Updating information on my u4
Investors who woke up on October 20, 1987, would have been hard-pressed to envision the U.
stock market not only posting positive returns for the year (the Dow had been up by as much as 40% year-to-date, prior to the crash) but also returning 371% over the next decade—and 617% by the end of the secular bull market in 1999.
By letter dated July 7, 2010, Vincent was allegedly notified by the Missouri Department of Insurance that his professional insurance license had been suspended because of his failure to file a tax return and/or to pay currently due taxes.
Although required to timely notify ING Advisers and to timely amend his Form U4 to report the suspension, Vincent allegedly failed and his firm only first became aware of the event around December 17, 2010.
The AWC alleges that by willfully failing to timely amend his Form U4 not later than 30 days after learning of the facts and circumstances giving rise to the required amendment, Vincent violated Article V, Section 2(c) of the NASD By-Laws, prior to July 30, 2007, and Article V, Section 2(c) of the FINRA By-Laws thereafter, and NASD Rule 2110 until December 15, 2008, and FINRA Rule 2010 thereafter.What's seems to have undone Vincent was the bulk transfer of registrations to ING Partners, which required updated Forms U4 -- which seems to have awaken a number of sleeping dogs.If there is any question as to whether an event should be disclosed, it is good practice to consult with an attorney who practices in this area of law.It does seem a bit odd that the U4 and U5 wouldn’t be linked to display the same information, but this a quirk of the CRD system.Your former employer will likely file another amended U5 to update the Disclosure Reporting Page (DRP) and report the settlement, but your current employer should also file an amended U4 to report the same information.