How do I know if the firm I'm with is legit?

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Oct 22, 2010 3:26 pm

I've been interning at a local hedge fund / private equity firm since Sept. Lately, there has been talk around the shop that it may not be legit. There is only one principal. He claims that he was making a ton of money workfing from home, but he opened the firm to get partners so he won't have to work as much.

Here's the deal, he shares a cheap car with his wife. I never see him in nice clothes. He claims to make in the high six figures. I personally can't confirm this, nor do I see any evidence of this.

He is going to sponsor us for our series 7, and that's the main reason I'm going to stick around for now.

Anyway, does this place sound shady. How can I check to see if it's legit?

Oct 22, 2010 3:29 pm

Contact your State. Should be a dept regarding financial services/institutions, and business licenses. You should have your answer in 24 hours.

Oct 22, 2010 3:45 pm

How can a hedge fund sponsor you for a Series 7?  You should really be asking Wet_Blanket this question on the other site.

Oct 22, 2010 4:47 pm

Sounds shady to me......You can check out firms on Finra's website.  If they are not on there, I don't think they can sponsor you for your 7. 

Oct 22, 2010 10:51 pm

[quote=Gano_Rex]

How can a hedge fund sponsor you for a Series 7?  You should really be asking Wet_Blanket this question on the other site.

[/quote]

mx - I agree with Gano (nice plug Gano), WB has a strong compliance background and would be able to help with your inquiry. But he doesn't use this site any more.

I AM LEGEND - I don't think Hedge Funds are registered on FINRAs website just B/Ds. RIAs will be registered on the SEC website. I think to search Hedge Funds you can try - http://www.privateequityinfo.com/index.php but they charge a fee. Some Private Equities are registered with the SEC I think, but not all.

Oct 23, 2010 4:03 pm

That was my point that I don't think a hedge fund could sponsor you for your 7 unless they were a B/D also.