How will my company find out I have a personal trading account?
Hello, I work for a major bank as a porfolio analyst and am not allowed to trade equities. My question is....I opened up a personal trading account for the first time in April and am up in the market. I own about 12 equities now and have not disclosed anything to my employer. What are the chances they will find out? I am using TradeKing as my broker.
I'd say the chances are greater that the SEC will find out...
You are just plain dumb to do this...
Sell by March/April 2010 and 1) don't trade or 2) look for another job. It's obvious that trading is more important to you than this job for you to have taken this risk. There are reasons why banks don't allow this since you are an analyst and might have proprietary info...etc. etc. Could they find out? It's a possibility.
Should have had your brother or parent open one in their name and let you trade for them.
http://www.telegraph.co.uk/news/uknews/crime/6780821/Dentist-and-son-ja…-trading.html
Doesn't always work out too well.
On the markets side he would likely not be privy to non-public information anyway (and I would hope he wouldn't be stupid enough to trade on that), I think he is just talking about how firms usually require all employees to: 1. Not trade in their asset class and/or 2. Go through their broker and clear trades.
As far as I know this would not be an issue for SEC or FSA, just with the firm in question.
u sure you can't trade?
usually after you disclose your account, you can file a request to trade before making a trade in your personal acct. once that requet gets approved by compliance, you can make the trade.
def go disclose your acct first
As a portfolio analyst you might indeed not be able to trade any equities, though that would still be surprising. Generally is is with compliance's permission and a set holding period. As for how they'll find out, it will likely come when you access your account using a company computer/tell someone who has something to gain by reporting you/fall afoul of the SEC.
Been with TK and Etrade for a while. Had the same concerns but if your careful. I like the blog's at TK, what's your username their I'll PM you what I did.
Man you are sure dumb. IMO I would close that account right now and hope that it never gets discovered.
Not only would you get fired, you could get busted from SEC and other. That is far worse than getting fired. Usually they go way over the top with a fine and ban which to me seems out of proportion with the infraction, but that is the way it is.
If you have to trade, open a forex account - usually those are not restricted in the same way but would depend on where you work.
Agreed with Mucko.
Go outside your asset class.
Close it !!
Did you go through compliance training??? Every BB has compliance training even for back office.
You're lucky the SEC did not bust you yet. Good luck.
How would the SEC find out? I did not disclose what company I work for when registering the trading account and have a common name (i.e. John Smith).
It might take awhile for them to catch on, but they will eventually. Though you have a common name like "John Smith," Im sure you have a unique SSN, which your employer has, your trading account has, the SEC has if you are registered, and the IRS will have for tax purposes. Trust me, they have all bases covered to make sure they catch ones doing this... Just close it, and if you choose not too, dont complain when you do get caught
ARRESTED!
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