According to FINRA, Joseph Neil Savasta was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for six months for willfully failing to timely amend his Form U4 to disclose felony charges and guilty pleas. Savasta was arrested and charged with Aggravated Vehicular Assault, Assault in the Second Degree, Vehicular Assault in the Second Degree, and two counts of Driving While Intoxicated.

Despite being aware of these felony charges, Savasta did not amend his Form U4 until approximately 16 months after his arrest. He ultimately pled guilty to three of the felonies and the remaining charges were dismissed. However, even after pleading guilty, he did not disclose the guilty pleas in the amended Form U4 that disclosed the charges. It took another amended Form U4, filed more than 30 days after the guilty pleas, to finally disclose this critical information.

Felony charges and convictions are among the most important disclosures on Form U4 because they speak directly to a representative's character and fitness to handle customer funds and provide investment advice. Drunk driving causing serious injuries demonstrates dangerous judgment that investors have a right to know about when deciding whether to trust someone with their financial future.

The 16-month delay and multiple incomplete disclosures demonstrate a pattern of concealment rather than inadvertent oversight. The six-month suspension and deferred fine emphasize the seriousness of willful disclosure failures. Investors should regularly check BrokerCheck to see if their representatives have any criminal charges or convictions, as these may not be immediately disclosed.