If you click the following link, you will see how important all this U4, U5, BrokerCheck/CRD stuff actually is: http://www.finra.org/Newsroom/NewsReleases/2012/P177007.
We're not picking on this member firm. We're just using the headline from the FINRA website to illustrate how important it is for registered reps to promptly update their U4 information, especially when the information is embarrassing (see other post "felonies and finra registration").
Full disclosure is the foundation for our securities markets. The public needs to know about the individuals in the industry who have disciplinary problems, or have paid out arbitration awards/settlements based on their bad behavior. If a member firm and its associated persons deprive the regulators and the public of this information, investors are clearly harmed. And FINRA clearly will respond. Series7 - Need Help?