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U5 Form - Transfer Wire and Identity Theft

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Apr 12, 2020 8:58 pm

Will make this as short as possible

I just joined the industry and work at a large national bank - and am licensed (series 6 and series 63)

A customer came in with a social security card and a driver’s license asking to wire money (tens of thousands of dollars) - when I pulled up the customer’s profile the social security card had the correct name and number but the driver’s license had a different birthday than in the system - the customer simply told me we had his birthday wrong - i updated his birthday …and initiated the wire and my manager approved it after looking at both sets of IDs (in retrospect I should have told my manager about updating the birthday)

obviously you can guess a week later my bank gets a call from the actual customer saying he never sent that wire - the person who came in was a identity thief

I am so scared - angry at myself and feel so stupid…I am afraid I will get fired and the bank will put “terminated” on my U5 and disclose that i was “negligent”

a few questions

if I am “terminated” or “permitted to resign” should I immediately contact a securities attorney?

If i am NOT fired and just given a slap on the wrist - if i ever voluntarily leave the company can the bank still put this wire transfer on my U5? And if i ever voluntarily leave should i contact a securities attorney to make sure my U5 looks as clean as possible?

PS - I learned my lesson - double cross your T’s and I’s for every wire transfer - if you wanna call me stupid please go ahead