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.
Posted originally by Anonymous | Post ID: @T6yA590-4ozs