Recently Laid Off - NEED U5 HELP
Hey guys - I recently got laid off from my job, but they are letting me stay on payroll for 1 month. Additionally, I received an offer at another firm, but I am unsure if I should disclose that I was fired from my prior firm to them. I’m technically still an employee at my prior firm, and can get through the background check in the next month so that the background check will show that I am actively employed and do not have a u5. However, my start date for my new firm would be later, after the u5 is filed and shows as fired. I am worried the new firm will see the u5 then and decide to rescind my offer. Should I proactively tell my new firm about this before I sign the offer? Or go through the background check saying I am still employed (which I technically am)? After the 1 month is up, I believe my u5 will say I was fired for performance reasons.
Tough call. What exactly does your U5 say?
I think it will say something about failing to meet performance expectations
That really sucks. I’m very sorry.
It’s a bit of a gamble since compliance works separately from the actual group, but they might flag it.
They're going to see it anyway so no point in hiding it. Much worse if they ask you about it after the fact.
as someone who works in compliance 99.99% we put voluntary, you should try and work with them to see if you can get that or see if you can put your own wording to see if they can rephrase it.
This is the correct answer. Confirm with your current firm what your U5 will say and / or ask if you can have a voluntary resignation. Given they are willing to keep you on payroll for a month, seems like they are open to softening the transition.
I talked with my firm to classify it as voluntary on my u5, but they said it would go under performance did not meet firm expectations
Lost out on a Moelis offer because I wasn’t willing to lie in a similar situation. Looking back I should have gambled as I was on the payroll for a couple months.
I think this is the best approach, OP. You're at risk of losing the offer anyways, so you might as well gamble.
Hold on, how in the world did you lose an offer based on this? Did you stretch your end date by a month and they actually cared about that?
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