U5 and Breach of Promissory Note

McHenry County Attorneys for U5 and Breach of Promissory Notes

Aggressive Representation for Securities Litigation in Lake in the Hills, Crystal Lake, and Huntley

mchenry county securities litigation attorneyWhen a wealth advisor departs from one brokerage firm to join another, it is not always on the most amicable terms. For example, sometimes the advisor leaves behind an unpaid balance on a promissory note. When the Uniform Termination Notice for Security Industry Registration (U5) is filed by the employer, it may include information about the monies owed by the advisor. Disputes over U5 and breach of promissory notes are among the most common issues that end up in Financial Industry Regulatory Agency (FINRA) arbitration. When this occurs, it is important to have a skilled securities litigation attorney in your corner aggressively advocating for your best interests.

At Owens & Laughlin LLC, we have experience with securities litigation. Our lawyers have handled all types of cases before FINRA (formerly NASD), and we have an in-depth knowledge of this area of the law. When there are disputes between brokerage firms and former employees, we put our experience to work to provide strong legal representation for each client we serve. We regularly deal with cases involving U5 and breach of promissory notes, Protocol on Broker-Dealer Recruiting disputes, breach of fiduciary duty, and malpractice claims, and many related legal matters. In fact, we are one of the few firms in the northern Chicago suburbs that handle these types of cases.

U5 Disclosure and Breach of Promissory Note

The Form U5 is filed to report the termination of the registration of a broker or financial advisor from an organization, or from within a particular jurisdiction. The form is used by FINRA to track the careers of those working within the financial services industry, so their backgrounds can be researched, and disciplinary action can be taken against those guilty of misconduct. One of the most common issues that arise when brokers leave a firm is the balance they owe on a promissory note.

Often times, bonuses are paid to wealth advisors in the form of loans that are repaid over a set number of years they are committed to work with the firm. If they leave early, the firm may take action against the advisor to recover the remaining balance owed and report the unpaid balance on the Form U5. In recent years, there have been U5 and breach of promissory note cases in which the advisor has counter-sued the firm for U5 defamation and other allegations.

Contact Experienced Securities Litigation Lawyers

Results of U5 defamation and similar cases have been difficult to predict, and there are times when the advisor has prevailed in their counter-action. At Owens & Laughlin LLC, we stay continually up-to-date on these case results and precedents that may have been set for future cases, and we leverage our extensive knowledge to give our clients the skilled representation they deserve. For experienced guidance on U5 and breach of promissory note and related issues, contact our law firm today at 847-854-8700 for our Lake in the Hills office or 847-752-8537 for our Grayslake location.

Back to Top