Can a convicted felon be registered as an investment advisor if they pass the series 65 exam?
If you were a convicted felon could you take and be registered as an investment advisor and start an investment company?
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Bentredmonk
Answered by a user, about 2 years ago.
Yes you can. There are people with a felony on their record who are practicing attorneys, nurses, stockbrokers, financial advisors, the list goes on. I am a "convicted felon" and hold both my California real estate license and my commodity brokers license. The term "statutorily disqualified" means that by law they can deny you licensure. However there is a process by which they take things on a case by case basis and look at rehabilitation, time since conviction and if the crime relates to the job duties. They weigh these factors and render a decision. The more serious the offense the longer you will need to put between your conviction and your application for a license. Its sad that people say that no you cannot and shoot down peoples dreams without knowing the facts.
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azzuremanagement
Answered by a user, almost 2 years ago.
Yes; a felon can posses a Felony, as long as the crime is not a dishonorable (theft) offense, they will consider drug felons and some assaults. I am a drug felon licensed in ny 6,7,&63.
19 people marked this answer as good
rddevita
Answered by a user, over 2 years ago.
Generally, no. FINRA, the organization that provides registration to broker, prohibits felons from holding registrations (a/k/a layman's terms as a license) - the term is that they become statutorial disqualified.
For example, Article III, Section 3 of FINRA's By-Laws1 provides that no member shall be continued in membership if it becomes subject to disqualification; and that no person shall be associated with a member, continue to be associated with a member, or transfer association to another member if such person is or becomes subject to disqualification. FINRA's authority to deny the registration and/or membership of disqualified persons or members is set forth in Section 15A(g)(2) of the Securities Exchange Act of 1934.
FINRA then includes in that SD definition "all felony criminal convictions for a period of ten years from the date of conviction".
So, if the term is within 10 years, then no.
The other issue is that an RIA (registered investment advisor) may NOT have to take the Series 65 exam, which would depend on state law as to registration of the RIA, being the amount of capital and number of customers.
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