demand letter

4 replies [Last post]
masterxbeam's picture
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Joined: 2007-09-07

I was wondering if some one can shed some light on a situation for me. I left a regional late July  2007 and as of today, I have yet to receive a demand letter. I know that they have calculated a number because I have friends still there and the manager has a big mouth.
I moved (changed home addresses) on Sept 1st and have updated all on my U4 info to reflect my new address. I have a completely clean license and do not want to have any problems. I went independent and could use some extra time to build up some cash to make former firm a credible offer.
My question is : Do I have to worry about nasd arbitration if I have not received a demand letter? I always presumed that there are rules that the firm has to make an attempt at least twice to contact me by courrier and if that still does not work then they must serve me?
I have left 3 firms and received almost every demand letter within a week.
If someone could specify these guidlines for me it would be a great help.

troll's picture
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Joined: 2004-11-29

masterxbeam wrote:I was wondering if some one can shed some light on a situation for me. I left a regional late July  2007 and as of today, I have yet to receive a demand letter. I know that they have calculated a number because I have friends still there and the manager has a big mouth.
I moved (changed home addresses) on Sept 1st and have updated all on my U4 info to reflect my new address. I have a completely clean license and do not want to have any problems. I went independent and could use some extra time to build up some cash to make former firm a credible offer.
My question is : Do I have to worry about nasd arbitration if I have not received a demand letter? I always presumed that there are rules that the firm has to make an attempt at least twice to contact me by courrier and if that still does not work then they must serve me?
I have left 3 firms and received almost every demand letter within a week.
If someone could specify these guidlines for me it would be a great help.I have left 2 major firms and never received a demand letter.Maybe you just got it right this time....

masterxbeam's picture
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Joined: 2007-09-07

there is NO WAY I am getting off scott free..... just need someones expertise in this area of what the legal side of it is.

masterxbeam's picture
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Joined: 2007-09-07

i really need to know if I can miss an arbitration or even better if a firm can TAKE you to arbitration WITHOUT serving me a demand letter.

troll's picture
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Joined: 2004-11-29

masterxbeam wrote:i really need to know if I can miss an arbitration or even better if a firm can TAKE you to arbitration WITHOUT serving me a demand letter.If you need a definitive answer like that there are several actions you could take that would be better than simply posting your question here and relying upon the opinions of anonymous strangers:1)  Call the NASD or read on their website and see if they have information specific to this.2.)  As your Branch Manager or Compliance department.3. The BEST option would be for you to talk to an attorney experienced in arbitration and the rules related to it...the ideal situation would be if you could get him to put his thoughts in writing.  This is probably worthwhile even if it costs you a couple of bucks.

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