DWI : Need to report on U-4?

[Bsulli]

I pull a Choicepoint and Lexis report first, second I pull a criminal background and credit check on all potential employees. I personally look at whether much of it was simply a misspent youth or if the trends continued into the latter part of life. Because many of my employees are handling other people's money the focus for me is whether they are taking personal responsibly for their actions and have cleaned up their act long before they arrive at my doorsteps. The one's that have generally gotten the job are the ones that tell me upfront what I will find in the reports. Many of us in life have made mistakes, it's how we conduct ourselves after the mistakes that tells the most compelling story. imo anyway.

fwiw

Good luck and good trading.

Bsulli

 

[phenomena]

Quote from Bsulli:

I pull a Choicepoint and Lexis report first, second I pull a criminal background and credit check on all potential employees. I personally look at whether much of it was simply a misspent youth or if the trends continued into the latter part of life. Because many of my employees are handling other people's money the focus for me is whether they are taking personal responsibly for their actions and have cleaned up their act long before they arrive at my doorsteps. The one's that have generally gotten the job are the ones that tell me upfront what I will find in the reports. Many of us in life have made mistakes, it's how we conduct ourselves after the mistakes that tells the most compelling story. imo anyway.

fwiw

Good luck and good trading.

Bsulli

OPM??? sounds like you manage a brokerage house or something, my offer is for a trading position...my current position is as a real prop trader (read salaried etc.) with the biggest firm in the industry, and they didnt give a damn about anything, pattern recognition and logic tests, thats all they gave a damn about, i guess if you are in a position whereby you are behind a cash register, or are actually have access to funds, this would actually be a realistic issue, but as a trader, i dont see why it would matter at all...but my Q is that if i disclose everything to the NASD, then just TRANSFER the S7 to a diff firm, that would THEORETICALLY circumvent the need to disclose it all to the employer??? that is my goal, thanks in advance...

 

[Bsulli]

Quote from phenomena:

OPM??? sounds like you manage a brokerage house or something, my offer is for a trading position...my current position is as a real prop trader (read salaried etc.) with the biggest firm in the industry, and they didn't give a damn about anything, pattern recognition and logic tests, thats all they gave a damn about, i guess if you are in a position whereby you are behind a cash register, or are actually have access to funds, this would actually be a realistic issue, but as a trader, i don't see why it would matter at all...but my Q is that if i disclose everything to the NASD, then just TRANSFER the S7 to a diff firm, that would THEORETICALLY circumvent the need to disclose it all to the employer??? that is my goal, thanks in advance...

Don't run a brokerage house and don't have people behind a cashier, but have people handling large sums of money.

Gee I feel like I'm being attacked for simply answering a question(hopefully I mistook your reply). Traders aren't somehow exempt from the usual checks for risk management purposes.

imo any employer whether hiring you to be a trader(W-2, 1099), prop or otherwise who pays for an umbrella liability policy to cover any bonehead thing an employee or trader might do without pulling reports on you will stand a very high chance of the insurer telling the employer we ain't paying off so sue us.

At a minimum they will review your NASD filings which is going to cause a them to have a conversion with you. Reading your reply I take away the feeling you view a trader as not having access to funds. My first hand experience has been that is the very thing you will have access to whether it be OPM or you own with the firm providing additional leverage. Any manager with S7's under his supervision isn't going to want compliance coming down to his office asking "Didn't you fully review this guy before letting him in the shop?" If there is something questionable.

My reply is meant more as a general reply for anyone that's following the thread as well as hopefully for you.

Circumvent doesn't happen in a well run shop.

Be all means I which you well and the best to you in the future. Please let us know how things work out and may your ledger always be in the plus column.

Bsulli

 

[phenomena]

Quote from Bsulli:

Don't run a brokerage house and don't have people behind a cashier, but have people handling large sums of money.

Gee I feel like I'm being attacked for simply answering a question(hopefully I mistook your reply). Traders aren't somehow exempt from the usual checks for risk management purposes.

imo any employer whether hiring you to be a trader(W-2, 1099), prop or otherwise who pays for an umbrella liability policy to cover any bonehead thing an employee or trader might do without pulling reports on you will stand a very high chance of the insurer telling the employer we ain't paying off so sue us.

At a minimum they will review your NASD filings which is going to cause a them to have a conversion with you. Reading your reply I take away the feeling you view a trader as not having access to funds. My first hand experience has been that is the very thing you will have access to whether it be OPM or you own with the firm providing additional leverage. Any manager with S7's under his supervision isn't going to want compliance coming down to his office asking "Didn't you fully review this guy before letting him in the shop?" If there is something questionable.

My reply is meant more as a general reply for anyone that's following the thread as well as hopefully for you.

Circumvent doesn't happen in a well run shop.

Be all means I which you well and the best to you in the future. Please let us know how things work out and may your ledger always be in the plus column.

Bsulli

no Bsulli, no attacking at all, its just that as a trader you dont have any physical access to funds, in the sense that you couldnt actually move them anywhere, also, ALOT of good traders i know have had a rather colourful past, i think its just part of the terriory, being comfy with risk etc....and my current firm didnt do any such check, but i didnt need any liscences to trade for them...also, most of these things dont IMHO arent in any way indicative of your aptitude as a trader...in fact, one of the biggest traders i know, 400 lot futures guy, spent 11 mos in jail for drug charges and has a long list of felonies, but i have seen the guy clear 6 figs/day more than once..i guess the point is, asa trader, its not like you can take the cash and do the enron 2-step to belize or anything, the WORST you could do would be to purposely take postitions u think are going to loose, and what would be a motive to do that??!!! thats just my humble POV....what are your thoughts?