Thread regarding Fidelity Investments layoffs

Reimbursement program audits continue

I got let go for admitting I returned computer items from over 3 years prior. Repurchased but eBay goes back only 3 years and PayPal 2 years. Don't think it would of mattered even if I could get them. If you are called into investigation by internal director, I highly recommend you say nothing and tell them you want to discuss with your legal council. you may be let go any way but at least you can force their hand. They may have got records from the stores without your consent which is better to show if it goes to court.

by
| 52607 views | | 551 replies (last )
Post ID: @OP+SUABhNe

551 replies (most recent on top)

http://www.finra.org/sites/default/files/fda_documents/2017053262901%20Kitwana%20Thomas%20CRD%205539984%20AWC%20va.pdf

by
|
Post ID: @5Yfkt+SUABhNe

Heard a rumor that Fidelity has stopped the computer reimbursement firings, but has now switched to focusing on firing advisors that have misused the TLO stamp for compensation. Is there any validity to this? Also, does anyone know what response FIRNA gave to the computer reimbursement people?

by
|
Post ID: @5Cwnw+SUABhNe

FINRA replied to a majority of those awaiting a response. FYI

by
|
Post ID: @5wkhq+SUABhNe

I think the odd part was the lack of consistincy by the firm with the U5 process, I know some walked out / no longer with firm who were NOT dinged with a disclosure.

by
|
Post ID: @55huu+SUABhNe

Most likely it seems FIRNA will take no action....unless one conspired with others or purposely submitted bogus receipts. Those people are screwed. However, the mark you reveived is going to continue to cost you jobs unless you are able to have it removed through arbitration...which is expensive and a long process.

by
|
Post ID: @52zzf+SUABhNe

At least he received resolution. I was one of the minor infraction people and I’m going 9 months with no resolution from FINRA. It has been costing me job offers. Has anyone else received resolution and what was penalty?

by
|
Post ID: @51ovy+SUABhNe

the reimbursement is taxable, so the three knuckleheads actually lost money for participating in the scheme.

by
|
Post ID: @4Vofo+SUABhNe

I guess what they say is true. When you’re so stupid that McDonalds won’t hire you, become a real estate agent.

https://www.realtywebhomesforsale.com/AgentSearch/AgentInfo.aspx?PersonID=20915542

I hope potential clients do a web search on this loser.

by
|
Post ID: @4Ukyf+SUABhNe

The douchebag received $3700 from the three other douchebags. The 3 dumb--ses only kept less that $800 each. WTF.

by
|
Post ID: @4Ulfk+SUABhNe

FINRA states that he was not entitled to 3700 which is what he allegedly received from the other three brokers. But the maximum benefit of 2000 dollars they make no mention of. Did he keep 10k in equipment and only return the other three brokers? Doubtful. Which makes things interesting considering there was no return policy is that FINRA implies he was entitled to the 2k. Good to know considering many people were fired for various minor infractions that didn’t include conspiring with individuals to take advantage of the program.

by
|
Post ID: @4Pjfn+SUABhNe

Meet the man that started it all:

https://financialadvisoriq.com/c/2197503/263053

Love/hate feeling for the guy. Once the cat was out of the bag Fidelity took full advantage to off a specific number of people. As such there are several folks that got away with it for sure. 100s more maybe, who knows. I got a collection notice saying I owed an "over payment". I will not pay back such alleged "over payment" without proof. . Several months later still waiting on that proof....wonder why.

by
|
Post ID: @4Pblg+SUABhNe

Meet the wealth firm that proudly hires brokers with checkered pasts — from hot-dog thieves to serial email

https://www.businessinsider.com.au/iaa-second-chance-wealth-management-firm-2018-11

by
|
Post ID: @3xftm+SUABhNe

Hardly do I trust the anonymity of this site, but will be quiting shortly; no job, family to feed, not sure what you get in this life for being kind a kind human...goodbye all.

by
|
Post ID: @3hqbe+SUABhNe

Yes it's 'normal' I had to take pills to sleep. I was kicked to the curb (not related to reimbursement). Keep thinking could I have done something different?

End of the day I know I am in a better spot. I work for a company that lives work life balance, I don't have the stress that fido gave me. I am not reminded everyday on Fido Central that I'm not valued because I'm not a millennial.

by
|
Post ID: @3frmu+SUABhNe

I think I probably in a similar situation. Got kicked to the curb after over a decade of working there. Its tough to realize how cold the company you worked for could be. There'll be a lot of resentment. This is normal. You just have to find ways to cope with it. Focus on the positives and understand life will always throw sh-- at you and we need to learn to be resilient. You should not be afraid to speak with a therapist. If this sh-- is constantly in the back of your head, it'll start to bleed into other parts of your life (work, family, and relationships) and could just make things worse.

by
|
Post ID: @3fiug+SUABhNe

It has been close to a year since I was affected. Over a decade of the best part of life dedicated to the firm and then to be let go abruptly. Even though I “landed” a job a long time ago, I find myself thinking about the trauma several times a day, making it difficult to carry on in life. Does anyone else have PTST like syndromes from being impacted by this?

by
|
Post ID: @3erpd+SUABhNe

Only one that I’ve heard of was for call avoidance.

by
|
Post ID: @2lfbt+SUABhNe

Heard there were a few firings/ lay offs this month? Anyone ?

by
|
Post ID: @2izwv+SUABhNe

And yet the lawsuit still has more merit than the unsubstantiated allegations brought against people alleging violations of a policy that didn’t exist, all to avoid layoffs.

by
|
Post ID: @1Zhed+SUABhNe

timetracker is the PTO tracking tool for the branches.

Adrian is the rep who evidently could not figure out how to use it, according to the lawsuit.

by
|
Post ID: @1Zgwb+SUABhNe

What is Timetracker Adrian?

by
|
Post ID: @1Ylck+SUABhNe

Fidelity is scum but that CA lawsuit is weak. Ever heard of Timetracker Adrian?

by
|
Post ID: @1Yrix+SUABhNe

Fidelity is without a shadow of a doubt, the skumgbag employer of the decade.

by
|
Post ID: @1Yfci+SUABhNe

Update: It gets better......

https://www.lawyersandsettlements.com/articles/california_labor_law/california-labor-law-violation-fired-at-fidelity-stands-typo-goe-22937.html

by
|
Post ID: @1Yvfl+SUABhNe

About time Fidelity gets sued. For years they have employees working hours daily without pay, because the company is so cheap (tight). Hourly employees with families. They want to give away the kitchen sink to clients at the expense of their employees. Then when an employee messes up a personal reimbursement for a few hundred dollars, they are discarded like trash. Hopefully the first of many lawsuits against this cheap piece of sh!t company. Make no mistake, there is a big difference between value and cheap, and Fidelity is cheap.

by
|
Post ID: @1Yxux+SUABhNe

https://www.cohenmilstein.com/update/%E2%80%9Cfidelity-investments-hit-wage-and-hour-lawsuit%E2%80%9D-bloomberg-law

by
|
Post ID: @1Xpkt+SUABhNe

So glad I am gone too! I worked in a branch in L.A. and the branch manager was a slime ball who would promote the young women who went out drinking with him and got frisky with him. (P.S. He was married) One of the women in the office was uncomfortable with it and raised it up, and instead of dealing with it they just sent him to another branch up north. Like the Church moving around the p----riests! That experience was my wake-up call to leave. I lost all respect for the company on top of the fact that It is a brand dying a slow death and whose best days are behind it.

by
|
Post ID: @1Ibck+SUABhNe

I echo the sentiment, F*ck Fidelity! Thought it was the end of the world when I was fired months back over this Witch Hunt. However, it turns out it may have been the best thing to ever happen to me. I am so better off with my current employer.

With that said, I do not think Fidelity will ever “go the way of the Titanic.” However the Walmart analogy could be spot on. They are cheap pieces of sh*t. They are VHS in a digital finance world. There efforts to modernize are half @ss. They believe that growth of net revenue by reductions in force is a positive, which is ridiculous. Fidelity will always be around, but they will just be a mediocre plan for investors who are cheap and know of nothing better. As for a place of employment, nothing in this world could get me to go back to work there, nothing. Not all the money in the world. I would rather sell my soul to the devil himself.

by
|
Post ID: @1Hptb+SUABhNe

Just to continue with the latest sentiments. F--- Fidelity. Was terminated due to a clerical error with my computer reimbursement 4 months ago. I've since found a higher paying and much more fulfilling job and with benefits just as good as Fidelity's. I look back and am disgusted with how I was treated after what I had put into the firm. I have certainly changed my view after this ordeal regarding loyalty to my employer. In the end they're not afraid to f--- you over. From now on I won't be as naive and look out more for myself.

I did come away with a whole lot of cash in my 401k which was quickly rolledover to another firm. I easily got unemployment after they heard my ridiculous story. I do see this company going the way of Walmart , racing to the bottom for cost and shafting their workers. Cutting costs will always be on the table, whether its cutting overtime, headcount, or benefits, the situation will only get worse.

This may have been what I needed to realign my career because it wasn't going anywhere at Fidelity. I will always have a hatred for everything Fidelity and can only shake my head at my ex-coworkers still there. i can only hope these stories shines a light on the type of employer Fidelity really is and encourages them to find something better.

by
|
Post ID: @1Hkra+SUABhNe

I was fired for my inaccuracies in the computer program this year. I’ve been following this since my term date (4mo ago). Have successfully obtained superior employment, and I’m nothin special.

Seems as though it been a therapy session for people that still work at Fido and are paranoid. I’ve noticed I rarely check this anymore. I came here to post this. If you are just paranoid, prob best you find other employment. What you do can catch up to you FIVE years later. If you compromised anything, Jump ship.

On to my second point. FIDELITY S---S!!

I moved to a sales position with a large financial accounting software company. Within the first week i realized how tightwaded and conservative Fidelity is. They unintentionally stunt growth in every single aspect because of how cheaply and dimissory they treat every cog and wheel employee. Especially in the call centers. If you are in a call center, please look elsewhere.

It’s a race to the bottom. Zero expense index funds?? Are you kidding me fidelity?? Giving management for free.

I truly hope the johnsons and fidelity go the way of the titanic. A slow sinking to the bottom. F--- you fidelity and I will forever thank you for the entry experience, licensing, and the $100k 401k that took me only 6 years to earn at a sh-- wage.

Peace out.

by
|
Post ID: @1Gknf+SUABhNe

Regarding the voluntary resignation, most likely this person quit and went to go work somewhere else. Then Fidelity slapped this on. I know for a fact of a rep that left to go work somewhere else, this rep populated in the Witch Hunt (even though they were no longer an employee). And their U4 was marked up while employed somewhere else. True that they left on their own, but later turns out they were under suspicion for “benefits fraud.” That is what that marking states.

by
|
Post ID: @1Fkmr+SUABhNe

Anyone got fired this month from Fidelity?

by
|
Post ID: @1Fiys+SUABhNe

Voluntary does in fact show on brokercheck for a few of these I am aware of. I am surprised these would not be "permitted to resign" under the circumstances.

Cut and paste straight from brokercheck for one of the victims:

Employment Separation After Allegations

Firm Name

FIDELITY INVESTMENTS

Termination Type

Voluntary Resignation

Allegations

Allegation regarding whether employee was inappropriately paid under the firm's computer reimbursement benefit. Not customer or sales practice related

by
|
Post ID: @1Fxne+SUABhNe

Voluntary resignations do not show anything on Brokercheck. "Permitted to Resign" resignations do show on Brokercheck and are involuntary. "Permitted to Resign" and "Discharged" are viewed the exact same way on the U5, as an involuntary separation. There is no difference,

by
|
Post ID: @1Frxd+SUABhNe

Yes, there are some potential issues with a lack of consistency on U5 filings. The first reps inpacted last year didn't have anything disclosed. Not sure if the firm has any issues due to this....

by
|
Post ID: @1Euka+SUABhNe

I noticed some of the earlier people I know who were ensnared in the witch-hunt, were at least able to have their resignation labeled as "voluntary" (as seen on the broker check website). Now, I see one of the recent Cincinnati guys was tagged with it as a "discharge", but with the same language about questions about inappropriate reimbursement. Discharge is much more of a black mark. Not sure of any difference in the cases, but seems like Fidelity is ratcheting up the pain for people in this masked layoff.

by
|
Post ID: @1Evfq+SUABhNe

Unconfirmed reports of an undisclosed wirehouse firing employees for violations such as using after-hours car services for rides home from the office, overtime fudging, and after-hours meals where meals are reimbursed past normal business hours. Not sure if this is Fidelity or not...if it's not, this wirehouse is clearly taking a page out of Fidelity's playbook.

by
|
Post ID: @1Ebdh+SUABhNe

Collections do go on your credit report.

by
|
Post ID: @1Dqke+SUABhNe

After associates are terminated Fidelity sends multiple “notices of overpayment” and demands that the employee repays the reimbursement amount. They even give you the option to do monthly payments - how nice of them! Assuming the employee doesn’t repay anything, Fidelity then sends the “debt” to a collection agency.

I’m not sure what happens from there. Can something like that go on your credit report?

It’s comical though. I wonder what a--holes at Fidelity decided that it’s worth the time and expense to continue to pursue this.

by
|
Post ID: @1Bqza+SUABhNe

Witch Hunt is never over, they just change the focus on who to hunt,

https://advisorhub.com/fidelity-bares-teeth-against-brokers-joining-other-firms/

by
|
Post ID: @1Benn+SUABhNe

Post a reply

: