Scam Internship List: Be Aware

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Gathered a list of fraudulent companies. Hope this can help people on this forum.

 

Alpha Capital Partners 

Blackmore Partners

Daroth Capital

Tobin & Co

Atleutian Capital

Bastien Capital

Chatsworth Securities

Seven Points Capital

Hyde Park Investment Services

Northwestern Mutual

New York International Capital (NYIC)

Selby Jennings

Ivyline Capital

Black Legend Capital

ArcForty

Cherokee Capital Holdings

Leedon Park

Gracewater Capital

Pinebrook Capital

Jump Investors

Amplify Trading

DeVere Group

LBN Advisors

Caspium Associates

Pursuit Advisory

Quire

Sutton Fund

Primerica

Multi National United

Hermes Capital

OVB Allfinanz

First Derivatives

Parcrest Advisors

Eastern Union

Romero Capital

AXA Advisors

Anything about Forex trading you see on Instagram

 

Remember, never pay for an internship

Feel free to add more names

 

Comments (144)

 
  • Intern in IB-M&A
Aug 28, 2020 - 2:55pm

Makes you try to sell life insurance to friends and family. Very aggressive tactics too. They say interns are building their book but once interns leave for the summer, the FT advisors just absorb interns clients and business. No base pay all commission. Had a couple friends that did it for a resume builder after freshman year and said it was horrible. From what they said the advisors are basically used cars salesman but for financial products.

 
  • Intern in IB - Gen
Aug 28, 2020 - 4:09pm

I cold emailed them in April along with every other LA boutique for a summer internship, and they responded in June with an email saying any potential internship would have to be FULL TIME and three months minimum in Los Angeles. Meanwhile, I've now gone home for the summer because they took two months to respond and there aren't even three months left in the summer.

 
Sep 2, 2020 - 3:42pm

Disagree on this one. There are some shitshows out there for sure, but as someone that REALLY struggled initially with grades and finance in general, the search fund I went to was the saving grace for me when it came to junior year recruiting. 

Principal there was an incredible dude. Former military, very much a mentor, and kept us involved beyond sourcing. Got to do an LBO model, conduct diligence, etc. Super valuable and arguably learned more than I did in my junior M&A role in IB.

 
  • Prospect in IB-M&A
Aug 31, 2020 - 11:24pm

I Interned at Cherokee, honestly still learned a lot of skills in valuation as freshman, which helped me get another summer internship. Also kinda makes sense a lot of search fund kids end up on PMT, the interview literally requires you to walk through a DCF valuation + have prior experiences in finance

 
  • Analyst 2 in Consulting
Aug 27, 2020 - 8:12pm

JUMP Investors is not a scam but I've heard it offers quite a poor internship experience. It's a VC firm with unpaid internships. Have heard the role is brutal data entry the whole summer along with close to zero actual investing work across the summer to put on your resume.

 
  • Intern in Other
Aug 28, 2020 - 4:02pm

Interviewed with one of their "lead interns" back at the start of this year. I asked in-depth questions about what he did as an intern in the past summer and he basically said making the blog and youtube videos for their portfolio company Sandee, which he described as "the world's first beach brand". Took a look at the website and its basically Tripadvisor for beaches with some pictures of half naked models at the bottom of the page. The interviewer's pitch about the company sounded like he was reading from a script and he sounded pretty hesitant to tell me about what kind of work an intern would do because (not surprisingly) the work isn't useful at all.

 
Controversial
Aug 27, 2020 - 9:22pm

Don't forget to mention DB

"Full speed ahead, damn the torpedoes." -U.S. Navy General Farragut
 
  • Analyst 1 in Consulting
Aug 28, 2020 - 4:53pm

Founder (pretty sure the only full timer) prays on interns to compile lists of companies that the he can contact and cold call in an attempt to beg them to sell. He basically uses interns to collect his finders fees as he works with some tiny PE funds to find them deals. Sketchy. Avoid.

 
Aug 28, 2020 - 5:30pm

Seconded on this. Thought I was getting a commercial banking part-time job (which is what they pitched me) my sophomore year of college. 

When I asked if this was a sales job, the recruiter told me no. I get to training and they were talking about the different life insurance products we would be selling.

I stared at the recruiter during the training session for about 20 minutes and flat out walked out of the room.

 
  • Analyst 2 in IB - Ind
Aug 28, 2020 - 5:17pm

Just updated the list! Feel free to add more names and hope this can help more students down the road.

 
Aug 28, 2020 - 9:09pm

"Anything about Forex trading you see on Instagram"

Yes, but this is true only to the extent that their strategies are bad/scammy/do not work/do not make sense, viz. strategies revolving exclusively around technical analysis and/or phases of the moon. There may be an argument for some forms of backtested technical analysis, but I much prefer the fundamentals with the belief that non-event driven patterns are mostly noise. I am not sure what your opinion is, but sometimes people automatically associate Forex with only scams and forget that there is a legitimate way to go about things, just as there are scammy and legitimate stock strategies.

 
Aug 29, 2020 - 7:49am

Older guy here....can someone help me with the Northwestern Mutual hate on this site?  It is a legitimate life insurance company- not as "sexy" as an investment banking role no doubt but there are some good jobs there and I don't think the word "scam" is likely appropriate, at least not to describe the Company.  Do they misrepresent themselves? 

Commissioned sales is not for everyone and I'd imagine that it is a tough way to start a career.  But, can someone fill me in on how it makes the list of a bunch of other unheard of shops?    

 
  • Intern in IB-M&A
Aug 29, 2020 - 12:50pm

Honestly there is nothing wrong with Northwestern Mutual, its a legit company, but idk it somehow has just evolved into a meme over time stemming from I think a bunch of previous interns making cringe linkedin posts, and the fact that they are at like every schools career fair so everybody has heard of them lol

 
Aug 30, 2020 - 12:30pm

Here's my Northwestern Mutual story. While I was still in IB, a local college student reached out to me under the guise of networking to break into IB. It was the summer and slow so I met him for a coffee. He shows up with an older guy and proceeds to pitch me on buying services from them. As I sit there confused, he proceeds to pull out a print off of my LinkedIn contact and had a bunch of high profile PE, CEOs and my bosses circled and asked for introductions. I was honestly in shock. I yelled at the older guy and was out of there in about 5 min. The intern actually had the audacity to follow up and re-request intros. It was horrible, awkward and unethical from my perspective. 

 
  • Prospect in IB-M&A
Aug 31, 2020 - 1:45pm

Right when I decided to get into finance I needed an internship ASAP to start building my resume. I got connected to NM through a random guy I met in PWM. 
 

I read WSO the day before the interview so I was already tipped off (thank freaking goodness)

Interview went as follows:

- Asked me my name

- Told me about the company

- Said they teach you to invest, may even pay for your CFA or something (it's been a while since the interview so this is fuzzy)

- DEFINITELY said they outperform the market more than any other investment manager (this sketched me out and tipped me off to them being scammy, just like WSO said)

 

 

then

 

- Told me about their "project 200." Your very first task is to fill out 200 names of people you can sell life insurance to. They want you to put down your mom, uncle, brother, cousin, professor, friend, basically anyone.... they asked me if I wanted to continue on and sign for the "internship"

- FYI their bread and butter is the kind of insurance that screws people over (you pay an exorbitant amount so they can "invest" a little bit of the monthly fee). Remember kids, "buy term insurance and invest the rest yourself"

- Promptly told them I wasn't interested but I thanked them for letting me practice my interviewing skills 

 

About 2-3 weeks later I landed an internship at a local boutique bank that got me far further than anything else. It's not worth it to go to these resume fillers like Northwestern Mutual; it's a waste of space and I guarantee you'll regret having it on your res.

 
  • Intern in Other
Sep 9, 2020 - 10:43pm

I regret not doing it as a freshman. It's sales, so people who are naturally risk-averse (a.k.a 99% of the people on this forum trashing the program) are going to hate on it regardless. I think it's a good internship as a first or second year especially if you can close any meaningful deals that serves as a nice talking point. It's better than waiting tables or some other bullshit like that. 

 
  • Intern in IB - Ind
Aug 30, 2020 - 3:34pm

Romero Capital. People will say on their linkedin how they worked on DCF and LBO but in actuality this is a paid internship. https://www.romerocapital.com/team That's a link to the company website, but here is a link to the paid internship portion https://romeromentoring.com/analyst-prep-program/.

 

Here's a link to a wso thread about it https://www.wallstreetoasis.com/forums/romero-mentoring-analyst-program

 
Aug 31, 2020 - 11:15pm

I would add AXA Advisors, they try to sell the position of Financial Advisor, but it is no different than Northwestern Mutual.

Jack Bibeau
 
Sep 1, 2020 - 12:46pm

City Investment Training - London 

£5k for a seven week programme and they say you'll likely get a BB offer after completing it 

Those who do it have all been unsuccessful in getting actual summer analyst positions and likely won't ever step foot inside a bank. 

 
  • NA in IB - Gen
Sep 2, 2020 - 3:45am

Selby jennings isn't technically a scam. From what I've seen, they make IB job postings on websites like linkedin and it looks like a bank at first, but it's just a recruiting website. Then you submit your resume to random job postings. Definitely misleading, but from my experience, not a scam.

Not sure if you're referring to Aleutian capital instead of Atleutian capital, but I wouldn't say that's a scam either. From my knowledge, they are more of a business broker than an i bank (checked their listings while working with a search fund) but not sure where ur coming from on that one. 

 

 
Sep 2, 2020 - 9:52pm

Can someone explain why Tobin & Co. gets shit on so much? I don't know anything about them.

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