Fired!*U-5 HELP! Shady broker gave me a negative comment...

Discussion in 'Prop Firms' started by newtrade, Jul 30, 2003.

  1. newtrade


    hello Everyone,
    I just spent the last 2 years trading
    for a firm and they let me go for having
    a losing streak followed by a sort of
    blow out day to the tune of seven
    grand. I was profitable and was
    pulling out approx 15 K gross on
    for about a year. To make a long story
    short they left me with a lousy
    comment on my U-5.

    So, after being profitable as
    a prop trader for approx 2 years
    they slap me with this...

    "Discharge, failure to follow
    firm policy."

    Any advice guys?
    Can this be amended
    or disputed in court?

    sean:confused: :confused:
  2. damir00

    damir00 Guest

    if(?) the statement is accurate - that you violated company policy - you're probably f'ed.
  3. nkhoi


    does it matter if you open account and trade by yourself?
  4. this is not in anyway to be construed as legal advice, but this is what i would do :

    1. write letter to broker requesting removal of erroneous information. await reply

    2. if no reply or negative reply send 2nd letter certified mail reiterating above plus stating that legal counsel will be sought if erroneous info is not removed.

    3. if still no satisfaction, seek legal counsel advice.

    just my thoughts,

  5. was it worldco?
  6. luxor


    Neg comments on U-5 are hard to remove. The only thing you can really do if they refuse to change it after getting a letter from your lawyer is file an arbitration. That may scare them.

  7. luxor


    Also, you are allowed to respond to the negative comment and it gets placed on the amended U-5, but the firm probably won't tell you this. You will need to type it up and send it to the NASD and tell them to include it on your U-5.

  8. Nordic


    How does one obtain a copy of their U-5?
  9. luxor


    The firm is required by the rules to give a copy within 30 days of termination.

  10. if I understand right and you made 15k in one year,
    forget about a court. I think you had a hard time,
    go get a real job and trade in your free time.
    #10     Jul 30, 2003