From a compliance standpoint, how will they gain knowledge that I have been using another brokerage to day trade stock options?

funnylike
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

I guess when they give you notice to pack up your desk

funnylike

I’ve seen it happen and they don’t let you pack up your desk lol. Your stuff will be mailed

likefunny
Recent IconRecent

F**k around and find out

funnylike

The other brokerage firm will ask for a 407 letter from either you or MS. You will get caught and you will get fired. You attest at least once a year that you don’t hold any unapproved outside accounts. You trading them proves you didn’t just forget you had that account.
I’ve unfortunately had to fire people over this in the past.

like

This is a FINRA rule 3210 violation. If your options account is Robinhood you might be ok bc based on a conversation I had with a bank compliance officer I don’t think they share client information with other brokers/banks yet. If you’re on the private side of MS there’s a good chance you’ll get fired on the spot if you admit to operating this unreported trading account. Not trying to scare you but you need to be very strategic about navigating this and immediately shut down the options account.

like

^ This.

Ethically this puts you in the unfit to work for a bank.

If you are licenced this will go on your record and you will spend the rest of your life pump and dumping penny shares from Long Island as no major will hire you into a regulated role.

likefunny

Compliance tends to get a feed of accounts from brokerage firms based on some PII data. A reconciliation is performed and then followed up on.

like

They will always find out.

likehelpful

@ you don't think FINRA gets data of accounts and matches them up to their member lists.

You should see what they find from OATS and LOPR reporting.

They will find out.

like

LOL

like

The sketchiest thing I’ve done is “trade” broad based ETFs in a betterment account. The only thing iffy is I did not always hold for 30 days but I could argue it’s not a covered account (at least by my firms definition) as it is not capable of buying or holding any single name security…therefore the 30 day hold period per policy is not applicable. Everything you can buy on betterment is broad based ETFs and doesn’t require preapproval according to my firms policy.

That said I’ve seen 2 analysts/associates fired for fragrantly disregarding the firms trading policy (NOT acting on inside info or even close to borderline illegal).

like

Did you at least have some lucrative trades lol?

like

LOL

like

https://www.ssctech.com/solutions/products-a-to-z/evare

likehelpful

They gon find out💀 I had to learn that the hard way

like

It is not Compliance responsibility to find out in first place but ours to disclose. Compliance folks at Citi are very good at finding out the f***s people make 😃 they work like an intelligence apparatus.

As a related question - what about external income through side hustles? I’ve never understood if Compliance or FINRA checks tax documents or where that info comes from either

like

Related Posts

Seeking US Virgin Islands Recommendations:

I’ll be on the islands last week of July with my wife and 2 kids (10 & 4). We will be renting a car.
Any Recommendations from your recent travel? Which island/hotels to stay, where to eat, scenic places visit, etc?

Thank you!

like

Good Morning from Pittsburgh! I'm a Recruiter with Duolingo and new to Fishbowl (enjoying so far). I just posted a Senior Creative Recruiter opportunity to the job board. Duolingo is looking for a passionate Creative Recruiter to lead the recruiting efforts for our Product Design, Design Studio, Creative Marketing, and Studios + Content roles, across all our global offices. Let me know if you're interested or know someone that would be the perfect fit. Have a nice day :)

like

Hi. I am an A2 working in tax out in the MidWest. Looking for M&A options as they are currently limited were I work. Any opportunities out there?

like

Anything "extra" you get booking car rentals through Trips vs. through Avis app? I'm doing a weekly rental with different pick up and drop off next week and it seems to be like $100 cheaper on Avis.

like

Hi Folks,

got an call for sap bw hana job. can someone help me with the kind of questions they ask?

like

Hi. What is the salary for an Employee Relations Business Partner in the financial sector based out of Los Angeles? Is 140k salary a good starting point or more? I have 15 years of Employee Relations experience in the banking industry.

like

Sorry to rant but I got my makeup done by Sephora in store (they have a service that does that), and it was awful!! The lady who did it did a terrible job. What's worse is we were planning to have pictures taken and then had an event. And now when I look I pics, the photographer did super well, but I feel so sad looking at the pics 😞

likefunny

Im sick of ERP implementation work, how difficult is it transfer out of my practice into something more interesting like data analytics or blockchain

like

Hi Guys.. I have joined Walmart IDC Bangalore couple of months back. I would like to bring my kid to office just to show him. Is it possible ?? if so is there any special approval required ?? TIA

like

Am I the only one who doesn’t kiss on the first date? I just gone on a date and I can tell this person wanted to kiss me but I just don’t have the spark. It usually never happens for me on the first date for me… but that doesn’t mean I didn’t like the person.

like

Hello there, does anyone know what the usual annual salary for a contract HR Generalist position is?

like

Is anyone here in the UK?

like

How hard is it to go from mid stage VC (A/B) to growth equity or PE? I’m from a financial background before VC(accounting)

like

I have been in client facing wealth management as an advisor for 10 years. I haven’t built a book of business because I’ve worked for mostly discount brokers (Merrill edge, TDA, Etrade). I want to know how to transition to a non client facing role in wealth management or another financial role. I am series 7 and series 66 licensed. Any thoughts?

like

How many days TCS took to release offer letter

like

Any parents of older kids here, tweens and teens? My son, who just turned 12, wants to attend a five-week camp 4.5 hours from home, looking for advice for those who went through this. How to prepare them, how you felt about it, etc.

like

Like every diwali

Post Photo
like

Do your firms have a billing code you use if you don’t get enough billable hours in the day? Like say you only billed 6 hours one day. What do I do about the other 2 hours?

like

What are some top concerns startups have besides funding, burn-rate, and team scaling?

like

Definitely a new one for the client complaints log “when you email after hours I feel like we weren’t important enough for you to work on the account in the day”. Yeah that’s the reason.

likefunny

Additional Posts in Finance

What are the biggest challenges women face in the workplace?

like

Summer Fridays: do you have to donate money to charity to wear jeans on Friday? I like to wear casual but I’m also cheap and don’t want to donate to a consensus charity that I’m not involved

like

What has been your Tinder stories?

like

What company would you never want to work for and why? Company need not be in finance.

like

How are you chillin fish?

like

Associates: How many of you got promoted after being an analyst vs. got recruited post-business school?

like

How many unread emails do you have?

like

Anyone know of a good resource to learn how to analyze CIM’s?

like

Anyone from Compass willing to connect?

like

Has anyone taken the CAIA exam recently? Currently studying for lvl 1 but not too much commentary out there.

like

Some days I just want to quit this job.

like

Do you say something when you see a VP making out with an intern at happy hour? 😬

likefunny

Hi fish, I got an verbal offer during interview with MD at Goldman this Friday. MD generally confirmed my visa status and talked about title and potential package I could expect. Completed Compensation Questionnaire and had a 15 mins call with Fragomen before interview with MD. May I know what should I expect for the next step and the timeline I should expect? Thanks fish!

like

Hope everyone is staying warm and safe tonight!! #howdaysuntilsummer

like

Without naming your country (or home state if you’re from ‘Murica), what is your country/home state famous for? I‘ll go first: Beer, Fries, Waffles

like

Anyone have experience with PIP, and what’s the process?

like

I want to be in banking in the longer term but I am not sure if I should switch a firm. I am currently in the m&a team at a top MM.

like

Does the stub bonus after A2A promote have any variability? I know BAML hasn’t announced yet so looking at past examples

like

I'm addicted to my phone and social media. Need serious intervention/help. Suggestions?

like

When you take a toilet nap and your coworkers totally call you out on it... 🙈🙊😵

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal