Note: This post was revised in March 2016 after receiving communication from the original subject of the post and giving consideration to the fact that he might be telling the truth. The original call I described did occur, but I have removed references to his name because he’s mad that I’ve used his name and appears to be blaming me for his trouble in finding a job. He actually characterized the posting as “incriminating, disgusting and insulting” to him and his integrity. Now I’ve fixed it. His name is not on here.
I received a call yesterday from an “unknown” caller ID with an “unknown” number. I answered it. The caller identified himself using the name of a broker at Morgan Wilshire Securities, Inc. I knew I would be entertained.
This broker “reminded” me that we spoke in November and I “told” him that I would follow Honeywell International. I apparently also “told” him to call me back after I had been watching Honeywell for a while. All of this, of course, was made up. The only truthful statement might be that he called me. And, if you believe the broker whose name was used during the phone call, even the name was phony.
After I got the proper spelling of his alleged name, I explained to this person, whoever he was, that I had never told him that I would follow Honeywell, that he was violating several FINRA rules, including the FINRA rule that requires that the firm’s caller ID information show the name of his firm and the firm’s phone number. We should add to that the fact that he might have been using someone else’s identity, based upon the email communications I received from the original subject of this post.
Because I was now curious, I looked up the Brokercheck history for the person who claimed to be talking to me. He has a civil judgment that was entered in December 2014. He was fired from his prior job after it was alleged that he solicited in a state where he was not registered (we’ll get back to that in a moment). In 2012, he failed to comply with an arbitration award, and so on and so on.
Down at the bottom of the Brokercheck report were the states of registration for the person who I was told I was talking to. Surprise! He’s not registered in Florida. Of course, the broker who was the original subject of this posting states that, while he was registered at Morgan Wilshire, he never made any phone calls at all and never solicited any business in any state.
Here’s to you, unidentified broker from Morgan Wilshire, o cold caller extraordinaire, and your disregard to the rules and regulations that govern our industry. Carry on.
Added 3/7/16 – So here’s the basic problem. I don’t get cold calls from the well-known brokerage firms, we’ll call them the major wirehouses, with brokers telling me that they previously spoke to me when they didn’t. I don’t get called from these well-known firms by people who are using phony names or impersonating other people. I don’t get “anonymous” calls from these firms either. But all of these types of calls occur from firms with impressive sounding names but, in reality, are small broker-dealers that have about as much in common with the major firms as a Ferrari does with a Yugo. They are both cars, but that’s about it.
That’s the view of one lawyer from Jupiter, Palm Beach County, Florida. I’m Marc Dobin.