Firms swapping info on brokers?

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Jan 12, 2009 1:05 pm

A buddy of mine, or should I say former buddy, confided in me this weekend that he submitted bogus documents on his assets and production when he made the deal to just us at the wirehouse where we both are today. He said he cut and pasted his numbers and increased them up better than 30%. He was proud of himself. He said there's no way our company would ever know. I have my doubts about that, but the larger question is what do I do now?


I'm certainly going to disassociate myself from the guy, since he obviously can't be trusted, but I'm not inclined to tell management. However, if he's ever caught, what will I say if he tells management I knew what he had done? Now I have a completely different view of this guy than I had before and will distance myself from him, but I can‘t help but worry that just knowing this will come back to bite me in the butt someday.

Jan 12, 2009 2:30 pm

Oh, great! Now we all know and we all will get in trouble.

Jan 13, 2009 11:51 am

What a bone-headed thing to do.  It's a good thing reps can't get in trouble for posting bogus numbers on forums since I've read plenty of suspect numbers here...

 
Conrad, why not turn him in?  It's these Bernie Madoff types that are destroying our collective reputations.
Jan 13, 2009 1:04 pm
Indyone:

What a bone-headed thing to do.  It's a good thing reps can't get in trouble for posting bogus numbers on forums since I've read plenty of suspect numbers here...

 
Conrad, why not turn him in?  It's these Bernie Madoff types that are destroying our collective reputations.
 
AMEN to that Indy! Sometimes we have to do some of our own "housekeeping", the guy is an unethical crook!!!!!
Jan 13, 2009 7:06 pm
Indyone:

What a bone-headed thing to do.  It's a good thing reps can't get in trouble for posting bogus numbers on forums since I've read plenty of suspect numbers here...

 
Conrad, why not turn him in?  It's these Bernie Madoff types that are destroying our collective reputations.
 
You're right, Indyone, in the perfect world that would be the right and proper thing to do. I'm concerned that my management team wouldn't be happy to hear the news and I don't need the headache.  The BMO, in particular, strikes me as someone that would hold a grudge against me rather than do something to my former buddy.
 
It sounds like the only way he can be found out is if his old and new managers get together and compare notes, which is pretty unlikely. That means my big concern, that he'd get caught and I'd get dragged in to it, seems minimal.