Market Timing and Late Trading

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Aug 10, 2005 6:56 pm

Has anyone out there experienced this in their office?  In my situation the manager created broker rep numbers with more than half a dozen people and using 3 different branches to hide his trades. Not telling them that they were going to use it commit fraud.  He just wanted to give something extra for those who worked hard in the office.  Yeah right.  The final outcome was everyone whose rep numbers were used were forced out so they wouldn't talk.  How the f(*& does that happen? 

Aug 10, 2005 7:14 pm

Isn't it hard enough to stay out of trouble when you actually DO play by the rules?  And suddenly, a manager comes up and says, "Hey!  I'm setting up a phony Rep ID for you, and you won't know what's going on, but you'll make some money!"  Gee, what can go wrong here?  IMHO, the reps are as guilty as the manager.

Aug 10, 2005 7:21 pm

Starka, you don't know sh*t.  Who knew it was phony?  Did anyone know about market timing and late trading three years ago.  He targeted the rookies and sales assistants.  And are you going to say no the manager.  He is the law and compliance in the office.  The amount of money I made buys lunch for the month.

Aug 10, 2005 7:24 pm

Oh by the way Starka, are you that idiot that everyone makes fun of on other posts.

Aug 10, 2005 7:25 pm

I might not know sh*t, as you so quaintly put it, but I do know enough not to let ANYONE run anything through my Rep ID.  Manager or not.

Aug 10, 2005 7:27 pm
IH8AGE:

Oh by the way Starka, are you that idiot that everyone makes fun of on other posts.



Yup! That's me!

Aug 10, 2005 7:39 pm

Then you are lucky enough not to work for AGE.  At AGE, they talk about integrity, putting clients interest first, what BS.  AGE and their managers committed fraud. They stole millions from the same clients they sought to protect.  CIBC and PRU are paying hundreds of millions to settle.  But those are cases are just of rogue brokers.  At AGE this was conspiracy to defraud with over 20 branches.  They are wrecking careers of the people they used.  I am just disgusted by that firm.

Aug 10, 2005 7:46 pm

That I can support.  If fraud was indeed systemic at the firm, then all involved need to be strung up, and if the firm goes belly up because of it, well, it's not the first time.  However, I don't think that one can be in this business for more than a few days and not know that what you described is not only wrong, but it's also actionable.

Aug 10, 2005 7:53 pm

Sorry if I was rough on you Starka.  But three of us did come forward to AGE in St. Louis and followed their own internal procedures to report fraud.  According to AGE, it is not your option but your duty to report such matters.  Not only did they violate their own internal policy which is based on Sarbanes Oxley by not taking action against their own managers, they covered up what happens to be a multi-billion dollar fraud.  It was a matter of ethics, how can you turn your back on the employees that wanted to do the right thing to protect those who are guilty.  I just hope justice is served.

Aug 11, 2005 7:45 am
Starka:

That I can support.  If fraud was indeed systemic at the firm, then all involved need to be strung up, and if the firm goes belly up because of it, well, it's not the first time.  However, I don't think that one can be in this business for more than a few days and not know that what you described is not only wrong, but it's also actionable.


Stanka, I thought about what you said but are you an idiot.  "One can be in this business for more that a few days....."  You expect rookies to figure this scheme out.  They couldn't tell livestock from preferred stock in their first few days much less do any business. You have posted over 500 times and the only relevant post is the one you admitted to being that idiot.  If you question my manager, all you will get are lies and denial. He tells you he wants to help with production but really only does things to benefit himself . He represents AGE, he is the one giving the compliance meetings, he has the Series 24, and is supposedly meant to abide by the rules.  And by the way, the original question was asking people if they experienced this is in their office, and here you come along giving some BS opinion without knowing the facts.  How in the h(*# did you get to be a Capt in the military?  With people like you no wonder this country hasn't won a war since Korea.  And Gulf War I doesn't count.  How can you consider that a victory when the enemy doesn't want to fight.  It was more like a overblown military exercise.


Aug 11, 2005 8:13 am

Did you take the Series 7?  Did you not read the material?  If yes, how do you NOT know that this little scheme that you allege was at the very least contrary to your company's policy, if not illegal?  If that's your definition of intelligent, I'll accept your charge of idiocy. 

Aug 11, 2005 9:17 am
Starka:

If that's your definition of intelligent, I'll accept your charge of idiocy. 


Why accept it?  You already admitted to it...captain...(see below)


Starka:
IH8AGE:

Oh by the way Starka, are you that idiot that everyone makes fun of on other posts.



Yup! That's me!


Aug 11, 2005 9:37 am

"According to AGE, it is not your option but your duty to report such matters."



And they were right. Just because they canned these guys who didn't report it doesn't mean they won't also take action against the manager. In fact, you can count on it.

Aug 11, 2005 8:21 pm

Ih8AGE were you out of the Back Bay office,or chicago or FL ?   

Aug 11, 2005 8:56 pm

Let's just say I know about ALL the players involved.

Aug 11, 2005 9:04 pm
Starka:

Did you take the Series 7?  Did you not read the material?  If yes, how do you NOT know that this little scheme that you allege was at the very least contrary to your company's policy, if not illegal?  If that's your definition of intelligent, I'll accept your charge of idiocy. 


Because executives of the company assisted in this little endeavor to cover up the stupidity of the reps who participated.  They changed company policy to suit themselves.  They stole at will so to speak.

Aug 11, 2005 9:14 pm
IH8AGE:
Starka:

Did you take the Series 7?  Did you not read the material?  If yes, how do you NOT know that this little scheme that you allege was at the very least contrary to your company's policy, if not illegal?  If that's your definition of intelligent, I'll accept your charge of idiocy. 


Because executives of the company assisted in this little endeavor to cover up the stupidity of the reps who participated.  They changed company policy to suit themselves.  They stole at will so to speak.



Those are some pretty hefty allegations.  As I posted before, if they are indeed true then some heads need to roll.  And if it's as widespread as you say, it might well bring the entire firm down.


"Let justice be done, though the heavens may fall."


                                                  --Lord Mansfield

Aug 11, 2005 9:37 pm

Millenium group was involved in some of the late trading etc. at
AGE.  From what I understand they were the masterminds of a lot of
this and they used different dba's to get around the firms internal
checks.  They had approached me, so I have followed this pretty
closely, glad I didn't get involved.  I hear there were some MER
guys involved as well.

Aug 11, 2005 11:40 pm
Starka:
IH8AGE:

[quote=Starka]Did you take the Series 7?  Did you not read the material?  If yes, how do you NOT know that this little scheme that you allege was at the very least contrary to your company's policy, if not illegal?  If that's your definition of intelligent, I'll accept your charge of idiocy. 


Because executives of the company assisted in this little endeavor to cover up the stupidity of the reps who participated.  They changed company policy to suit themselves.  They stole at will so to speak.



Those are some pretty hefty allegations.  As I posted before, if they are indeed true then some heads need to roll.  And if it's as widespread as you say, it might well bring the entire firm down.


"Let justice be done, though the heavens may fall."


                                                  --Lord Mansfield

Starka, sorry again for giving you a hard time.  But this situation makes me furious.  Yes, heads will roll and the $28 million dollar settlement that AGE paid to those P & G employees down in Augusta, GA will seem like a parking ticket compared to what's coming down. 
Aug 11, 2005 11:43 pm
Keyser Soze:

Millenium group was involved in some of the late trading etc. at AGE.  From what I understand they were the masterminds of a lot of this and they used different dba's to get around the firms internal checks.  They had approached me, so I have followed this pretty closely, glad I didn't get involved.  I hear there were some MER guys involved as well.


You're  lucky, but greed and stupidity took hold at AGE.  The masterminds of this situation was AGE themselves.