hi all - advice/suggestions greatly appreciated on this: i currently swing trade (~4 round turn trades a month) using accounts that i've already disclosed to my firm's compliance dept. this was mandatory when i was hired. first problem - i have to call in and get approval every time before i can place a trade. second problem - no shorting is allowed. to get around this, i plan on either (1) open a brokerage account in a family member's name and trade it or (2) open another account for myself, but do not disclose it to the company. due to tax reasons, i'm leaning towards 2. if i go with 2, do you think my firm will be able to find out - e.g. by asking the broker, by monitoring my web access, etc? thanks in advance for any/all replies!
Many brokers will ask you before opening an account whether you work for a bank or broker/dealer. Using this info they will rat you out to your employer. -Neo PS. I hope you didn't post this message from your work computer, because it was most likely logged. Good luck.
Use VNC and trade from your home computer. Incidentally, I would take a serious look at why they don't want you to trade from work. They are probably justifiably worried about being accused of something shady. TNG
It's entirely reasonable to assume that anything you do on a computer at work is viewed by your employer, especially if you work for a larger company.
I sincerely hope you re-consider such a foolish idea and don't do it. But, if you do go forward with it, I sincerely hope you get caught, lose a significant amount of money, get fired and are barred from the securities industry. If you're caught, not only do you make yourself look un-trustworthy, you also cast serious aspersions on the firm you work for and the entire industry.
On the other hand they might never catch on. I had a friend who used to work at Lehman Brothers, his cube mate traded stocks online all day long and nothing happened. But is is really worth the trouble? Suppose they do find out, you will most likely be forced to return the profits, disciplined and you might lose your job... Maybe it would be a better idea to find a job with less restrictions? -Neo
yup, posting from work pc. to all: don't think company is strict about what i can/can't buy (haven't once been denied yet), just an inconvenience to always have to get approved first. it's the can't short rule that i don't like. however, at worse, i can buy puts, which are allowed.
all you need is a cell phone with text message capacity but finding job that doesn't restrict you is much better solution. Come to think of it I just scare the beep out of my co-worker when he was on his blackberry doing something, so take that into consideration.
ROFL, I have to laugh at your statement. It sounds to me like you think the "industry" hasn't had their share of aspersions without reason. The bottom line is that if he is a nobody he will be severely punished when cought, if he is a somebody (in which case he wouldn't be posting here) he will be given a slap on the hands. -Neo