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I'm quitting. See y'all little fish later.
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Can you be too much of a giver?
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Self report, you will probably get a note of “noncompliance” in your personnel file. If you are compliant prospectively then this is not too big a deal. If you show a repeated pattern of noncompliance, then that’s different. Firm can audit any staff, and run your social and your spouses, and they find everything (old credit cards, old student loans, former employer forgotten tiny 401(k), everything.
Pro
Yes I know. I was dinged earlier for a tiny former employer 401k which I had completely forgotten about. I’ve self reported this violation as well. Wasn’t aware of the Roth 401k as father in law set up and only notified me about it today.
Hi OP. Your wife should be able to have a Roth IRA account with any brokerage/entity. It’s just the securities she trades and holds within the account will be limited based on your employer’s restrictions. You shouldn’t have to switch brokerages.
For example, EY audits TD Ameritrade. TD Ameritrade’s stock can’t be owned by EY employees. I’m still able to have my regular brokerage and Roth IRA account with them though and credit card issued by them, while being compliant.
That’s different if it’s with a brokerage that doesn’t have automated reporting. Like at EY, managers and up are required to only use brokerages listed on the automated broker feed. If it isn’t, like some of the new Fintech brokerages (Robinhood, Webull, Public, etc.) , then you can’t use it until it gets added. I know Deloitte has something similar, but it may apply to all levels.
The firm will terminate you in a heartbeat. These SEC fines are no joke.
If you don't switch asap, this would be grounds for separation in today's climate.
Pro
Ok guys I got it. Chill lol.
It's my understanding that they're not just checking you but also your spouse. I'm sure there's a paper trail for the account that they can find. And like someone already said, this is no joke.
Pro
Will they terminate me if I self report immediately?
Nah - just self report and deal with it. It’s a much more better path then the firm discovering it.
Do you work on the audit of that restricted entity? Or even in the same office?
Pro
OP part of Managment group so regardless of office or even working on that engagement if you are part of Managment. Rules are more strict for managers
What if his wife had never told him?!
a former partner's SO repeatedly bought restricted stock, did other indepnd issues and did not tell her. Leadership kept calling the partner in and ultimately is why this person is a former
Pro
Thanks it’s a mutual fund and all the funds are restricted. How bad is it if you held non restricted entities in say Robinhood? I did at one point when I just started as manager but have since switched everything over the vanguard. Should I self report at this point?
Pro
I don’t have the Robinhood securities anymore, everything is in fidelity now and in broker import. Work at EY as well.