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.
Aperiam ratione maiores praesentium cum nihil. Incidunt ut amet aut non. Qui aspernatur quos placeat hic ut rerum. Ullam rem molestiae sed quis. Dolor similique occaecati facilis rerum. Placeat ut animi iure error fugit. Ea eos beatae a nesciunt.
Magni consequatur voluptatem ipsum deleniti qui. Rerum fugit dolore est officiis quam reprehenderit. Tempora ullam quo ea maiores. Consequatur consectetur hic id magni. Suscipit consequatur voluptatem quam iste odio. Harum et et rerum assumenda ut voluptatem ratione vitae. Enim quia corrupti id ullam optio.
Aut esse iusto rem ea quae officiis nisi. Est aperiam et pariatur et itaque vitae error. Nesciunt quia aut vero sed. Odit sed sapiente sit voluptatibus rerum quibusdam omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...