Is Morgan Stanley FDIC Insured?
I had a bit of an odd situation freshman year of college and I cannot work under an FDIC insured bank for the next few years. This takes off GS and most Investment banks, honestly never even seen an Investment banking internship not under a FDIC insured bank...
However, when I look up Morgan Stanley I get a bit of confusion. Their site says that MSSB is not FDIC insured, however FDIC bankfind shows that they are insured in 2-3 different locations. Does this mean that if I were to apply to a certain location, I could actually work for them? I'm extremely confused by this.
federally chartered banks are insured by the FDIC, broker-dealers are not. but big broker dealers (BAML) usually have an affiliated federally chartered bank (Bank of America NA)
example: Wells Fargo NA, insured by FDIC, just like MS Private Bank (a division of MS and affiliated with their PWM arm). however, Morgan Stanley Smith Barney (their broker dealer) and Wells Fargo Advisors are not FDIC insured.
just about every large firm will have an arm that's FDIC insured.
why can't you work for a FDIC insured bank and how is the FDIC going to enforce this?
Was buying food from my school market, and evidently didn't buy a protein bar that was on the counter. Got called 6 months later and got arrested for shoplifting, but was later dismissed with community service. (was advised that it was the easiest way to get out of it.) However FDIC states that anyone that has been convicted of or entering into a program for dismissal, are not allowed to work under their firm if it is related to a breach of moral trust...
Also just my luck that it is within a state that does not do expunging. So I must wait 4 more years before I can be considered what they call "de minimis" since it was like $6.
I thought Smith Barney was their Wealth Management? And even though it only specifies certain locations, I can't work at any of them?
Man, this sucks... So I guess my only shot is AM, HF, or PE? Or do you think my arrest record for shoplifting is just gonna screw me over everywhere?
Thanks for responding with good information. I usually get nothing when asking around.
I had a charge that was dismissed with community service. if the charge was dismissed, you're not convicted, so pay attention to the pre employment questionnaire, if it says convicted, you can say "no."
Eat Clen, Tren Hard, Anavar Give Up.
Hope this helps
Is that really the way it went down? That you bought everything else but the protein bar wasnt scanned? Or is there more to it than that. FDIC has the authority to grant waivers, you have to seek them though.
Yes, they actually told me that the reason they identified me is because I bought over $20 worth of food with my card at the same exact time. The footage shows me buying my food, picking up everything(including the protein bar) and walking out. I think that I would need to get hire a lawyer or someone to help me through the process with the FDIC. They seem to be sorta strict on who they waive especially if it is within 2 years of the mishap. I'm not sure I could afford to hire help at the moment unfortunately.
This is absolutely ridiculous. Who advised you to take community service? Who the fuck files charges over two protein bars and what DA in their right mind would prosecute? This infuriates me.
Given that this happened on campus...do you have a legal record or was this through school only?
Anyways here is a link: https://www.fdic.gov/regulations/laws/FORMS/section19.html
This is one of the strangest stories I have ever read.
I am not calling you a liar, but am I correct in understanding that a cashier forgot to scan an item at the register, and six months later you were identified and arrested for larceny? Like the store owner showed the footage to the police and they made it a point to find you? Why were they even looking at old footage for a stolen protein bar?
Think i gave away too much info in original. Not very savvy with law.
But yes, I even waited for my friend and no one in the entire store notified me that I was walking out with something I hadn't purchased. I think they are forced to look into any sort of complaint, but am not sure why, who, or how they found anything at all honestly.
I think the thread is fake... Stealing crab legs never stopped Jameis Winston lol.
Wtf? This is absurd.
If I were you I'd just apply to banks like nothing happened. If it comes up in a background check (and I'm doubting it will), just explain your situation to HR. You're likely to get he same reaction that you're getting on this thread.
The problem is that any FDIC insured bank is actually not allowed to hire me for 4 years because of the situation. Takes a lot of options off the table.
I'd take the chance. These troll threads are ridiculous lol.
Thanks
Dude, it sounds like you need to do a lot more research and figure out what your situation actually is. Was it classified as a misdemeanor or a felony? Did it actually count as an arrest and a conviction? Because you say the case as dismissed. What does your criminal record say? Have you even bothered to pull your arrest record and FBI background check? It costs all of $18 dollars last time I checked.
Also what does the actual letter of the law say in regards to employment eligibility? I did a 5 second google search to find the following on the FDIC page:
Assuming you have no other offenses that would require an application within 5 years as defined here, you should be completely fine, but I am not a lawyer, so I could be grossly misinterpreting that part. In any event, lawyer up so you can figure out what your situation is.
Yes, it's a dismissed misdemeanor. In order to dismiss the case I had to do community service(Pre-trial diversion). That section 19 article that you're referencing specifically details that pre-trial diversion = no FDIC employment. Unless of course if I wait 5 years since I meet all of those qualifications. The person I spoke to told me that they rarely give waivers. So my main question is just trying to find firms that aren't FDIC insured. As my 5 years will be up a year out of college.
Morgan Stanley is not FDIC insured, as the FDIC only insures banks, and MS is a bank holding company regulated by the Fed. MS's bank subsidiaries are FDIC members though. That said, it may not be applicable here because Section 19 Says that BHCs are treated as if they were FDIC insured banks.
That said, when you're filling out the application, they may ask for any convicted felonies or misdemeanors to which you can honestly answer no.
Or you could just apply to any brokers that don't have a bank subsidiary and the FDIC rules won't apply, since we're only talking about a year. Or maybe apply to an MSF and then recruit for the BBs in a year.
I'd still say lawyer up though. Really blows that all this is coming from just a stupid protein bar, from a freaking on-campus store.
You need to call up a lawyer, a good one, and pay for a quick phone call with them. Probably no more than an hour will be long enough to get this sorted out. It will probably cost about $100-$150 or so. GOOD lawyers, not on campus lawyers. Not 1800 lawyers. Not bus advertising lawyers. GOOD ones. OR perhaps if your campus has a notable law school, there might be a law professor you could chat with.
This seems fairly ridiculous.
^^ Agree. Oj's lawyers got him out murder charges, pretty sure you can get one to get you out of "protein bar theft".
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