I see some people here actually buy that load of BS. And my, so many people seem to have made this same "mistake."
Almost like, oh I dunno, the scam was being passed from one to another, but nah, people aren't like that. People never steal from their employer or find ways to scam them.
Wish this would show up in a WSJ article
Go to this thread:
https://www.thelayoff.com/t/SUABhNe
This is the most complete picture:
Fidelity has blown this way out of proportion in a very bad way...time will tell what comes of it. But here’s the story...
Everything started with a rep in Jacksonville - he helped others get the reimbursement and they split the profit (abusing the system). Certainly some discipline is warranted for that. He was ultimately caught and fired. But he threatened to sue for being singled out and being the only one let go...scared of a legitimate suit, Fidelity starts the audits.
There’s a small group discovered who all submitted the same receipt. Clearly ill intent and again, discipline is warranted. But Fidelity has to cover its a-- and the audits continue. Suddenly everything must be looked at...and it’s not about trying to catch “fraud” anymore. It’s simply about finding anyone who no longer has the computer/device listed on the original receipt submitted for reimbursement.
Did you buy something and then later take it back and exchange for something else? And you didn’t send back the reimbursement money, redo the paperwork, and collect the reimbursement again? You are now guilty. You have violated the (unwritten) policy and you will now be punished.
Real Example: An employee bought a computer and got the reimbursement. Five years later (2018) he gets questioned about his purchase. “Do you have this specific computer still (specific computer and serial number listed on original receipt)?” asks the investigator. Rep answers, “No because I ended up exchanging it for an upgraded model a week after I bought it.” Investigator (somehow) has the return receipt of the original computer. Rep submits verifiable evidence that he did in fact return and exchange for an upgraded model like he said he did (cost more than original purchase). Does it matter? Not at all. He had no chance - once you’re called for questioning you are done. Rep asks employee relations why he was fired. They say, “Did you buy a computer, get a reimbursement, return the device, and not refund the reimbursement to Fidelity?” “Yes but I bought something a little more expensive, I even submitted verifiable proof! And I don’t remember there being any reimbursement procedure for a return/exchange.” Employee relations answer - “You returned the device. That is against the policy. Therefore, we decided to let you go.”
There are many examples like this one. And that “policy?” Yeah, doesn’t exist in writing. But that doesn’t seem to matter. You can ask Fidelity to send you the policy and they say they will but it never comes through. Again, this isn’t about finding those reps who legitimately tried to cheat the system. Fidelity could care less - it’s all about covering their a--. If you made any sort of return then circumstances didn’t matter - you were considered guilty and were terminated.
But here’s the worst part. For those reps terminated, that was only the beginning. After termination Fidelity files the U5 with FINRA and marks “fraud or wrongful taking of property.” Now you have this permanent black mark on your record. Want to get another job in the industry? You'll have to convince other firms to hire you despite that negative mark (assuming you even get the opportunity to interview and make it that far). But that’s not all. Shortly after the U5 filing, FINRA comes knocking. You are now under investigation. You either comply with their demands and complete the potentially rigorous investigation, or you don’t and will likely be barred from the industry.
So this is what it’s come down to. Hundreds of Fidelity employees - some innocent and some not so innocent - all lumped together and fired with not a care in the world by Fidelity. I’m sure Fidelity has its (selfish) reasons, but one thing is clear - the lives and future careers of the many employees caught up in this (some who’ve given many years at Fidelity and performed extremely well) mean absolutely nothing.
Well what do we know about that douche?
The same receipt guys didn’t start this, and I don’t see a purpose in finding them, other than to send them a bag of sh--. Some dude in Jacksonville started all this. He was submitting bogus receipts for other employees and taking a piece of their reimbursement with their consent. He got fired, threatened to sue because only he was singled out. Fidelity then went full retard (you should never go full retard), and here we are present day.
Does anyone know when those guys would have been fired? I found two that were fired from Jacksonville 4/27/2017 and 2/2/2017.
Just trying to find the tools that submitted the same receipt and started all of this.
Agree with a previous poster that you are black listed from the major brokers with this ding. Out of respect for the people effected, don’t post CRD numbers or names in these threads, there are all kinds of people in here.
The person you listed looks like he could have possibly paid it back and then was fired. You are free to work wherever you want when Fidelity lets up go, if you can get an interview and get hired. But FIRNA, a year later, is going to rule on your fate. If they bar you, then you would be forced to quit whatever job you found with a broker after you left Fidelity leaving whatever clients you’ve established relationships with behind.
CRD#: 4674589 seemed to have gotten hired by another firm. So careers doesn't have to be ruined.
Even if it’s not marked fraud, it’s still incredibly difficult to get hired by a big firm. You better have a friend in power at an RIA or you’re destined for either a scam shop or out of business entirely. A simple termination from Fidelity virtually eliminates you from TD, ML, Schwab and others. There’s also an unwritten reciprocal on trying to get into Fidelity. They’ll string you along and then rescind the offer. There’s a few exceptions. TIAA apparently believes in second chances. If you were fired in Westlake or Denver, I’d try to get in there.
Everyone’s FINRA disclosure says those exact phases pretty much.
If someone has got the time, you can search through the FINRA database.
I found the guy that was quoted in the WSJ article and his file had:
"Allegation regarding whether employee was inappropriately paid under the firm's computer equipment purchase assistance program. Not customer or sales practice related."
Highly unlikely, people would be showing up with pitchforks in their front yard.
Can we get access to the FINRA database to find out who those Jacksonville losers are?
The earliest terminations related to the computer-buying program that were reported to Finra took place in Jacksonville, Fla., regulatory records show. Fidelity alleged that four brokers there had being paid for items they “never actually owned.”
That incident spurred the broader companywide review, the people familiar with the matter said.
Are you f---ing serious? 20 dumb--ses submitted the same receipt? Oh man what a bunch of turds. I'd like to take a bat to their faces.
It all started from 20 employees submitting the same receipt and snowballed from there.
There were plenty that were serial abusers but there were some that made some honest mistakes. Unfortunate Fidelity chose to look at this as black and white and terminated all of them. Didn't even allow us to correct it. I do wonder how they were tipped off and how they got the return receipts.
And employers never screw over their employees. Another corporate insider troll... go crawl back to Abby... your comments do not work on this site
Is it really a scam if there was no policy in place? The sharing of receipts...yes absolutely a scam and deserving of Finra ban. Returning equipment? Not so much!
I’ve used my treadmill that Fidelity paid for to mostly hang jackets and stack boxes on in the basement. Am I guilty too? I’m notnusing the fu**ing thing! Or because I kept it, I’m okay. What if I bought the machine and throw it out in the garbage the next day? Would that be okay Fidelity? You still paid for it.