I Think I Am In Trouble

You're pretty much screwed dude.  I would tell your branch manager yourself before the client calls him.

Please tell this is a joke!!!

Please tell ME this is a joke!!!

[quote=Mike Damone]

You're pretty much screwed dude.  I would tell your branch manager yourself before the client calls him.

[/quote]

I think if I tell the manager she will fire me.  My friend says I should just get with the client as soon as he gets home and offer to pay him back $500 per month until it is payed off.

My friend says that if I get fired I won't be able to get another job and I really do think I have what it takes to be a good advisor.

He thinks my client will understand as long as I am honest with him right up front.  I wonder if the client might say it is OK with him and he will wait for the stock to go up again.  Maybe he will, I hope so.

I wish I had never heard that rumor.  It wasn't even news as it turns out.

I'm assuming that this is not a discretionary account and that this is not a prank post.  If so, I'm having a hard time trying to understand what possessed you to trade without talking to the client.  I cannot imagine a quicker way to torpedo your career.  Obviously, you're going to have to come clean with the client and hope and pray that the client is willing to endorse your actions.  If not, you may have just written your ticket right out of the industry.

If this is a discretionary account, you'll probably have nothing worse than a client questioning the wisdom/timing of your trade.  If this is non-discretionary, you've probably got arbitration an a pink slip from UBS.

...and best of luck trying to find another firm to pick you up after that...sorry...

[quote=P G D M][quote=Mike Damone]

You're pretty much screwed dude.  I would tell your branch manager yourself before the client calls him.

[/quote]

I think if I tell the manager she will fire me.  My friend says I should just get with the client as soon as he gets home and offer to pay him back $500 per month until it is payed off.

[/quote]

LOL! 

"...offer to pay him back $500 per month until it is payed off."

Wow...wait until Bill Singer gets hold of THAT one!!!

[quote=Indyone]

I'm assuming that this is not a discretionary account and that this is not a prank post.  If so, I'm having a hard time trying to understand what possessed you to trade without talking to the client.  I cannot imagine a quicker way to torpedo your career.  Obviously, you're going to have to come clean with the client and hope and pray that the client is willing to endorse your actions.  If not, you may have just written your ticket right out of the industry.

If this is a discretionary account, you'll probably have nothing worse than a client questioning the wisdom/timing of your trade.  If this is non-discretionary, you've probably got arbitration an a pink slip from UBS.

...and best of luck trying to find another firm to pick you up after that...sorry...

[/quote]

That is why I want to pay him back.  He is a nice man and as long as I am trying to make it right he should be OK with it.  Dont you think?

Why would he want to screw up my life by complaining if I am trying to do the right thing?  Most people are very nice.  At least I think so.

[quote=Indyone]

"...offer to pay him back $500 per month until it is payed off."

Wow...wait until Bill Singer gets hold of THAT one!!!

[/quote]

Does Bill Singer work for UBS?  I have never heard of him.

[quote=P G D M]

I think if I tell the manager she will fire me.  My friend says I should just get with the client as soon as he gets home and offer to pay him back $500 per month until it is payed off.

My friend says that if I get fired I won't be able to get another job and I really do think I have what it takes to be a good advisor.

He thinks my client will understand as long as I am honest with him right up front.  I wonder if the client might say it is OK with him and he will wait for the stock to go up again.  Maybe he will, I hope so.

I wish I had never heard that rumor.  It wasn't even news as it turns out.

[/quote]

Ha ha ha. Good joke buddy.

Laughed so hard almost peed my pants.

This must be NASD Newbie being bored and jerking our chains. 

Either that... or this has to be the most clueless person on earth.

Why did you place the trade? Was the account discretionary or non?



Did you do it by accident?

P G D M,

I hate to sound harsh, but to be honest, I DO think you are in some serious trouble that is likely to ruin your opportunities in this field.  I wish I could tell you that it isn't so.  Yes, I know you were trying to do something good for a client, but now you can obviously see the error of your ways.  Your friend is giving you bad (and I believe illegal) advice.  Sure, it may work, but if you're caught, it will undoubtably lead to sanctions which may very well include being barred from the industry  The best advice I can give you is to not make this worse by piling on a second infraction on top of the first.  Your first visit and confession should be to your BOM or an attorney.  If you're afraid of your BOM, see the atty first, but you'd better get on this tomorrow.  The longer it goes, the worse it may be for you.  Imagine if the stock drops another $6-7/share...or worse!

You'll probably have a lot of folks kick your head in and tell you how dumb it was to do what you did.  I'm going to take the position that such chastisement is counterproductive at this point.  I honestly feel sorry for you because it's apparent that you like what you do and undoubtably, the next few days/weeks/months, even are likely to be unpleasant as you resolve this.  Just know that waiting will only make it worse.

Good luck.

What he did was wrong and stupid, but do you think the client would have the same reaction if his 2,000 shares were UP $3.00?

[quote=babbling looney]This must be NASD Newbie being bored and jerking our chains. 

Either that... or this has to be the most clueless person on earth.[/quote]

I'm voting NN, but just in case, I tried to give him some advice...wow...

"Did you do it by accident?"

...this gets funnier by the minute...

[quote=babbling looney]

This must be NASD Newbie being bored and jerking our chains. 

Either that... or this has to be the most clueless person on earth.

[/quote]

The answer is "A". Notice his obvious absence at this ridiculous story.

[quote=Mike Damone]What he did was wrong and stupid, but do you think the client would have the same reaction if his 2,000 shares were UP $3.00?[/quote]

That is exactly right.  That is why I do not think he will want to hang me.

I have been thinking of asking him to hold the stock if I give him the difference between what it is when he gets back and what he payed for it.  Then if it is sold for more than he payed for it he could split the profit with me and I might be able to get a lot of my money back.

Does that make sense?

[quote=P G D M]

[quote=Mike Damone]What he did was wrong and stupid, but do you think the client would have the same reaction if his 2,000 shares were UP $3.00?[/quote]

That is exactly right.  That is why I do not think he will want to hang me.

I have been thinking of asking him to hold the stock if I give him the difference between what it is when he gets back and what he payed for it.  Then if it is sold for more than he payed for it he could split the profit with me and I might be able to get a lot of my money back.

Does that make sense?

[/quote]

Not really.  You're pretty much fired.  Good luck.

OK…becoming more convinced this is another alter ego of Nasty-Put-Easy…

[quote=P G D M]

[quote=Mike Damone]What he did was wrong and stupid, but do you think the client would have the same reaction if his 2,000 shares were UP $3.00?[/quote]

That is exactly right.  That is why I do not think he will want to hang me.

I have been thinking of asking him to hold the stock if I give him the difference between what it is when he gets back and what he payed for it.  Then if it is sold for more than he payed for it he could split the profit with me and I might be able to get a lot of my money back.

Does that make sense?

[/quote]

See, P G D M is NN jerking chains.  Sick. Really, really sick.

…but still kind of funny…OK, nasty, you got me…happy?!!

Nasty Put Easy reminds me of the creepy guy in “Saw” sitting at his computer…“I want to play a game…”

Just tell your client you were practicing putting in our first stock trade. Made a mistake and placed into the wrong account. LOL

[quote=P G D M]

Hi, I have been reading this stuff for a long time and find it to be very informative.

I am in my first year at UBS and I made a mistake a couple of weeks ago.

I have a client who has been in Florida for a month.  About two weeks ago I heard something about a stock that I thought was really good news so I bought 2,000 shares in his account without talking to him.

Well the stock went down about $3 per share since then and I am worried that when he gets home on Thursday he is going to notice it on his statement and will be mad.

Do any of you have experience with something like this.  How can I make him understand that I only had his best interest in mind and that I am sorry that he is losing right now.

I am pretty sure that he would have bought it if I had talked to him about it before I bought it for him, but he was in Florida.

Would it be a good idea to try to explain that if he sold it he would get some writeoffs which would help offset gains on other trades he has made.

He is 68 years old and is a retired veternarian.  His wife is blind, but it is not her account.

Thank you for your advise.

[/quote]

How much was the commission?

Mark the ticket “unsolicited” and enter in your notes that the client called the order in and refused to listen to your advice that you felt that the stock was going to fall in price and that he should not buy it at that price.

OK dirk wait until the NASD gets you in an arb case and says 99% of your production is in 1 product how do you explain yourself I’d love to watch you sweat!

[quote=bankrep1]OK dirk wait until the NASD gets you in an arb case and says 99% of your production is in 1 product how do you explain yourself I'd love to watch you sweat![/quote]

I'll make sure you get an invitation. Bring your mom, too. She LOVES to see me sweat.

Guys and Gals:

This has to be a joke. UBS has a policy instituted several years ago which specifically says a broker cannot solicit any orders (and I assume even trade in a discretionary account) on securities which are not covered by their research group. If a client hears about a "hot" one and wants to place a trade in that security, the brokers are supposed to get written documentation this was an unsolicited trade to cover their rear ends and the firms, too.

It's gotta be a joke ladies and gents. If it's not a joke, let's hope the rookie's BOM or compliance officer knows what a daily trading blotter is and already took the appropriate actions.

Yes, this is definitely a joke.  Why all the replies?

But this a true story from back in (around) 1998: rookie broker has a client with 3000 shares of an internet portal stock.  Stock is at about 19; client gives the order to sell the stock at 21 Friday morning.  Stock closes at around 20.  Orders are considered "day" unless specified otherwise.  On Tuesday the stock hits 21 and the broker just goes in and sells the stock at 21.  Two days later, an analyst comes out and says this particular company is going to be the next AOL.  Stock soars to over 80 (in two days).  Client calls broker and asks what the heck is going on with this stock.  Rookie broker says "don't worry about it as you no longer own it." Client gets steamed and says he only wanted it sold last Friday if it hit 21.  Day-order only.  Demands to speak to the mgr. and wants to bust the trade.  Manager does just that and the rookie broker is on the hook for approx. 175k.  Quit the next day.  True story.

[quote=ymh_ymh_ymh]

Guys and Gals:

This has to be a joke. UBS has a policy instituted several years ago which specifically says a broker cannot solicit any orders (and I assume even trade in a discretionary account) on securities which are not covered by their research group. If a client hears about a "hot" one and wants to place a trade in that security, the brokers are supposed to get written documentation this was an unsolicited trade to cover their rear ends and the firms, too.

It's gotta be a joke ladies and gents. If it's not a joke, let's hope the rookie's BOM or compliance officer knows what a daily trading blotter is and already took the appropriate actions.

[/quote]

We do not have to get a letter from the client every time they buy something in their account that is not covered by the research department.  We only have to get those letters if we disagree with the trade and think it is a bad idea.

I did not think it was a bad idea, but I did mark the ticket unsolicited.

What you do not seem to understand is that I am going to pay for the difference between what the stock was bought for and what it is now worth so that the client does not lose money.

He is a nice man and I am sure he will not care.  He can sell the stock and have the loss for his tax form and have the cash too.

I will not write a check, I will give him cash.  I withdrew the money from our savings account and have it in an envelope in my car.

I would have sold the stock already so that I would know how much I had to give him but I think it is going to be closer to what it was bought for.  Plus I think he might hold on to it if I pay the difference in cash and if it goes up some more let me have some of my money back again.

He is a very nice man.  Or at least I think he is I guess time will tell.

I can not see any downside at this point.  If I tell my manager now I get fired and if I tell my manager after talking to him I get fired.

But if I talk to him and he agrees to let me pay the difference he will know I am honest and trying to do the right thing.

So that is what I plan to do unless you guys have a better idea.  It was a screw up I admit but it can be made right and I will do it.  This career is too important not to try.

Don’t you think you’re kinda a piker paying him back 500 a month? Not that I think that is the way to go.

That sounds like something that slimebag Putsy would do.  He’d say, “Yeah, I know it’s illegal, but everybody in the industry does it!”

IF this is not a spoof, I find it admireable (hope that's spelled correctly) that this young man or woman feels badly enough about his or her client's loss to pay him back out of pocket.

That being said, why violate more NASD rules just to take care of mistake #1?

[quote=bankrep1]Don't you think you're kinda a piker paying him back 500 a month? Not that I think that is the way to go.[/quote]

I already decided to give him all of the money at the same time.  I think it will make him more willing to help me.

I feel good about it.  I can not believe that he will want to ruin my career.

I am still undecided if I should ask him to hold it or not.  I think I will sell it today or tomorrow and then I will know how much was lost and just give it to him.  Since it will be my money I think I will sell 500 before noon another 500 after lunch and do the same thing tomorrow.

PGDM:

What a mensch you are!

Hey, I have a few questions for your retired client. They relate to one of my cat's behavioral issues. What are his per billable hour rates?

Nice troll. Not using contractions is a nice touch.

8.5/10 right now, though that score will drop with each successive attempt at milking this further.

The only real question is who the troll is. Put/Easy/NASD is the odds-on favorite, but not a lock.

[quote=P G D M]

[quote=bankrep1]Don't you think you're kinda a piker paying him back 500 a month? Not that I think that is the way to go.[/quote]

I already decided to give him all of the money at the same time.  I think it will make him more willing to help me.

I feel good about it.  I can not believe that he will want to ruin my career.

I am still undecided if I should ask him to hold it or not.  I think I will sell it today or tomorrow and then I will know how much was lost and just give it to him.  Since it will be my money I think I will sell 500 before noon another 500 after lunch and do the same thing tomorrow.

I get excited when I hear Hispanics speaking English!

[quote=P G D M]

[quote=bankrep1]Don’t you think you’re kinda a piker paying him back 500 a month? Not that I think that is the way to go.[/quote]

I already decided to give him all of the money at the same time.  I think it will make him more willing to help me.

I feel good about it.  I can not believe that he will want to ruin my career.

I am still undecided if I should ask him to hold it or not.  I think I will sell it today or tomorrow and then I will know how much was lost and just give it to him.  Since it will be my money I think I will sell 500 before noon another 500 after lunch and do the same thing tomorrow.

That is an interesting idea abut the client denying the trade.

Actually what could happen is the client comes home and denies the trade because it went down.  I could say that it was his idea and I did not get the letter signed because he was in Florida and besides I thought it was a good idea and had no idea he would do that.

The manager would have to decide if she believes me or believes him.

I am sure this has come up lots of times and I am doing a pretty good job.

That way all I lose is the commission on the trade.  And the client.

Do you think the client will try to ruin my reputation around town.  I live in a city of about 1 million people I don't guess he would know that many people.

What if he talks to the newspaper?

What I will not do is talk to my manager about it until I talk to him.  Right now the stock is up 60 cents so the loss is already getting smaller.

[quote=P G D M]

That is an interesting idea abut the client denying the trade.

Actually what could happen is the client comes home and denies the trade because it went down.  I could say that it was his idea and I did not get the letter signed because he was in Florida and besides I thought it was a good idea and had no idea he would do that.

The manager would have to decide if she believes me or believes him.

I am sure this has come up lots of times and I am doing a pretty good job.

That way all I lose is the commission on the trade.  And the client.

Do you think the client will try to ruin my reputation around town.  I live in a city of about 1 million people I don't guess he would know that many people.

What if he talks to the newspaper?

What I will not do is talk to my manager about it until I talk to him.  Right now the stock is up 60 cents so the loss is already getting smaller.

[/quote]

I'd be more worried about him broadcasting that you have an overwhelming obsession with this message board.

This post made my day!  It was especially topical because I’ve been studying for the 66 which I’m taking tomorrow.  I got some funny stares when people heard me laughing.  Discretionary trading based on a rumor in a non-discretionary account.  HA!<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

What seems obvious is who really posted this message considering there is a person who always puts in their $.02 and criticizes people whenever possible…but strangely has not yet posted on this thread.

--WM

Good point knucklehead. If you added up all his posts under all of his aliases you would have a mighty large number indeed.

[quote=P G D M]

That is an interesting idea abut the client denying the trade.

Actually what could happen is the client comes home and denies the trade because it went down.  I could say that it was his idea and I did not get the letter signed because he was in Florida and besides I thought it was a good idea and had no idea he would do that.

The manager would have to decide if she believes me or believes him.

I am sure this has come up lots of times and I am doing a pretty good job.

That way all I lose is the commission on the trade.  And the client.

Do you think the client will try to ruin my reputation around town.  I live in a city of about 1 million people I don't guess he would know that many people.

What if he talks to the newspaper?

What I will not do is talk to my manager about it until I talk to him.  Right now the stock is up 60 cents so the loss is already getting smaller.

I just sold 500 shares for 60 cents more than they were yesterday.  The loss on those 500 is $2.20 per share.  Right now the stock is only up 50 cents but I have today and tomorrow to dump it.

I am convinced that the client will take my money and call the whole thing even.  I don't know if he will stay with me and as somebody pointed out maybe it woudl be best if he did not.

I do not believe that other people want to ruin sombody's life just because they made a misteak.  Especially if they made things right.

Thank you for the advise.  It is a shame that nobody understands my point of view but I guess you might if you knew me.

Oh, we understand you, Putsy.  Better than you understand yourself.

PGDM - no offense here, but you're digging a deeper hole with every action you take BEFORE speaking to your Branch Manager.  Most importantly, you are opening yourself up to sanction and possible termination from the industry - not to mention, fines and other messy legal action. 

DO NOT pay the client money under the table - short of it being illegal, it can be misconstrued as a bribe for him not taking action against you.  Regardless of where the stock is trading, if I were the client, I'd be really ticked off that you traded on his non-discretionary account without his permission - you broke his trust, and that's just the tip of the iceberg. 

Hate to sound dismal here, but you really should speak to your BM and if she has any ounce of humanity in her with re: to this situation, she will help you find a viable rescue plan, but don't expect her to stick her own neck out for you.

C'mon Newbie, you know better than anyone that it's advice not advise. Also enjoyed the spelling of mistake.

By the time the client know about it I will know exactly how much was lost and I will have it in hand when I go to his house to talk with him about it.

I do not believe he will want to rat me out so I am convinced that is better to just do what I think is the right thing and get past it.

There is nothing good that can come from talking to my manager about it.  The worst that can happen by dealing directly with the client is that the client will move his account to another brokerage house.  I don't even think he will do that but if he does I will understand why he did it.

Don't you see, he will not own the stock so he won't have to worry about it.  His account will have a loss but I will give him money to offset that loss.  He gets a tax benefit.

There is no reason why he should do anything.  Actually he should thank me if you think about it.

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[quote=FreedomLvr]

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[/quote]

Will your firm allow you to make trades for your family at no charge?

[quote=P G D M][quote=FreedomLvr]

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[/quote]

Will your firm allow you to make trades for your family at no charge?

[/quote]

Yes, Putsy, mine will....

[quote=mikebutler222][quote=P G D M][quote=FreedomLvr]

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[/quote]

Will your firm allow you to make trades for your family at no charge?

[/quote]

Yes, Putsy, mine will....

[/quote]

I should have asked the question the other way.  Does your firm requiure you to not charge a commission on family related accounts?

Only if the commission is over eleventy kabillion dollars (there's one for you, Joe!).

[quote=FreedomLvr]

Only if the commission is over eleventy kabillion dollars (there’s one for you, Joe!).

I guess I would not be a good gambler.  I just panicked and sold 1,000 at a loss of $2.30.  There are still 500 in the account.

The market has been pretty volatile to day and I do not want to take more chances than I have already taken.

I am feeling good about my choice to talk to him.  I phoned an old roommate and talked to him about it.  He said he thinks it is the smartest way to go.

That's nothing compared with how you screwed the widow with your bond scheme, Putsy!

PGDM....

Have fun with your stay at the big house.... Remember- when they come for you in the showers, take your mind to another place....

PGDM, you are an idiot.  If any of this story is true (doubtful), then you deserve to be barred from the industry.  You can claim to be trying to do the right thing, but yet you are covering it up. What's worse?... losing your job over a mistake? or being barred for covering it up?

Instead of having A big house, you can live in THE BiG House. 

Instead of visiting your kids at Penn State, they can visit you in the State Penn.

I drove by the client's house to see if they were home yet.

Just as I came around the corner I saw the mail lady taking one of those white plastic boxes up to their front porch.  It was obviously the mail that had been held while they were gone.

So I went to their front porch and got their statement and the confirmation from the purchase of those shares.  The sale confirmation was not mailed until today so I don't expect them to get it any earlier than Saturday probably not till Monday.

Before everybody starts piling on me I am going to put the statement back in their mailbox, but this way he will not see it until I have had a chance to explain what happened.

The stock is down 30 cents right now and I am going to just go ahead and sell it.  I can not stand worrying about this any more.  I will go see them sometime tomorrow.  I will call them and tell them that I am going to be around the corner and that I would like to welcome them back and hear about the trip.

Mostly I feel very good about this, but I guess there is still a chance that he could be pissed off.  But I doubt it.

Honestly, this is wonderful.  You have a very full fantasy life.  You should write for your local newspaper —AND GET OFF THIS FORUM YOU JERK!!!

[quote=vbrainy]Honestly, this is wonderful.  You have a very full fantasy life.  You should write for your local newspaper ---AND GET OFF THIS FORUM YOU JERK!!![/quote]

I agree.  I have been following this thread and am now 100% convinced it is a hoax.  There is no way someone would subject themselves to a federal offense by tampering with the mail system in addition to all of the other fallout.  I can't be convinced anyone would be that stupid.  And for what?  To save some as of charges?  If you were going to lie, you could have just called the trading desk and told them you mistakenly placed trade and made up the difference.  This is a joke.

pgdm has at no point attempted to rebuke the charge that this is a fake.

can you say lonelygirl17?

[quote=braves fan]

There is no way someone would subject themselves to a federal offense by tampering with the mail system in addition to all of the other fallout. 

[/quote]

It is impossible to be subjected to tampering with the mail.  I could keep the statement and all that anybody would think is it was lost in the mail.

They will get it on Monday, a few days late but mail is late all the time.

Of all the things I have done to get this to go away that is the one thing that won't ever come back to haunt me.

The more I think about it the better I feel.  I will be around to celebrate my retirement from the business in about thirty five years.

After just arriving at my wire house from EDJ per instructions from a large client I placed a good till cancel sell order on several million dollars in one stock.  If it went up to that price client wanted to sell.  Several days went by and I noticed the stock had popped up in value to past the sell price so I checked my screen and the order hadn't filled.  That's strange I thought.

The stock then dropped back down.  At EDJ, all orders were good till canceled unless other wise inputted...not so at my wire house as it turned out.  You have to put in GTC otherwise it is a day order.  So the order didn't fill because there was no order!  I was down $44,000 if I sold the stock when I saw the problem.   

I held on for a day many times almost selling but thankfully it went back up and I sold that sucker.  Needless to say, I sat here all day staring at screen watching volume and price on a second by second basis till it came back up to our price.           

As for the situation on this thread.  I'm enjoying it all.  Very funny.  I would like to hear some other real situations that people have been through. 

At EDJ, all orders were good till canceled unless other wise inputted...not so at my wire house as it turned out.  You have to put in GTC otherwise it is a day order. 

That isn't how I recall it.  Of course, it has been sometime ago, but I had to place the order as GTC otherwise it was a day order.

I learned the hard way to review my GTC orders frequently.  Had a client who placed a stop loss order at a certain level below the current market price.  As the market price would rise, we would edit the GTC order and raise the stop price by a dollar or so.   One time I didn't place the edit (Ok I forgot!!) and the stock dropped and sold at the older lower stop price instead of the price he had requested.  I had to make up the difference out of my commissions.   Fortunately it wasn't a very large position, but it still hurt.

Maybe you're right there BL.  This goes back almost six years now.  WHat ever it was, I screwed it up and it almost cost me a lot of money!  Does anyone else remember how the order screen was at EDJ prior to 2000? 

Would anyone have immediatly sold out and taken the $44,000 loss?     

I, too, am loving this parody of "life as a wirehouse broker."

For those of you into penny stocks, the SEC finally got some judge to see things their way today with some South Florida scum.

http://www.sec.gov

Check out the litigation section.

What's the deal with Florida?  It seems like every scam you can think of comes out of there.

Aside from Howe Street (Bucket Shop Row) in Vancouver, BC there's a 1.5 mile stretch of road (Federal Highway) in Boca Raton, FL that houses more cockroaches per square inch than a flop house. In case this "I hosed my client" stuff isn't a spoof, am sure PGDM can find himself a bucket shop gig down there if he wants one.

The mob has a big presence down there. The crims like it hot. Lots of retirees who like to gamble on rainy days (no golf) and miss Atlantic City.

I read the SEC litigation section daily and they've been on rampage down there lately (penny stock scams, stock promoters, boiler room boys).

There was an article in the recent RR I believe that said criminals just basically like the warm weather places.<!–
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[quote=babbling looney]

At EDJ, all orders were good till canceled unless other wise inputted…not so at my wire house as it turned out.  You have to put in GTC otherwise it is a day order. 

That isn't how I recall it.  Of course, it has been sometime ago, but I had to place the order as GTC otherwise it was a day order.

I learned the hard way to review my GTC orders frequently.  Had a client who placed a stop loss order at a certain level below the current market price.  As the market price would rise, we would edit the GTC order and raise the stop price by a dollar or so.   One time I didn't place the edit (Ok I forgot!!) and the stock dropped and sold at the older lower stop price instead of the price he had requested.  I had to make up the difference out of my commissions.   Fortunately it wasn't a very large position, but it still hurt.

On South Florida and boiler rooms/bucket shops, the best most recent

information on “what’s out there” right now can be found in the South

Florida Biz Journal.



Go to the archive section and key in “Jim Freer.” He covers banks and

broker-dealers for them. He has written several very in depth pieces on how

LH Ross blew up and the mob connections it had.



Why crims like it hot must have something to do with Miami Vice reruns. I

think they all are Don Johnson wannabes.

Wish me luck, I'll be having lunch with my client at his club at 12:45.  He actually called me.

He wants to discuss taking part of his portfolio and opening a separate account that he can use to speculate.  He said that a friend of his in Florida is doing that and keeps it all separate so he can know exactly how the speculation is going.

I think I will tell him he needs to own 500 shares of a certain stock I have in mind.

Since his mind is in speculative mode I think he will find my honesty about what I did and how I am making it right to be refreshing.

I do not think I will agree with him if he wants to do penny stocks.  Some of those older people in Florida seem to think that they are a good idea but I do not.

What the hell…

Oh are you kidding.  There’s plenty of great penny stock ideas out there.  You know, the ones with volume days of 200 or 300 shares.  You can get rich fast with that stuff.  Go for it dude.  Great job.   I hope you tossed his statement and his confirm in the trash.  Where did you day you worked? 

[quote=Malcolm]Oh are you kidding.  There's plenty of great penny stock ideas out there.  You know, the ones with volume days of 200 or 300 shares.  You can get rich fast with that stuff.  Go for it dude.  Great job.   I hope you tossed his statement and his confirm in the trash.  Where did you day you worked? [/quote]

Why would I throw the statement in the mail, he will want and need it.

It will be in his mailbox on Monday because I will drop it in the mail this afternoon after I give him the money.

I have this under control.  Thank you for your concern.

BR, it's like one of those really bad horror movies where the killer keeps coming back. Or as joe said, like athletes foot.

I’m waiting for his alter ego to jump in and battle, ala Freddy v. Jason or Alien v. Predator.  Who will win?  We don’t know…they both have issues.

I’m waiting for someone to set the over/under on his new identity. I’ll start it off with lasting no more than 2 months.

Why are you waiting…why don’t you do it yourself?  WHat is over/under?  Why would he last only two months.   

A betting line. You either bet over 2 months or under. Why would he last only 2 months? Well, it seems he usually gets kicked off and has to change his handle. Does that help at all?

Well it went pretty good.  I was there early.  When we sat down he ordered a bourbon for himself and I ordered iced tea.

I didn't even let the conversation get going without bringing up my problem.  I explained that I heard a story that I thought made a lot of sense and bought him some shares.

He asked, "I like that you have my best interest at heart. How are they doing?"

I told him that they were down about 5% but that I had sold 1,500 of them to cut his loss off before it got worse.

He asked why I wanted to do that, if I thought it was a good idea two weeks ago why should I change my mind now.  I told him because I had not talked to him about it.

He said, "Well, now you have and I want you to buy back the 1,500 shares.  If it was a good idea two weeks ago it is still a good idea."

He told me that he never expected me to talk to him about everything I hear.

I showed him the envelope of cash I had and he said, "Put that away you never know when you'll get mugged in this place" then let out a hearty laugh.

He really can put people at ease.  We had a nice lunch and he showed me pictures of a Blue Marlin that he caught down in Florida.

I am bullet proof.  I rule the world.  I will never tempt the odds again.

Something else.  Money is all relative.  If you do not have much $6,000 or so can seem like a fortune.

But if you go to Florida for a month so you can go fishing for Blue Marlin it is not really that much money.

I wonder if vets make that much money.  Maybe his parents had money he is old enough that his parents are probably dead.

It is incredble hulk incarnate!  I miss that guy!

What is really pathetic is that this person has NOTHING better to do with his/her life than to play on these boards.....

HACK....

So you work in Florida…GunnAllen, I presume?

2 things:

1.  I will take the overs, Put is usually pretty good at first on a new ID, and gets gradually more obnoxious.  Also, the moderators seem to be willing to tolerate alot of obnoxious behavior before they act, I actually thought he had been much worse in the past than he was the last few weeks.

2.  I find the "pompous blowhard" more entertaining than the "too stupid to be real" personality.  I never thought I would say it, but after skimming this thread I was disappointed to not have NASD Newbie slap this kid for being a discrace to the industry and an example of why kids today are lazy idiots, etc.  Incredble Hulk got old alot faster than NASD did.

[quote=P G D M]He really can put people at ease.  We had a nice lunch and he showed me pictures of a Blue Marlin that he caught down in Florida.

I am bullet proof.  I rule the world.  I will never tempt the odds again.

[/quote]

...Nasty Put Easy, you almost have a journalistic talent...

this was a terrific thread and it amazed me how many people believed this guy from the very beginning.  some one would have to:

1) be intelligent to take the series tests and initially comprehend all the rules & regulations

&

2) become mentally retarded soon afterwards and forget all rules & regs learned in #1

to seriously break all these laws and then DOCUMENT their offenses in such (fantastic) detail online!

awesome hoax though!