Blog by Bill Singer Esq WEEK IN REVIEW

July 17, 2021
In these times of the "Great Resignation," Wall Street professionals have worked from home for over a year and are questioning the value of the old wirehouse system. For some, the return to the branch workplace is a welcome change; however, many now see that environment as too rigid for the post-Covid world. Veteran Wall Street recruiter Michael King outlines some options for industry professionals who are considering leaving their wirehouse and going independent. King discusses some of the business models that are available and the varying external resources/support offered.
At the heart of many employment and post-employment disputes is the belief by an employee that his discharge was fomented by a mere pretext. At times, an employer may cite misconduct as a legitimate basis for termination; however, at times, the cited misconduct was so inconsequential that it raises questions as to what else may be prompting the termination. In a recent FINRA Arbitration, a former employee says that his termination was unreasonable and solely prompted by his employer's desire to reduce its salary expenses. Before the arbitrators was the issue of whether the former employer would be permitted to enforce a non-solicitation agreement. 

Wasted Time By FINRA Regulatory Notice ( Blog)
FINRA's lackluster Board of Governors demonstrates no interest in prompting a more aggressive and effective regulatory protocol. By design or default, FINRA's Board is socially engineering an industry dominated by fewer, large firms and endangered by too many shady, smaller ones. It is the worst of both worlds where power is unchecked and fraud tolerated. Instead of formulating an effective regulatory agenda that combines more timely retroactive enforcement with proactive antifraud efforts, FINRA persists in offering a simulacrum of regulation. Among FINRA's worst sins is that it is an organization for which everything, no matter how inconsequential or half-assed, prompts a press release or formal notice. Worse, the endless stream of useless communications are routed to compliance professionals, whose time is wasted by being forced to read about nothing of value.