trading at work using undisclosed account
- Thread starter copa8
- Start date
bill,
You might ask if they could re-classify you. Not likely, but you never know. I'm in the same position and all of IT was re-classified a few years ago after I hassled them about restrictions (I just asked a TON of questions and made them work for their money researching ETFs, futures, etc). They actually did let us trade ETFs and even futures -- they were just trying to prevent insider trading. I have no proof the hassling was why we got re-classified, but I'd like to think it was
Also note that being re-classified doesn't mean you can do insider trading (as if I had inside info -- who am I Martha Stewart!).
There was a guy who worked for the new business department at my company a few years ago who apparently was asked to research a stock split on a client. He decided to buy their stock, tried to pre-clear it, was rejected, tried again, was rejected, and bought it anyway. He was encourted out of the building (we heard the story through a co-worker who heard it from his buddy at the SEC). Not only did he violate the rules he was dumb enough to ask first, then violate them anyway.
You might ask if they could re-classify you. Not likely, but you never know. I'm in the same position and all of IT was re-classified a few years ago after I hassled them about restrictions (I just asked a TON of questions and made them work for their money researching ETFs, futures, etc). They actually did let us trade ETFs and even futures -- they were just trying to prevent insider trading. I have no proof the hassling was why we got re-classified, but I'd like to think it was
Also note that being re-classified doesn't mean you can do insider trading (as if I had inside info -- who am I Martha Stewart!).
There was a guy who worked for the new business department at my company a few years ago who apparently was asked to research a stock split on a client. He decided to buy their stock, tried to pre-clear it, was rejected, tried again, was rejected, and bought it anyway. He was encourted out of the building (we heard the story through a co-worker who heard it from his buddy at the SEC). Not only did he violate the rules he was dumb enough to ask first, then violate them anyway.
Its a big company and they wont allow at any cost. i will have very hard time convincing them.
I dont plan to trade immideately but in few monthsi will start.
i plan to start with futures and just doing opening gaps. and very small amount. would keep it under my spouses account so they cant search and find.
as this will closely resemble day trades there wont be any questions from SEC. and i wont be using office computer for any trade execution. though i can monitor market by just having an fidelity on yahoo finance site open.
I am searching over net if there are any cases where i can see if SEC routinely checks all employees who work for fiancial companies.
not only that they have to check for related accounts also. as my spose would be under a related account not a direct account.
i plan to keep it less than 30k.
give me your comments
I dont plan to trade immideately but in few monthsi will start.
i plan to start with futures and just doing opening gaps. and very small amount. would keep it under my spouses account so they cant search and find.
as this will closely resemble day trades there wont be any questions from SEC. and i wont be using office computer for any trade execution. though i can monitor market by just having an fidelity on yahoo finance site open.
I am searching over net if there are any cases where i can see if SEC routinely checks all employees who work for fiancial companies.
not only that they have to check for related accounts also. as my spose would be under a related account not a direct account.
i plan to keep it less than 30k.
give me your comments
I don't get why it's such a dilemma. Working for 'da man' isn't fun when you're young and in a hurry. So much energy spent in trying to get what you want in an environment that is set up to quash all that. Even though they 'need' you, face it, they don't really need *you*. Give them enough grief, they'll remember it when you least want them to. Deception never works, you will get caught out.
The stories from other posters ought to be enough to say, be ethical and find a legal way, be it through ETFs, job reclassification, or properly set up trading outside of work that don't compromise your employment contract. Ultimately, if trading your own account is that important, it may mean even leaving corporate employment.
Kinda periferal to the subject, but why people still do 'non-work' trading or emailing from work also baffles me. It's the company equipment, time, and resources, so the idea that you (or anyone in such a situation) has some sort of "personal privacy" shouldn't even cross your mind. Get off the PC at work and do it at home or on a private PC offsite at lunchtime. The more you keep your private and corporate work lives separated, the better for your mental health. (I'm talking doing work at home or homework at work)
The stories from other posters ought to be enough to say, be ethical and find a legal way, be it through ETFs, job reclassification, or properly set up trading outside of work that don't compromise your employment contract. Ultimately, if trading your own account is that important, it may mean even leaving corporate employment.
Kinda periferal to the subject, but why people still do 'non-work' trading or emailing from work also baffles me. It's the company equipment, time, and resources, so the idea that you (or anyone in such a situation) has some sort of "personal privacy" shouldn't even cross your mind. Get off the PC at work and do it at home or on a private PC offsite at lunchtime. The more you keep your private and corporate work lives separated, the better for your mental health. (I'm talking doing work at home or homework at work)