My question involves labor and employment law for the state of: Florida.
As a Series 7 licensed individual, I have been a "dual" employee for many years of Bank ABC and Broker DEF with the bank as primary employer. I never had any major issues until I started being subjected to inept management, arrogant behaviour and overall an unhealthy work environment where a series of disciplinary actions were taken against me based either on false accusations or reasonable errors. The working environment had become so untenable that I offered my resignation verbally to my manager's boss. After a transfer could not be secured due to the negative "wrap sheet" stacked up against me, I was terminated.
I am aware of the at-will employment doctrine in Florida. The problem is since I was terminated, my secondary employer Broker DEF has to file a U5 with FINRA, the federal regulatory authority overseeing Securities Professionals with Series 7 licenses. I was never able to actively use my Series 7 license during my tenure because I was primarily an employee of the bank and was not allowed to provide investment advice. They did mention that it was a nonetheless a benefit for me to "hang" my license with their broker affiliate so it doesn't expire. In hindsight, I'm beginning to realize that it was now a disadvantage because the U5 information is public and can affect my chances of finding future opportunities in the financial services industry.
I am a personal of moral integrity and too quick to admit any mistakes I may have made as an employee to management. It would be customary for me to see other people violating policy and getting ahead and I would think to myself "that bad karma will come back on them." But those individuals who were never caught or had good relationships with their managers are still employed which I find quite ironic and maybe I am the one who has to reassess my own personal management policies to avoid being a victim myself. I refuse to be a whistle blower but somehow I feel this might be the only option to defend myself.
The lawyer I have spoken to about this matter who normally represents brokers against employers said that he could not help me because the wording on the U5 would be hard to modify since it specifically says it is not "sales related" and only due to [my] "failure to follow bank affiliate's policy." If he cannot defend me during the FINRA arbitration process that I am bound to as a "dual" employee then I am left wondering if I should pursue this matter further as unfair as it may seem because the U5 statement clearly undermines my professional work ethic and otherwise excellent operational record as an employee and affects my prospects for employment elsewhere. It seems that what needs to happen is for me to drop my FINRA arbitration claim, allow my Series 7 license to expire and never again look for positions as a Series 7 registered representative even though no complaint has ever been filed against me and I have rarely used my license.
My legal question is:
1) Do I have grounds to claim that I had offered my resignation first before I was terminated to avoid the U5 from being filed?
2) If I find other "dual" employees with a similar situation, can I file a class action suit? Will this allow me to exit the FINRA arbitration requirement?
3) Does anybody know a FINRA arbitration attorney that I can also consult about this issue?
Thanks,
consigliere

