← Broker database 2023-09-27
Jean St. Pierre Suspended for Failing to Disclose Felony Charge and Conviction
According to FINRA, Jean Ann St. Pierre was fined $5,000 and suspended from association with any FINRA member in all capacities for six months for willfully failing to amend her Form U4 to disclose a felony charge and conviction and for providing false responses to her firm.
St. Pierre willfully failed to amend her Form U4 to timely disclose that she had been charged with, and subsequently pled guilty to, a felony. St. Pierre knew that she had been charged with the felony offense, but she did not amend her Form U4 to disclose the felony charge within 30 days of learning of it as required by FINRA rules. Further, St. Pierre pleaded guilty to the felony offense while she remained associated with her member firm but did not timely amend her Form U4 to disclose that she had been convicted of a felony and did not disclose her felony charge and conviction to her firm until years later.
In addition, St. Pierre provided false responses on disclosures submitted to the firm certifying that she had not been charged with or convicted of any felony.
Form U4 is the Uniform Application for Securities Industry Registration or Transfer, which registered representatives must file and keep current. The form requires disclosure of various events including criminal charges and convictions. Timely and accurate disclosure on Form U4 is critical for regulatory oversight and investor protection because it allows regulators and firms to assess whether a person is fit to work in the securities industry.
The willful failure to disclose a felony charge and conviction is particularly serious because it involves dishonesty about a matter of fundamental importance to a representative's fitness to serve customers. The fact that St. Pierre not only failed to amend her Form U4 but also affirmatively made false certifications to her firm demonstrates a pattern of concealment.
The six-month suspension reflects the seriousness of willfully failing to disclose criminal conduct and making false statements to the firm. Investors can check a broker's Form U4 disclosures through FINRA's BrokerCheck system to see any reported criminal charges, regulatory actions, or customer complaints.