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

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?

Thanks,
sean

 

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

 

does it matter if you open account and trade by yourself?

 

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,

surfer

 

was it worldco?

 

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.

lux

 

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.

lux

 

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

 

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

lux

 

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.