Colleague got FIRED because he didn't report a trade to compliance
Buddy sitting next to me got fired today.
Complete shock.
Reason being he forgot to file a 10 share buy AAPL trade to compliance, total <$2K, but definitely unintentional.
Now I'm scrambling to review all my own trades and compliance applications...
How strict is compliance with respect to stock trade in your bank/firm?
What is the rule for once you stop working somewhere? Is it 30 days or something like that, and then you can start trading?
I don't think a rule like this exists. The rules come from compliance, once you don't work there what right do they have to tell you what you can or cannot trade.
Could be. I thought the rule was still in place because, if your firm worked with company while you were there, you still had to wait 30 days after departure to trade on that stock. Not sure.
Once you’re cleansed of MNPI for a particular name.
I dont understand the shock. Its a FINRA requirement and bank policies tend to be very clear on issue.
If you're a mid-bucket or lower ranked, in a tough performance year, I wouldn't give your bank any blatant reason to cut. Unauthorized trading is a blatant reason.
Our Compliance does not allow us to trade individual stocks at all. Can only buy broad basket ETFs and mutual funds. Kind of happy that's the rule now given the OP story.
Isn't dismissal or termination of employment given to serious breach and/or repeated non-compliance?
I'd expect a written or official reprimand to be on his record, but not straight to the most serious result, in particular for something unintentional and with limited impact.
Anyways, compliance is compliance.
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