[quote=Indyone][quote=Street Maven][quote=YoungGun1] If it comes down to that I will just chose the latter.
[/quote]I would too. I would resign from the new position, allow yourself to be U-5'ed out of the business.
Sell insurance for awhile, then go about reactivating the licenses before the two years expires.
Both Jones and your current employer MUST indicate that you voluntarily resigned--your U-4 will be clean when you resubmit it.
You'd be insane to pay Jones and you'd be insane to declare bankruptcy.[/quote]
Tell me again, oh wise one...what prevents Jones from coming back after him when he reactivates?
Nothing, other than an arbitration panel would not conclude that he was capitalizing on the training he received from Jones and he clearly did not attempt to prostelize their clients.
Also, according to Indyone's logic anybody who ever resigned from a firm would be subject to repaying the training fees if they ever attempted to return to the business.
It's called paranoia to be afraid of everything and everybody.
Newbie, as usual you're an idiot. Obviously anyone resigning after their contract term was complete, or anyone resigning without this kind of agreement in place would not be subject to repaying training fees.
It's not paranoia to have a healthy respect for contracts of this nature and your legal advice is reckless at best given the history of suspect advice you dole out on this forum. I'm taking Bill Singer's advice and I will no longer give you the satisfaction of a reply. God help the poor souls here that think you know what you're talking about, outside of options, securities exams and ordering paperclips.
Once you resign from a broker/dealer, and that broker/dealer issues a clean U-5 on you you're pretty much free to move about the country.
It is common knowledge that the reason firms attempt to collect "training costs" if you leave is to discourage you from leaving, as well as extract a pound of flesh if you do.
They have a relatively easy time of it because you signed an agreement saying you would reimburse if you left before "X" number of months.
Generally that sum is paid by the new broker/dealer as part of their recruiting expenses--if you're obliged to pay it you didn't do a really good job of selling yourself. And as somebody has already pointed out, it's almost impossible to renegotiate after you've accepted a package and left the previous employer.
As is also generally accepted, if you leave the business completely you will not be called upon to repay training costs because you will not be exploiting that training to the benefit of another firm--you've left the business.
It is paranoid to conclude that you could never return because of some long ago agreement to reimburse some long ago employer for costs incurred in training you long ago.
What you absolutely do not want to do is declare bankruptcy, yet that was the advice given. A bankruptcy can get you tossed out of the business if you're already in it--and can keep you out if you're not already in it. From where I sit that is the epitome of bad advice.
If this point of view hurts anybody's feelings, sorry it's my point of view and I'm allowed to share it. It's a big bad world out there and having to hearing things you don't want to hear is part of being a grown up.
[quote=Street Maven]If this point of view hurts anybody's feelings, sorry it's my point of view and I'm allowed to share it.[/quote]
Apparently not, you idiot...you've been banned again. Unfortunately, in the process of getting yourself banned, you also managed to get an entire thread deleted where you were once again proven to be a fool. (under "General-It is possible", which is now gone...). That's a shame because there is a small faction that you've managed to fool into believing that you are all-knowing on all subjects, and I really wanted to expose you as the blow-hard fool you are.
As I said earlier, I'm following Bill Singer's lead going forward and any time I uncover you in yet another alternative name, I'm calling a "Newbie" and refusing to answer your ridiculous posts. I just couldn't resist one last shot since I knew you couldn't respond to this. It's probably the one and only time I'll ever get the last word with you.
Indy, I’m putting the over/under on the new incarnation at a month. Taking the under.
Thanks for giving that guy good advice and welcome back!
How 'bout them Penn Quakers!
go back to jones if they take you. You will be able to work in the field as a securities person and insurance and business. they would be crazy to take you back, so be greatful if they do.
[quote=no idea]Indy, I'm putting the over/under on the new incarnation at a month. Taking the under.[/quote]
I'll take a piece of that, and give points. He's already got annother alter ego (and I do mean ego) lined up, so I think Putsy is taking 'under' as well.
Did you go to another firm? Either they should have paid the fee or you should have been aware that they were going to come after you when you left for another firm. It is clearly written in the agreement.
Sorry for the delay, it took me a while to get registered.
I have first hand experience with this issue and rrdblawyer is right on. They don't want to take this to arbitration any more than you do, and will settle for a much lower amount. If they went to arbitration and lost (and there are many points of the contract that can be disputed), it would open the floodgates for even more brokers to leave as well as cause this income stream of settlements to dry up.
For all those that say he should just pay, employers have obligations to uphold as well.