{ "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?

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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
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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.

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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.

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^ 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.

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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.

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LOL

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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).

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Did you at least have some lucrative trades lol?

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LOL

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

likehelpful

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

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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

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