I got let go for admitting I returned computer items from over 3 years prior. Repurchased but eBay goes back only 3 years and PayPal 2 years. Don't think it would of mattered even if I could get them. If you are called into investigation by internal director, I highly recommend you say nothing and tell them you want to discuss with your legal council. you may be let go any way but at least you can force their hand. They may have got records from the stores without your consent which is better to show if it goes to court.
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The total number got fired might have reached 500 now.
Interesting that this post has exploded after the WSJ article.
Take the advice from those who were fired back in September of 2017. If you weren’t licensed - meaning, you were not licensed in the two years prior to your offense, you’re probably fine. If you were licensed, like many were, take a deep breath, it’ll be ok, but it’s a bumpy ride. Here’s a break down.
3 - 4 months Before you were fired: Fidelity informed FINRA you’re under internal investigation for fraud.
Day 1: Fired
Month 1 - 3: FINRA will send you an official notice your under investigation.
Month 4: you reply to FINRA, if you choose, you don’t have to, and can choose to be barred.
Month 5 - 8: FINRA investigates gathering info from your prior employer and what you send in.
From there you can continue following FINRA’s requirements or stop. Up to you.
The outcome is probably the same - you’re most likely going to be barred. Why? Because under FINRA’s rules, there’s no gray area. you can take it as far as litigation with FINRA, all while paying an attorney about $400 - $800/hr but at what point do you just jump to another industry?
If you log into your CRD FINRA account you can see all the details when the investigation started, if you’ve been notified by FINRA.
I would advise paying a FINRA attorney to help you through the process. An employment lawyer would only work if you were fired for something you didn’t do.
Hope that helps
Appeal process?! You obviously don’t work at Fidelity. They are the judge and jury with a legal team to back them up. Yes I made a mistake, I literally forgot to adjust a reimbursement, not even sure how to reverse it. Was pulled out of cube into room with 2 investigaties, gave honest answers, sent home on leave, I was esorted out of the bulding, fired days later.
I have a question, has anyone at Fidelity ever reversed a reimbursement?
You can literally find people on brokercheck who
admitted guilt and were fired. I’d rather not post their crd number here out of respect, but trust me it won’t help you.
Haha no thanks. You don’t need that info.
What was the amount of your computer purchase from Apple and when did you purchase it?
I'm personally nervouse, because ive purchased things in the past, submitted the reimbursement immediately and then exchanged them for another fitness item. whats to stop me from being railroaded?
Does anyone have specifics on the process of turning themselves in? Sounds like some were showed mercy and others still fired. Just curious what the difference was for people
Called into downstairs security office on a Monday, escorted by my function director in my phone site. Two guys in the room already. One was a local security dude and the other was Craig, a higher director level Corp security guy. They began vague, telling me they are gathering info at this point. asking me what I knew about the reimbursement program. I answered basic questions. From there they asked me about my participation in the programs. I answered them hesitantly. From there they drilled down and asked me about my purchase and whether I owned it etc. at first I beat around the bush. After a bit they produced a receipt from Apple that showed my computer being returned. I fully admitted what occurred and then was sent home on admin leave. From there I decided I was gonna ride it out. My boss called me Friday morning and told me I was no longer employeed. I received my last paycheck this past week.
Yeah, it sounds like we have quite a few people on here who were subject to these investigations/firings. Can we have some clarity around what happened? Start to finish.. Anyone? It would be greatly appreciated by the rest of us. Thx!
This seems like a disproportionate response. What if you buy something and just don’t like it so you return it? Is there any appeal process?
Can someone who was let go share their experience? - step by step discussion with the investigator.
What questions were asked, what proof was provided.
How do they know if the product was returned or exchanged? Are they asking for proof of ownership of product?
Are merchants like Apple and Best Buy etc giving information on your purchase/return history to Fidelity?
This might go on for a long time. Start looking for a job now.
I personally know of more than a couple people who were fired for the fitness reimbursement. They are checking everything. I also had a friend that turned himself in and was spared and the next day someone he knew turned themselves in and they said “sorry you’re done”. Kind of s---s for those stuck waiting. In theory your best bet is to hop ship and hope they don’t follow you.
Yes & Yes
Are they still firing people? Did they fire anyone for fitness reimbursement? I am sure they are finding cheaper ways of letting people go.
Yup, no back fills.
Everyone makes mistakes so why not a warning and a fine to charity? Fidelity think these folks would do it again? Instead they fire folks with 10-20 years of experience to replace with new folks that won't ever make a mistake? Inquiring minds are wondering if any of the folks even being replaced. I bet in most cases the folks fired...their work was shifted to others. Anyone pick up some extra work? You got capacity right?
Makes sense that the U5 can’t be used as a negotiation chip. What doesn’t make sense is that the U5 now looks like it can be used to whole sale restrict (or make it extremely difficult) for these fokes to find future career opportunities for what many view as minor infractions. Borderline using it as a weapon to prevent competition from those let go.
U mean u want Fidelity to stop firing people? U sound worried.
Here's what I've heard about Fidelity eliminating the U-5 markings in exchange for a hold harmless agreement: A broker like Fidelity is not allowed to use U-5 disclosures as a negotiating chip. They are required by FINRA regs to truthfully describe the reason for a termination. They are willing to consider a terminated rep's attorney's suggested U-5 language only as long as it still is truthful. Getting it changed or erased once it is filed is a long and expensive process. Reps need to educate themselves as many Fid reps are naive about all of this and it shows on this board.
I’m at my desk, no WiFi I’m not crazy, and I’m thinking Fidelity may have shunned the wrong folks here. This thread is fire!
Time to get the rehire paperwork ready and announce the witchunts are over. I’m staring at an empty cubicle of a former Presidents Circle winner. Fidelity, let’s make this right!
It's not an audit, it's a #WitchHunt
Next Fidelity will be firing employees for not logging time out of the office in Time Trade or RMs setting appointments in CAS that they did not book themselves and were provided by their reps. Best not have one toe nail detour off that green light.
On the comment about Fidelity controlling the media, I don’t disagree. Unfortunately, media companies are scared of losing big advertisers. I’m sure the Boston Globe writer has continued to monitor this board. I’m sure he would love to launch some big investigation but I wouldn’t hold my breath.
Here’s a thought-google December 2015 wrong side of highway drunk New Hampshire
Notice the absence of the individual’s employer in any story. Say when was the holiday party that year? You know the one that doesn’t allow a guest or designated driver.
It really s---s not knowing whats going on with the audit, it’s like they WANT everyone scared for themselves and their colleagues. Huge distraction to me and my teammates.
Great points about all the gray areas. It feels like they have a file on all of us and hold all power over our careers. The only way to flip the script is to just leave even though it feels like everything is great now and your walking away from a lot. Next years profit sharing, all fully vested, next bonus cycle, share vesting, great internal brand etc etc. So easy to be intoxicated by it all and just bury your head in the sand and hope that your name's not up tomorrow. Most Ive heard of that have left never regretted a thing. Great time to be a TD recruiter. With industry shifting to RIAs they should be looking to poach Fid talent while records are still clean too.
This was posted on another thread, the poster brings up some good points:
I think a lot of people need to think about where they want to plant that "moral flag". Have you ever sent a quasi lead so that you could hit your BLT lead count? Are you transferring calls you should take so that your CPH and AHT hit goal? Were you mad as h*ll when you got someone else's bad CEI survey, but you certainly didn't ask to have the seven removed when the customer said that they had never talked to you.
If you ever leap frogged ahead of someone else on the scorecard and took a bigger piece of the bonus pie, your just as guilty. This was a company perk, just because someone decided that they wanted cash instead of the laptop you use to watch p*rn on doesn't make any of them bad people.
I watched a 20 year veteran get sent packing yesterday. A good employee and a great person, and I am disgusted to have to go back there today. If you think you are immune to any of this, you aren't. If you use Fidelity Wi-Fi they know that you are trading in your wife's account, and it doesn't matter if you stop today because the laptop thing is going back five years. And heaven help you if you downloaded the app that they can use to track your every step on your own phone!
How many times have you heard them cry about training brokers and watching them leave for other firms, they are marking their licenses out of pure spite. They are cutting good people loose and burning the bridge to any type of future for these people, and that's not the type of company I plan to continue to work for.
The comments about PAS are spot on. Half the clients had little understanding on how the cookie cutter product worked. They thought they were getting a tailor made portfolio. This company lies to their clients and lies to their workforce. And now they destroy the lives of individuals who helped keep that fasad afloat. They used to assign products to clients before they even met them and determined suitability to build a "pipeline". That's how they used sales force. They had annuity products assigned to people FC'S NEVER EVEN MET. But FINRA is here to sniff out fit bit returns and computer exchanges. Never mind FC's drinking on the job or coming in high. Or s-xual harassment coupled with threats of violence that led to Police reports being filed (that could be obtained/confirmed by the public if requested). Or how about an FC who filmed himself performing a s-x act and showed branch team members. No Fidelity will cover that stuff up. Kudos to ruining the lives of people who didn't follow your return policy to the T. Oh wait, you didn't have one.
I'm sitting here filling out job applications and I wasn't even let go. I've never been more ashamed of my employer. As far as i know I have nothing to fear, but i can't wait to see Fidelity Investments in my rearview mirror one last time. I'm one of those employees that everyone thinks is happy but I'm completely miserable. It started with the incredulous layoffs and now even more so with these ongoing with hunts. Sure I'll smile and shake your hand tomorrow but mentally, I'm no longer there. I'm anxiously awaiting dropping that two weeks notice letter on my manager's desk as soon as possible.
If you were just walked out today or last week, you have no idea how hard the road ahead is going to be to find another job in the industry because of how Fidelity stamps your license. It pains me knowing that many careers and families were ruined because of exchanging one partially reimbursemed computer for another with no clear policy on how to handle exchanges or returns. We are all human and make mistakes. Sometimes we make mistakes often. Some of these don’t even seem like mistakes. None of you are deserving of the road you have ahead over these oversights from years back. These are sad times. I wish you all the best. Stay strong and positive.
... and someday, someone will perp walk that HR woman for some perceived infraction, or maybe just an old-fashioned Rodger Lawson haircut.
Actively trying to get out after this. Plenty of better options in the Westlake area with TD and Schwab, where employees have don’t have to work in fear over what is coming next or that a mistake will cost them everything. I am a “top performer” and will take my talents elsewhere. These actions represent a major shift in the line of acceptable oversight and appropriate ramifications for employee mistakes. Good people mess up. Give them a chance to make it right.
In Westlake they had an HR woman come and grab people from their desks in front of their entire team - despicable.
I agree Fidelity will be fine no matter what happens. It’s just pure stupidity for them to go down this path. They have nothing to gain and much to lose. They will suffer asset losses and there will be damage to reputation. Ever since last summer’s layoffs many have distrusted this company and this only further amplifies those feelings. These are cracks in foundation that are not easily repaired. It’s not all about the balance sheets and quarterly reports. You walk good people out the door and others will follow voluntarily. From a corporate culture and morale standpoint, this was simply a self inflicted wound.
Could not have said it any better... resume is updated time is now to get out.
Fido will ride this out and be fine. Do you really think a few 100 posts by a handful of users on a spam site like this matters no matter what paper reports it? A couple of ambulances chaser lawyers and a class action suit with little merit would worry them? They've dealt with far worse and compared to the two trading outages this year where they lost millions this will be a walk in the park.
Those fired: s---s but you blew it so move on. If you're any good start hustling and you'll get past this and thank God this is what got you out of there someday. If you were a lifer who thought they'd retire or were hanging on for that sweet VBO, I almost feel bad for you and you were probably lazy and expendable in the first place.
Those still employed: get out of there. There are plenty of places to work without this crap. If you still feel like this place is all you have to hold on to, I do feel bad for you because trust me, you are wrong.
Those who are still customers: move your money. This company has been going down tubes for years and there are plenty of other brokers who can offer you more. This is the only type of message you can send to a place that only cares about the bottom line.
Does anyone have a direct FB link? Looks like there are multiple pages.
Search FB for “Thomas Law Group P.C.” to locate post
*Sponsored post on Facebook
Class action would get dirty. If Fidelity removes the check box, but stands by the firings because each employee made some sort of “mistake”, I think Fidelity comes out looking good in the eyes of the public. Right now I don’t think they look too good. The people fired would most likely just go away, after signing a hold harmless letter, and not be so pissed off. I think active employees would feel better about working at the firm as well. They are hurt this is being done to their colleagues. There needs to be some sort of compromise or I think this blows up in Fidelity’s face in my honest opinion. With that said, the odds they do anything like this is less than 1%, they are notoriously slow to act, and lack bold leadership.