That is an interesting idea abut the client denying the trade.

Actually what could happen is the client comes home and denies the trade because it went down.  I could say that it was his idea and I did not get the letter signed because he was in Florida and besides I thought it was a good idea and had no idea he would do that.

The manager would have to decide if she believes me or believes him.

I am sure this has come up lots of times and I am doing a pretty good job.

That way all I lose is the commission on the trade.  And the client.

Do you think the client will try to ruin my reputation around town.  I live in a city of about 1 million people I don't guess he would know that many people.

What if he talks to the newspaper?

What I will not do is talk to my manager about it until I talk to him.  Right now the stock is up 60 cents so the loss is already getting smaller.

[quote=P G D M]

That is an interesting idea abut the client denying the trade.

Actually what could happen is the client comes home and denies the trade because it went down.  I could say that it was his idea and I did not get the letter signed because he was in Florida and besides I thought it was a good idea and had no idea he would do that.

The manager would have to decide if she believes me or believes him.

I am sure this has come up lots of times and I am doing a pretty good job.

That way all I lose is the commission on the trade.  And the client.

Do you think the client will try to ruin my reputation around town.  I live in a city of about 1 million people I don't guess he would know that many people.

What if he talks to the newspaper?

What I will not do is talk to my manager about it until I talk to him.  Right now the stock is up 60 cents so the loss is already getting smaller.

[/quote]

I'd be more worried about him broadcasting that you have an overwhelming obsession with this message board.

This post made my day!  It was especially topical because I’ve been studying for the 66 which I’m taking tomorrow.  I got some funny stares when people heard me laughing.  Discretionary trading based on a rumor in a non-discretionary account.  HA!<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

What seems obvious is who really posted this message considering there is a person who always puts in their $.02 and criticizes people whenever possible…but strangely has not yet posted on this thread.

--WM

Good point knucklehead. If you added up all his posts under all of his aliases you would have a mighty large number indeed.

[quote=P G D M]

That is an interesting idea abut the client denying the trade.

Actually what could happen is the client comes home and denies the trade because it went down.  I could say that it was his idea and I did not get the letter signed because he was in Florida and besides I thought it was a good idea and had no idea he would do that.

The manager would have to decide if she believes me or believes him.

I am sure this has come up lots of times and I am doing a pretty good job.

That way all I lose is the commission on the trade.  And the client.

Do you think the client will try to ruin my reputation around town.  I live in a city of about 1 million people I don't guess he would know that many people.

What if he talks to the newspaper?

What I will not do is talk to my manager about it until I talk to him.  Right now the stock is up 60 cents so the loss is already getting smaller.

I just sold 500 shares for 60 cents more than they were yesterday.  The loss on those 500 is $2.20 per share.  Right now the stock is only up 50 cents but I have today and tomorrow to dump it.

I am convinced that the client will take my money and call the whole thing even.  I don't know if he will stay with me and as somebody pointed out maybe it woudl be best if he did not.

I do not believe that other people want to ruin sombody's life just because they made a misteak.  Especially if they made things right.

Thank you for the advise.  It is a shame that nobody understands my point of view but I guess you might if you knew me.

Oh, we understand you, Putsy.  Better than you understand yourself.

PGDM - no offense here, but you're digging a deeper hole with every action you take BEFORE speaking to your Branch Manager.  Most importantly, you are opening yourself up to sanction and possible termination from the industry - not to mention, fines and other messy legal action. 

DO NOT pay the client money under the table - short of it being illegal, it can be misconstrued as a bribe for him not taking action against you.  Regardless of where the stock is trading, if I were the client, I'd be really ticked off that you traded on his non-discretionary account without his permission - you broke his trust, and that's just the tip of the iceberg. 

Hate to sound dismal here, but you really should speak to your BM and if she has any ounce of humanity in her with re: to this situation, she will help you find a viable rescue plan, but don't expect her to stick her own neck out for you.

C'mon Newbie, you know better than anyone that it's advice not advise. Also enjoyed the spelling of mistake.

By the time the client know about it I will know exactly how much was lost and I will have it in hand when I go to his house to talk with him about it.

I do not believe he will want to rat me out so I am convinced that is better to just do what I think is the right thing and get past it.

There is nothing good that can come from talking to my manager about it.  The worst that can happen by dealing directly with the client is that the client will move his account to another brokerage house.  I don't even think he will do that but if he does I will understand why he did it.

Don't you see, he will not own the stock so he won't have to worry about it.  His account will have a loss but I will give him money to offset that loss.  He gets a tax benefit.

There is no reason why he should do anything.  Actually he should thank me if you think about it.

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[quote=FreedomLvr]

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[/quote]

Will your firm allow you to make trades for your family at no charge?

[quote=P G D M][quote=FreedomLvr]

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[/quote]

Will your firm allow you to make trades for your family at no charge?

[/quote]

Yes, Putsy, mine will....

[quote=mikebutler222][quote=P G D M][quote=FreedomLvr]

Holy cow... you sound like a guy that would try to take advantage of his own mother!  Wait a minute...

[/quote]

Will your firm allow you to make trades for your family at no charge?

[/quote]

Yes, Putsy, mine will....

[/quote]

I should have asked the question the other way.  Does your firm requiure you to not charge a commission on family related accounts?

Only if the commission is over eleventy kabillion dollars (there's one for you, Joe!).

[quote=FreedomLvr]

Only if the commission is over eleventy kabillion dollars (there’s one for you, Joe!).

I guess I would not be a good gambler.  I just panicked and sold 1,000 at a loss of $2.30.  There are still 500 in the account.

The market has been pretty volatile to day and I do not want to take more chances than I have already taken.

I am feeling good about my choice to talk to him.  I phoned an old roommate and talked to him about it.  He said he thinks it is the smartest way to go.

That's nothing compared with how you screwed the widow with your bond scheme, Putsy!

PGDM....

Have fun with your stay at the big house.... Remember- when they come for you in the showers, take your mind to another place....

PGDM, you are an idiot.  If any of this story is true (doubtful), then you deserve to be barred from the industry.  You can claim to be trying to do the right thing, but yet you are covering it up. What's worse?... losing your job over a mistake? or being barred for covering it up?

Instead of having A big house, you can live in THE BiG House. 

Instead of visiting your kids at Penn State, they can visit you in the State Penn.