am i about to be fired or what is going on

CountryUnderdog:

I don't think a misdemeanor charge that was dismissed and disclosed would have such ramifications. I'm a little skeptical that this is the whole story. Granted, I'm not sure what the FINRA requirements are.

My thoughts exactly.

CountryUnderdog:

I don't think a misdemeanor charge that was dismissed and disclosed would have such ramifications. I'm a little skeptical that this is the whole story. Granted, I'm not sure what the FINRA requirements are.

I'm not lying about anything. I had a misdemeanor charge in college but since I was under 21 it was dismissed. However at my state the junior program is you plead guilty then it gets dismissed. Finra said because I pled guilty that makes me disqualified regardless of other conditions like it was dismissed. I hired an attorney to fight that because the case was dismissed so I was not convicted guilty.. I do not have a misdemeanor on my record.

This is not a major misdemeanor and definitely not securities related as I was in college. It was a stupid thing you do when you are young/in college. Apparently bc of the high regulation in the industry now FINRA is just cracking down even on little things.

I disclosed this when I registered for FINRA because they asked if I pled guilty. I also disclosed it when I was hired into my firm. I've been honest all along. But I'm tired of being kept in the dark and misled. Plus, my goal is to be a trader and if I can't move this along at my firm and progress I am holding back my development/career.

What do you guys recommend I do? Quit, stay until I find another job? My attorney is extremely confident he can clear me with Finra so the next firm that hires me this won't be an issue.

My options now are : - stick with my firm - people are very supportive and I've already proven myself, but it's in a role that is not trading and I can't stick to a non trading role forever. I am not sure once this registration issue clears if I can get my old position back /switch to trading. - go work with a friend at his hedge fund. no pay but at least fill the gap in my resume while I look - quit and interview like mad. right now i don't have time during the day to REALLY look for jobs - I am starting a part time masters program this summer, so take it easy, bum around, then load up on classes and find an internship

Edmundo Braverman:

Unfortunately, you're not the first person to have this happen to them. Firms are really sympathetic when it comes to you explaining a FINRA injustice, but they usually do fuck all about it because you're not worth getting into a pissing match with FINRA. I've known guys who've had offers rescinded over easily fixable shit like this. The fact is a firm will never stick their neck out one inch for a junior employee. They just won't do it. It's easier to string you along and give you fake promotions to keep you grinding out the work until you get fed up and bail.

I can see why they'd be pissed you hired an attorney, too. First, you called them out on their bullshit and you better believe that's not acceptable coming from a junior-level shitheel in the firm. Second, your attorney now put the firm on FINRA's radar, and you know they hate that. And third, if they're like most firms they believe at the core of their corporate culture that you should just shut up, bury your head, grind out the work, and don't ever question anything they tell you.

Great input. But would you really have registration issues with a dismissed misdemeanor on your record? How do the people I know with misdemeanors clear registration with no hassles?

mrb87:

I don't understand why you are complicating this. There's only one viable route here.

1. You need your attorney to get this cleared
2. After 1., you need to start looking for jobs
3. Decide if you want to quit for a new job or not

Basically, if you quit your current job before you get your record cleared, that won't help you at all because you won't have solved the problem.

This is true for sell side banks. I was thinking if I find a buy side job I can quit as they do not care for licenses.

whatwhatwhat:

they're not going to fire you because they're afraid you suing them. moving to another sell-side position is going to be extremely tough if you don't have your licenses after two years. that raises all sorts of flags. i'd work on getting your licenses and seeing where it goes from there with your current firm. if you interview at another sell-side spot, how do you think it will look on your resume with you two years deep and nothing of note?

I know, that's a concern. Do you think I can ask my firm to sponsor me after I get this cleared up with my attorney? It's actually been 1.5 years since I've started, with 1 year in a rotational program, and the last 6 months on the trading desk. total of 1.5 years at the firm since college. Not sure if that makes things better.

Why would they be afraid of me suing them (they can fire me for any reason)? Plus isn't that a big no no in finance? I heard you can't get another job if a firm finds out you have sued a former employer.

SirTradesaLot:

What was your crime? You've answered every question in this thread except for my previous question. What did you shoplift?

it has to do with shoplifting with college friends at a grocery store freshman summer. I went on a probation program for 3 months and this charge was dismissed after. Obviously this was a stupid move and am paying for it now.

StryfeDSP:

While we're on the subject, are you auto dinged with misdemeanor possession of drugs/paraphernalia on your record? I would definitely assume so if it were felony possession.

No, an associate I know at another firm actually has two felonies of drug possession (occurred when he was in college) and he got all his licenses and is fine. But it was a hassle for him to get FINRA to make an exception for him.