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Series 7 and Drug Testing?

Author Topic: Series 7 and Drug Testing?
20kMBA
New Member posted 09-15-2005 12:42 PM Click Here to See the Profile for 20kMBA Click Here to Email 20kMBA Edit/Delete Message Reply To & Quote Message
Hello,
I am just starting a career in the securities industry and I am going to be applying for my Series 7 license. My employer stated an FBI background check will be done when I apply to get my license. When asked about my criminal record, this is what I said:

1993 underage possession of alcohol
1995 possession of marijuana
1997 DUI (pleaded down to reckless operation of a motor vehicle, but got 1 year suspension of driver’s license and 5 year SR22 requirement; hence the subsequent violations)
1997, 2000, 2001 Driving on suspended license

First of all, how possible is it that I my application for a Series 7 license will be denied, based on my criminal record?

My boss mentioned that I may be subject to a “spot drug test” by the NASD/SEC. Is this true? I don’t smoke marijuana more than once or tweice a year now, but I was planning on a celebration joint (for getting the job) in a few weeks. Is what he said true? Will I be required to take a drug test by the SEC/NASD?

Your help is appreciated. Thanks!

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Mark Astarita
Administrator posted 09-17-2005 03:16 PM Click Here to See the Profile for Mark Astarita Click Here to Email Mark Astarita Edit/Delete Message Reply To & Quote Message
I am not aware of any NASD mandated drug testing, although many firms certainly do have such programs.
And while I don’t mean to sound preachy, do you think it might be about time to get your crap together? Still smoking pot at your age? Multiple convictions for driving while suspended?

And you want a license to handle other people’s finances? Your criminal record is probably the least of your problems. I would have a tough time recommending that a client hire someone who has such a demonstrated record of irresponsibility.

I understand a possession charge when you were in college, or a minor assault charge from a bar fight, or a college drug possession. Even a one time DWI.

But all of that? I think you need to focus on demonstrating that all of that is in your past, in addition to concerns about passing a drug test.

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This message is general information only, and is not intended as legal advice. Do not rely upon this message without speaking to an attorney.

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20kMBA
New Member posted 09-17-2005 04:17 PM Click Here to See the Profile for 20kMBA Click Here to Email 20kMBA Edit/Delete Message Reply To & Quote Message
quote:
Originally posted by Mark Astarita on at
I am not aware of any NASD mandated drug testing, although many firms certainly do have such programs.
And while I don’t mean to sound preachy, do you think it might be about time to get your crap together? Still smoking pot at your age? Multiple convictions for driving while suspended?

And you want a license to handle other people’s finances? Your criminal record is probably the least of your problems. I would have a tough time recommending that a client hire someone who has such a demonstrated record of irresponsibility.

I understand a possession charge when you were in college, or a minor assault charge from a bar fight, or a college drug possession. Even a one time DWI.

But all of that? I think you need to focus on demonstrating that all of that is in your past, in addition to concerns about passing a drug test.

First of all, according to the 2001 National Household Survey on Drug Abuse, sponsored by the Substance Abuse and Mental Health Services Administration, Office of Applied Studies, you live in an area where 12% of the adult population (18 and older) uses marijuana between 1-11 times per year. The national averageis 9 %. Chances are, you deal with professional colleagues who fall in this category and you aren’t (or possibly are) even aware of it, to say nothing of users and abusers of cocaine. Users of powder cocaine are prevalent among affluent professionals, which means you deal with recreational users of cocaine and don’t even realize it (I don’t do that stuff). Maybe you do?

My point is, the odds are you work with people who use illicit drugs and you don’t even know it. At worst, it is hypocritical of you to make your previous statements if you have a professional relationship with those who you know to use marijuana or, even worse, cocaine to any degree.

The DUI issue spawned the SR22 requirement. Because I was in commission-only sales until 2001, my finances were crap (a career in sales is a scam, IMO) and I couldn’t pay my bills. Therefore, my insurance would lapse. As a result, the SR22 would trigger my license being suspended, which would result in my getting pulled over and ticketed.

Since I got out of sales, I settled all my bad debt, got my MBA, graduated with honors and got a non-sales career in insurance. I am financially liquid with no debts other than my student loans, which are paid on time. I paid for my late-model full-size car in cash (for the second time), and I have saved up 4 months of living expenses as an emergency fund.

Are YOU as financially stable? I doubt it. (I really don’t care about your situation; I’m just trying to illustrate a point)

I have developed a career path of becoming a financial analyst and I am following it.

Does that qualify as getting my crap together?

Not that I care about the opinion of some NYC lawyer in regards to my personal life, but I thought your assumptions needed correction.

Thanks for the feedback!

[This message has been edited by 20kMBA (edited 09-19-2005).]

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Mark Astarita
Administrator posted 09-20-2005 02:27 AM Click Here to See the Profile for Mark Astarita Click Here to Email Mark Astarita Edit/Delete Message Reply To & Quote Message
You posted here voluntarily, you are obviously concerned about your past history and its effect on your future, I respond and you get annoyed?
Ok, keep getting high and having a hard time finding a position in financial services.

——————
This message is general information only, and is not intended as legal advice. Do not rely upon this message without speaking to an attorney.

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OUMBA96
New Member posted 10-14-2005 05:17 AM Click Here to See the Profile for OUMBA96 Edit/Delete Message Reply To & Quote Message
quote:
Originally posted by 20kMBA on at
Hello,
I am just starting a career in the securities industry and I am going to be applying for my Series 7 license. My employer stated an FBI background check will be done when I apply to get my license. When asked about my criminal record, this is what I said:

1993 underage possession of alcohol
1995 possession of marijuana
1997 DUI (pleaded down to reckless operation of a motor vehicle, but got 1 year suspension of driver’s license and 5 year SR22 requirement; hence the subsequent violations)
1997, 2000, 2001 Driving on suspended license

First of all, how possible is it that I my application for a Series 7 license will be denied, based on my criminal record?

My boss mentioned that I may be subject to a “spot drug test” by the NASD/SEC. Is this true? I don’t smoke marijuana more than once or tweice a year now, but I was planning on a celebration joint (for getting the job) in a few weeks. Is what he said true? Will I be required to take a drug test by the SEC/NASD?

Your help is appreciated. Thanks!

As someone that has held the Series 7 & 63, you are applying to be able to take the test and then based on the test score, you’ll be loaned the certification.

You should be concerned about your past..I’d be surprised if the SEC, NASD would allow you to even test. So, it may be a mute point. And you spoke negatively regarding working in a past commissions based sales position. What do you think an “investment advisor” does? You sell investments. And, depending on what part of the country you are, it may be tough getting people to turn loose of their discretionary income (what little most people have these days).

Sorry to sound negative, but I consider myself to be a realist.

Good luck in whatever you do.

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20kMBA
New Member posted 10-15-2005 02:20 AM Click Here to See the Profile for 20kMBA Click Here to Email 20kMBA Edit/Delete Message Reply To & Quote Message
About the sales aspect of the securities industry:
You make a good point about the sales-oriented nature of the industry. Am I correct in assuming an Analyst is not a sales-oriented position? I chose the Analyst career path assuming it was non-sales. Any other career paths in the industry that are non-sales would be appreciated. I may have to pursue them if becoming an Analyst would mean going into sales again (people successful in sales are the exception, not the rule).

Regarding my past:
My employer is aware of my criminal history and has expressed confidence the NASD and SEC will be able to allow me to get my Series 7 license.

It is my plan to get my Series 24 and insurance licenses to work in a compliance capacity as well.

BTW, I work for a B-D, so I would be working in a compliance/support capacity.

Thanks again for the feedback!

[This message has been edited by 20kMBA (edited 10-15-2005).]

[This message has been edited by 20kMBA (edited 10-15-2005).]

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