charges through a background check and filed an amended Form U4 for her that disclosed the felony charges. The charges against Li were later dismissed.
If you are having trouble getting registered in a state, or facing regulatory discipline or an adverse employment action due to a failure to timely amend your U-4 -- give us a call today.