Derivatives Trader Violations
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Can’t provide advice here but that’s normally a big fucking deal. Absolute no no. 100% would get fired from the bank if they found out. Could be insider trading and front running his BB trades too.
You should absolutely demand him to cover your cap gains taxes or threaten to report him. This is very much an illegal violation of FINRA regulations and bank policy.
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Save your paper trails and communications otherwise it’ll look like you’re the one doing insider trading
So you were in college with presumably zero knowledge of the risk/legal framework of banks so you shouldn’t have anything to fear from your actions. The caveat would be if he let you know that he was doing any manipulation or insider trading. That being said, letting someone trade your account without a formal agreement is naive on you and predatory on him. If he is actively trading for a bank then I guarantee he has some risk agreement that he signed that requires him to report his personal trades.
If you wanted to take direct action you could look into who is in charge of risk and compliance from his business unit to report him. They take these things very seriously. Be ready to provide any electronic communications from him and proof of actual trading in your account. Make it less about you but more about how he is still offering this to college students.
Would OP be in any trouble for doing this? Assuming he wants to join the industry, could this potentially cause problems for him in the future?
Yes ignorance of the law is not an excuse. Just ask SBF
Did OP do anything illegal himself? That is the question. If he handed him the keys to an account and didn’t touch anything likely not. Also a reason why I didn’t say ‘go to the sec or occ’ go to the firm.
If he was involved in anything involved with insider information that could be driving the market and squeezing trigger then there could be an issue. Naturally, consult an attorney.
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I would strongly suggest it, see my other reply.
Not sure what "little idea" means but you either knew it was legal or illegal. If you're downplaying this bc you're on a forum then you're culpable.
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No lawyer is going to be happy about this confession published on a public forum, so go call one and delete this.
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Was he trading options? I’m in risk&compliance and have ran surveillance functions. They are incredibly sophisticated and zeroing in on insider trading is a lot easier than people think. Make sure you stay away from the perception of YOU committing the market abuse
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