Question for rrbdlawyer
4 RepliesJump to last post
First off, I would like to thank you for your dedication in what you do... Your content is one of the only reasons someone should ever visit these message boards...
My question is this: Do you know of any cases that set a precedent when dealing with reservists being called to active duty who is also a RR? What about the Uniformed Services Employment and Reemployment Rights Act and the way it is applied to our industry? I currently manage roughly $100 million and would hate to see it wiped away because of my desire to serve my country... My BD is a very good regional whom I respect and trust, but it always helps to have all the answers for some piece of mind?
Curiously, in another scenario, if I were independent with a partner who would cover the book while I was away and we were set up as an LLC, could I still draw a salary while I was away...
Again, I respect and admire your work and greatly appreciate all that you do!!!
Sincerely,
An American RR
Mr. Singer,
On behalf of all the Registered Reservists out there, I would like to thank you for your amazing dedication to my original question. Patriotism comes in many forms, those who wear the uniform and those who support those in uniform. Trust me when I say, you do your father proud by helping us...
Most deployments are less than 2 years, so I am not as worried about having to re-register. Also, as I have said, I am quite pleased with my B/D, and have no desire to go elsewhere. My biggest concern would be retaining my book of business after I return. I have worked many years to build this rather large book of business and would be devastated to start over from scratch. What would happen upon my return regarding my book of business? How does the NASD require B/D's to comply with the USERRA? I don't mind giving up the income while I am gone, but I would like my clients back when I return. I would think this only fair since I built it and the reason for leaving it was to put my life in harm's way for our Country...
Again, thank you so much for your help... The next time I pass through Manhatten, I owe you a dinner on behalf of all the men and women in uniform...
Sincerely,
StarsAndStripes
Mr. Singer,
From all of the uniformed RR's that are throughout this great country we salute you...
I called the NASD to get their interpretation and their response was vague, in his defense, I believe the individual was even embarassed by the lack of information he had to offer...
The impression I also get from my compliance dept. is very much the same. It seems that this is unchartered ground for my firm. They referred me to HR who was cordial and kept reiterating that "they would follow any laws that pertain to this issue." Unfortunately, the USERRA is quite vague when you are dealing with a book of business...
Again, it does not seem fair that I would have my book vultured apart because I took on the responsibility that protects that freedoms that allow us to have financial markets in the first place!!!
Again, god bless you for all the effort you have made on our behalf...
Sincerely,
StarsAndStripes
Mr. Singer,
What are your thoughts on what the outcomes may be? Do you believe the regulators will be looking out for us? I will give me Mr. Churchill a call...
Again, thanks so much for all your help on this!!!
Sincerely,
StarsAndStripes