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Complaint against BD

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Nov 9, 2006 4:10 am

I am a rep with a mid-size wirehouse (AGE).  About two years ago, our firm decided to forbid employees from having wrap accounts for themselves or relatives.  The wrap program was very popular with some reps who traded their own account.  When our firm cancled the employee wrap accounts, many reps requested outside accounts because of this.  They were all summarily denied.  I don’t feel it is ethical or legal for the firm to deny us a product that they offer to other customers when we are forbiddedn under rule 3050 and the firm’s policies to use competing brokerage.  They know that they don’t have to compete for our business, so they do not.  I want to file a complaint with the NASD against my firm, but only if I can do so anonymously.  Please give feedback if you have any advice as to whether I should pursue this and if so, how.

Nov 9, 2006 6:48 am

Do you expect your clients to pay to for your advice?  If so go hire a lawyer.

Nov 10, 2006 5:07 am


If you think that people should pay for everything anyone tells them, why are you here?  I'm not asking anyone here to go to arbitration for me.  BDs have been known to use the framework of our industry against us in ways that were never intended.  I love my firm, but I feel that they've made a very poor decision.  A ruling from the NASD could clear the matter up and we could all go on with life.