According to FINRA, Delmar Owen Moore was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months for willfully failing to timely amend his Form U4 to disclose a regulatory action taken against him by the Michigan State Department of Insurance and Financial Services.

Moore entered into a final order of settlement with the Michigan State Department of Insurance and Financial Services that found he had engaged in deceptive practices and made false statements on life insurance applications.

The suspension was in effect from February 6, 2023, through May 5, 2023.

Form U4 is the Uniform Application for Securities Industry Registration or Transfer that all registered persons must file and keep current. One of the key purposes of the Form U4 is to disclose disciplinary history, including regulatory actions taken by state insurance departments and other regulators. This information is critical for firms conducting due diligence on potential employees and for investors researching the background of financial professionals.

When Moore failed to disclose the regulatory action taken by the Michigan insurance regulator, he deprived his firm and potential customers of important information about his disciplinary history. The fact that the underlying regulatory action involved findings that Moore engaged in deceptive practices and made false statements on insurance applications makes the failure to disclose even more serious.

The willful nature of the failure to disclose means that Moore either knew he was required to disclose the regulatory action and chose not to, or was reckless in disregarding his obligation to disclose. This is more serious than a negligent failure to update the Form U4.

Investors should regularly check BrokerCheck (www.brokercheck.finra.org) to review the disciplinary history and background of financial professionals they work with. The accuracy of information on BrokerCheck depends on registered persons keeping their Form U4 current, which is why failures to disclose regulatory actions are taken seriously.