It was a high stakes game…My expunged arrest record had somehow found its way into FINRA’s Web CRD (FINRA’s background check database) – If I lost my argument, I would have a permanent blemish on my broker check and I would lose my job with firm. Legally, that arrest record didn’t exist. It was my right to defend myself and have a clean record with FINRA. I chose to fight.
As with all things FINRA, enforcing the rights given with an expunged arrest record was not an easy path. This all started at the end of 2012.
FINRA had a stale arrest record (from the FBI’s CJIS database) saved in their web CRD.
They must have pulled it somehow before the expungement was executed. The worst part about this is that the FBI record FINRA had clearly states that records change all the time and the end user (FINRA) needs to refresh when running a new report.
FINRA wouldn’t refresh their stale record.
Instead, they were requesting all sorts of proof that the charges had been dropped. The problem was the record had been expunged and all documents relating to the arrest had been destroyed. There were no such files to give to FINRA. Even so, I was under no obligation to report that my record had been expunged. All I had to do was challenge the accuracy of their WEB CRD.
I personally proved that the record FINRA had in their database did not exist (anymore).
I went through the official process to verify:
So what did I do??? Tracked down the right gatekeeper and sent a dispute letter to FINRA.
This entire process took three years.
Even FINRA, a quasi-government organization, can’t even get the whole expunged record issue right.
The worst part about this whole ordeal is that I had to be unregistered during this entire 3 year duration. Talk about lost wages!
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