{ "media_type": "text", "post_content": "From a compliance standpoint, how will they gain knowledge that I have been using another brokerage to day trade stock options?", "post_id": "611322ee92e56e0024f75e12", "reply_count": 31, "vote_count": 7, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance" }

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

Additional Posts

How much base can I expect from PwC - Senior Architects role?

like

Hello fishes, Do we need to update our address on H-1B approved petition and PERM (still in initial PWD stages) if changing our resedential address within a 5 mile radius? Would be great if any immigration lawyers could weigh in.

like

Maternity leave is ending soon and we'll be hiring a nanny. Any recommendations on services to facilitate payroll, taxes, workers comp? Would love to hear examples of what people are using. Thanks.

like

For those who cold call on 401k plans, what is your approach?

like

I interviewed for an internship at an agency I wasn’t super excited about, but wanted to get some interview practice in. When I met the ACD who interviewed me, we really hit it off and it made me (..)

Question: Does it give me any edge applying at Google if one of their global recruiters sent me a referral link to apply instead of just applying online? Seems legit.

likesmart

Deloitte Technology - Information Management and Analytics salary and bonuses? Would be coming in at Consultant level.

like

Hello please can I find Victoria’s boot camp I keep hearing about this being great to study for shrm exam but I can’t find it anywhere thank you

like

When you left accenture and cashed out your PTO days, how long after did it take for the $ to show up in your checking account ? I didn’t get it with my final paycheck

like

Thoughts on S&A Global? What’s culture like? Glassdoor didn’t have much information.

like

How much do audit partners at big 4 firms make? What about 2nd tier firms?

like

Best books to read for acing the interview at the a big 4 consulting firm?

like

Would you have gone into consulting after your MBA if you already had pre-mba experience? Why or why not?

like

Deloitte 🐠—I saw from my feed that they’re letting go of people recently b/c they have too many now. Should I still apply? Was planning on applying to S&O and would be going from a boutique firm. TIA!

like

I’m planning to buy the study materials for the SHRM-CP certificate through Amazon. What are the best ones to obtain?

likehelpful

With the 2022 Robert Half salary guide recently getting released, do you feel it’s pretty accurate or not?

likehelpful

Decided that I’m leaving audit today. Trying to understand the full range of opportunities in forensics. Will have my CPA and CFE. So far, I understand that there are client-serving firms like FTI and then the B4 will have forensics arms as well. What are some other forensic accounting roles? Pros and cons? Better than audit? Honestly just looking to learn anything.

like

A partner submitted my resume to her firm’s recruiting department and I got called in for an interview. I’m researching the interviewers and one is the hiring attorney. Is that a good sign or routine? (I haven’t worked in big law to know.)

like

I want to start adding cold calling into my current warm dials at the bank. Problem is I've never done this before. What's a good resource for cold calling on investments and insurance?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
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

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

{ "isSet": true, "allowed": true }

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

For account settings, visit Fishbowl on Desktop Browser or

General

Legal