Demand letter

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Feb 25, 2007 4:22 pm

Expecting a demand letter soon for balance owed on a promissory note of approx. 85k. I'm not paying. Already telling my attorney to not settle based on fraudulent recruiting and broken promises. Let them spend 30k to take me to arbitration, only to settle for cents on the dollar for the remaining 55k. Btw  I'll bring my other BOA victims to my arbitration panel so they can get a clear picture.

Feb 25, 2007 6:51 pm

Did you finally leave after years of complaining ?

Feb 25, 2007 7:56 pm

EZ,


I would collect as many news articles about BOA's "problems", as possible, and give them to your attorney. He/she may not be aware of the widespread problems of BOA. The "problems" mentioned in the articles should be similar to yours, i.e., mass broker defections, lost court cases, high management turnover, etc. These articles might help your case, if you can establish that their fraud, lies, etc. were simply (S.O.P.) Standard Operating Procedure. 


Are you going to another B/D? If so, I assume you're keeping the other B/D apprised of your situation.


Good Luck!

Mar 2, 2007 4:35 pm

ezmoney:


I am an experienced advisor also pursuing banc of amerika inversements for false inducement and fraud related to my recruitment.Would like to trade notes with you. I think I have all of the recent articles and adverse arbitration decisions, but would like to speak or chat off forum if possible.

Mar 3, 2007 5:53 pm

I just want to second (or rather fifth!) the situation at BofA. I know first hand how bad it is and my current firm just lured away a couple defectors as well. I just can't believe how easily they can continue to get away with this BS over and over and over again no matter how widespread the knowledge is. Hopefully the NASD arb process will work in your favor sending a very strong monetary message to this firm.

Mar 4, 2007 10:57 pm

you will most likely loose, been there already.

Mar 5, 2007 6:08 pm

whalehunter:


What did the panel claim in your adverse decision?...that you signed whatever sh*tty agreement they gave you and now you own it, no matter what they did to screw you? And was it with BAI? 

Mar 5, 2007 8:03 pm

yes and no

Mar 9, 2007 7:36 pm

did you have an attorney?

Mar 14, 2007 4:45 pm

I would be interested in speaking to anyone via private message if they have any similar experience getting "flim-flammed" by BAI or could direct me to any fellow posters who might know a fellow BAI castoff.


Appreicate all of the feed back and good will on this board.


Apr 5, 2008 11:35 am

I am a BAI rep now in for 3 years.  The "firm" keeps taking away product becasue it is a bank and it has never really embraced the business.  The Promissory Note has to be paid back then they run it through payroll plus imputed income at 5% of the outstanding balance.  After tax it lands at less than 40% net.  I am considering moving and I am wondering since they are not signers of the protocall, how they may come after me.  I would love to learn about the previous cases they've lost.  Since I have been here I have more than doubled my previous firms production but get cuts in some fashion every year plus they continually increase the extra reporting for their own purposes (not compliance related) which only adds hours of non-comensated time each day.

May 1, 2008 12:33 pm

SPEAK TO ME PLEASE! I am considering go TO bac investments what do i need to be aware of that is much better or worse than any B/D wirehouse etc?

May 1, 2008 9:29 pm

First of all - be aware that BAI is not a B/D.  They clear through NFS (Fidelity).  It is a big change (for me since I came from the wirehouse) to get used to since you have another layer to deal with on common issues.  The reason I moved is the ability to grow my business and that has worked as promissed.  The grid is the lowest on the street and the bank doesn't understand the business as well as a wirehouse and they never will.  A wirehouse derives a substantial amount of their revenue from the B/D.  BofA gets around 5% from BAI so we are the red-hedded step children sometimes.  Post your phone number and I will call you to discuss anything you want.  My point is:  the move can be great for some but it is not perfect for all. 

May 2, 2008 12:37 pm

Yes I caught that icecold,I was the smartest guy in summer school for a reason.sent a pm I have to decide betwenn m/l and bai by the end of the month so all info welcome

Thanks
Yooper