At The Beck Law Firm, we often represent financial advisors before FINRA in connection with regulatory investigations and enforcement actions. We are aware that FINRA is continuing to investigate financial advisors across the country in connection to their activities involving COVID 19 relief programs, such as EIDL loans, Paycheck Protection Program (PPP) loans, certain unemployment benefits, as well as other aid programs from the federal government, including the US Small Business Administration.
If you're a financial advisor and you receive a Rule 8210 letter from FINRA seeking information on any involvement you may have had with these aid programs, you may be a little overwhelmed by the scope of the letter. It may ask you to disclose all of your bank and brokerage investment accounts, provide copies of account statements, and give details as to what if any activities you may have been involved in, as well as any outside business activities.
If you receive a letter like this, you would be wise to consult with an experienced regulatory attorney about how to respond and handle yourself before FINRA. The consequences of a FINRA regulatory examination can be serious, and in some situations severe. These consequences could impact your ability to continue to be associated with a FINRA member brokerage firm, and result in negative disclosures on your Form U4 and CRD record.
If receive a Rule 8210 letter or find yourself under a FINRA investigation, give The Beck Law Firm a call at (678) 344-5342. We will be happy to talk for a few minutes about your situation and perhaps represent you in your FINRA matter.