- 11,277
Was posted by Bill Singer (securities attorney). This is for anyone considering obtaining securities licensing.
The Jean Valjean Problem - Financial Adviser - WSJ
The Jean Valjean Problem - Financial Adviser - WSJ
FINRA - The Jean Valjean Problem
- Thread starter DHK
- Start date
- 14,809
Geez, there's 15 minutes of my life I'll never get back. Leave it to the WSJ to write something so melodramatic about one of their dearly protected brokers.
- 4,132
Sorry crab about your wasted 15 minutes. For me, I've been in that guy's shoes. While it wasted your time, it sounded very familar to me and being acused out of the blue does f you up. Telling your wife isn't fun, dealing with Lawyers isn't either. Giving a deposition, trying to help explain, meanwhile the other side threatens every day to have your licenses revoked, to ruin you. Then your legal defense tells you that you can't respond to the vile flith being said about you, that you have to sit there and let some lawyer try and drag your ass in the mud.
My crime? Handling a company pension when the VP decided to run off with the HR and divorce his wife. Yea, how I was involved in that left me sratching my head too, but I guess I was because the exwife's attorney sure blitzed my ass. This also occurred during the crash and the account lost around a quarter million while I was trying to get them to work with me on spliting the account up.
Five minutes into the trial the judge after reviewing all the information, told the attorney he had no case against me and the loss was more his fault than mine. In fact I was praised for my efforts by the judge. go figure.
I won.
Then a week later called into a meeting by the corp and basically let go. The account generated about 50k a year in income to me.
Still messes with my head today more than a decade later.
So, I would disagree with you on this one, but at the same time I hope you never have to experience it to figure it out.
My crime? Handling a company pension when the VP decided to run off with the HR and divorce his wife. Yea, how I was involved in that left me sratching my head too, but I guess I was because the exwife's attorney sure blitzed my ass. This also occurred during the crash and the account lost around a quarter million while I was trying to get them to work with me on spliting the account up.
Five minutes into the trial the judge after reviewing all the information, told the attorney he had no case against me and the loss was more his fault than mine. In fact I was praised for my efforts by the judge. go figure.
I won.
Then a week later called into a meeting by the corp and basically let go. The account generated about 50k a year in income to me.
Still messes with my head today more than a decade later.
So, I would disagree with you on this one, but at the same time I hope you never have to experience it to figure it out.
- Thread starter
- #4
- 11,277
Ron Carson is one of the most successful registered reps. He does about $5-6 million in GDC/year. (And yes, I've heard that he's formed his own RIA.)
He has MANY complaints on his FINRA record. While it may not seem to stop him... it can be an issue for future firms, future clients... regardless of the verdict. Every time you change firms, you have to re-explain everything on your U4.
So, before jumping into getting those securities licenses... ask yourself how long you plan to be doing this. Securities licenses can be time bombs... if you actually use your licenses.
He has MANY complaints on his FINRA record. While it may not seem to stop him... it can be an issue for future firms, future clients... regardless of the verdict. Every time you change firms, you have to re-explain everything on your U4.
So, before jumping into getting those securities licenses... ask yourself how long you plan to be doing this. Securities licenses can be time bombs... if you actually use your licenses.
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