April 3, 2021
Considering breaking away from a wirehouse to go independent? It's a big move and a big decision. If you have an entrepreneurial spirit and the desire to run your own business, it may be a risk worth taking. Veteran industry recruiter Michael King sets out the the pros and cons of going independent.
Fourteen-year veteran New York Life employee Ketler Bosse was the company's first African-American District Agent. Following his 2016 termination, he filed a federal Complaint against various New York Life entities asserting discrimination, retaliation, and civil rights violations. NY Life moved to force the case into FINRA arbitration. The District Court declined to remand the matter to arbitration; however, on appeal, the 1Cir reversed and remanded.
In the midst of a pandemic, FINRA got out its hammer and its tongs, and went after a Respondent, who had decided not to invest in a company and prepared to engage in a business that never materialized. Sort of like pretending that we launched a satellite into orbit despite the fact that the rocket exploded on the launching pad. I'm sure that you and I will both sleep safer tonight knowing that Wall Street's self-regulatory-organization is so vigilant and walking the industry beat.
In a recent FINRA regulatory settlement, we got a stockbroker who goofed. We got a customer, who paid a price for the stockbroker's goof. In the spirit of let's just move on and put this behind us, the stockbroker dug into his pocket, came out with a wad of cash, tried to settle with the customer, and -- hey, you look like a smart person, if I'm writing about it, ya think things worked out for the best?