Fucked Up

Long time poster here but created this account for anonymity. I really fucked up and just accidentally sent an email talking about a public deal my bank is working on to a person in the industry but not at my bank. Anything I can do? Thx.

Comments (15)

Sep 3, 2014 - 6:27pm

depends, how well do you know the person? how sensitive was the info?

I'm thinking if you sent info on a public deal (emphasis on public) to a close friend, you shouldn't have anything to worry about. if you sent private docs to a complete stranger, you may want to fall on your sword, because in my opinion hiding a fuckup is way worse than owning up to it (if it's severe).

but take my advice with a grain of salt, never worked in banking, just commercial banking and PWM.

Sep 3, 2014 - 6:31pm

I just sent an email essentially asking how the [private company (abbreviated name)] and the [public company's ticker symbol] deals were coming along. It was with a guy I had been networking with. I'm usually super careful with email but I thought I was just talking to the other analysts...

Sep 3, 2014 - 6:35pm

Give me the tickers and I will decide how to treat this..

This to all my hatin' folks seeing me getting guac right now..
Sep 3, 2014 - 6:35pm

that's tricky, on the one hand the mosaic theory comes to mind (he takes your material NPI and googles the deal, if a rumor comes up he then does some due dili and acts on the deal), but on the other hand it could be construed as material NPI. corporate policy would dictate telling compliance about it, but if I were in YOUR shoes and you have a good relationship with your superior (MD, VP, whomever), pull them aside 1 on 1 and ask their thoughts.

Sep 3, 2014 - 6:39pm

Tell your superior. The firm most likely uses email monitoring programs anyway so they could find out. They can advise you on the best way to correct it and if you should and/or how to contact the person you sent it to. Most likely they'll just view it as a mistake.

Or you'll be doing the perp walk with your suit coat over your head next week after the insider trading indictment comes through (kidding).

Sep 3, 2014 - 6:44pm

I sent it from a personal email from my house. Can I act like I didn't notice it? If I hadn't noticed when I was clicking send I definitely would not have seen it. Should I ask the guy I was networking with to kindly disregard it? This was actually from a summer internship and I was kind of relying on leveraging my contacts at this firm to get a full-time job...

Sep 3, 2014 - 8:47pm

I ended up emailing him and apologizing for my huge lapse in attention. He had already deleted it and was very understanding. I felt like an idiot but it seemed like it was the best thing. I wouldn't think people would try to screw over a college kid, but I guess you never know. Thanks.

Sep 3, 2014 - 9:59pm

Seems like the issue resolved itself... but also interested to know if the information was material.

It's not clear to me whether your e-mail was asking for an update on two separate deals, a private company being acquired by a public, or a public being acquired by a private. The latter would obviously be material non-public and potentially a big problem. The former two would be problematic for you internally, but might not be that big of a deal in terms of getting in trouble with the SEC.

Good luck.

And why where you e-mailing from your private account about work related stuff? As your superior or compliance, that part just doesn't smell right.

Sep 3, 2014 - 9:59pm

You should BCC me into these emails with sensitive information on publicly traded companies so I can best help you out of this mess.

Sep 3, 2014 - 10:46pm

Sounds like it was sorted out.
Personal email is tough, but if it's a work email then definitely tell a supervisor or compliance right away.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
Sep 3, 2014 - 11:38pm

I'm normally extremely cautious about anything job related so I really felt horrified when I realized what I had done. Definitely a phenomenal learning experience since it seems like everything turned out ok. I can guarantee everyone I will check everything under a microscope in the future. And yes, shows exactly why its important to use deal names.

@"grosse", two separate deals: public acquiring public and private acquiring private. They're pretty small, regional companies too, not like we're talking F500 here. I used my personal email during my internship when I was on my laptop. It was approved/encouraged by my bank.

@"ArcherVice" lol I gotchu next time man.

Sep 4, 2014 - 10:13am
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