Putting a mark on my license
Ok here is the situation. I am a newly registered rep, was not even suppose to take the 63 until end of this month.I left my old brokerage firm on October 15th. On December 24st they supposdly caught and employee stealing. My old firm (the firm he has since left) is saying that he said he was stealing for me-I found all of this out today. So I contacted the kid who was caught and he said he never ever mentioned my name in anyway. He also told this to my current sales manager, my firms principal and to my old firms prinicapal.
My old firm contacted my new firm and said they are going to mark up my U4 and I am a suspect in the investigation. My new firm has put me "on leave" until the situation clears.
When I talk to my old boss, he said he does not know "what is true and what is false." This bothers me because the person being accused has told my current compliance officer, my sales manager, my old compliance officer that I am not involved he even sent me a text message for me to show to everyone. But for some reason my old boss see's it fit to go after me.
So my question is what are my chances of being convicted? Isnt this all hear say? How long can my old boss cause this "investigation" to go on? I asked for a police report number and he told me he has not implicated me to the police report YET, but he has not ruled me out until he "works out the facts". My job said I can come back as soon as I am cleared...
I don’t there is any way that anyone here could answer your questions with the information you give. You should speak to a lawyer, preferably one who specializes in securities industry issues.
Contact Bill Singer (rrbdlaw).You might even want to just send him a PM and get some insight.
If you can afford an attorney–now is the time to get one. If you can’t afford one tell the attorney your situation and see what they can do for you.
First mistake: making a move and recruiting people without first obtaining proper legal advice.
Second mistake: trying to do damage control without obtaining proper legal advice.
Third mistake: posting details on a public forum.
How many more self-inflicted wounds will it take before you have the brains to get legal counsel?
If you are not named in a criminal complaint but your old boss is still marking up your U4 you can probably sue for lost income and maybe defamation. I doubt your prior employer is that stupid though. He would need more cause then just a vendetta or it would be his ass on the line. What you need to do now is get something in writing from your “co-conspirator” and get a copy of the complaint. You don’t need an attorney to do that.
[quote=MLurative]If you are not named in a criminal complaint but your old boss is still marking up your U4 you can probably sue for lost income and maybe defamation. I doubt your prior employer is that stupid though. He would need more cause then just a vendetta or it would be his ass on the line. What you need to do now is get something in writing from your “co-conspirator” and get a copy of the complaint. You don’t need an attorney to do that. [/quote]
In theory that sounds great…but once he gets “something in writing” from his “co-conspirator” and a copy of the complaint, what does he do with that? Are you going to help him out with that? What if the “something in writing” is not of a form that is useful in a legal forum?
You may have good intentions, but you’re giving this guy some bad advice. If he wants to stay in this business he’s going to need a lawyer sooner or later to help him resolve this mess. I’d go with “sooner the better”.
I wasn't telling him not to get an attorney. I was telling him he doesn't need one to figure out what exactly is going on. The first thing an attorney will do is get a snapshot of his U4 and a copy of the complaint anyway. Why not get a jump? I would.
You need a lawyer, a psychic & a “skilled girl” at home to relieve the tension!