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Original poster

He's lost his job and says he doesn't work to work.

77 replies

evelynina · 30/03/2021 16:36

My OH has been working contracting for 2 years he made 6 figures. He got let go for trading on the stock market without informing his work. We were planning on upsizing our home OH now says he doesn't want to work for a while he wants to trade on the stock market. He has already bought 25k of shares. He doesn't know anything about trading just taking his friends advice who all still live with their parents. We have 1 DD who is nearly 8. I work full time and can pay the bills. I'm absolutely fuming with him he had a good career and seems to have thrown it down the drain for high risk stocks.

OP posts:
AteAllTheBourbons · 30/03/2021 17:50

At the bank I work at you have to disclose all investment accounts, failure to disclose can result in dismissal. Presuming similar here, not necessarily insider trading.

category12 · 30/03/2021 17:51

If you're married, it's a worse situation.

If you're not married, I'd be separating my finances, protecting my share of the house and insisting he continues to pay his share of the bills.

Elieza · 30/03/2021 17:51

I don’t understand how it’s any of his employers business where he worked of an evening.

Unless it was bringing their company into disrepute, which would be the best outcome here.

The worst outcome would be if he worked in stocks and shares and was using privileged information to buy and sell the shares illegally (in which case he’s clearly an idiot and also likely to face court, perhaps even jail time).

I think he’s missing out a whole lot of info and telling you what he wants you to think. Or pretending the info he got wasn’t insider trading at all it was “from a pal”. Aye right mate. Wink wink.

And the reason he “doesn’t want another job” is because nobody will hire him again based on what he has done and the court case hanging over him.

Think carefully on how you want to proceed. Make sure your finances are sorted because if they say that he made say £75k on illegal trading, the police can take that money back as ‘proceeds of crime’. So they can come after your house if they said he paid the money into his mortgage you don’t have the £75k in cash to hand.

This could work out really badly for you. If he works in an industry to do with stocks and shares you need the truth right now. Sorry OP.

If he’s a builder or graphic designer or something non trading related ignore the majority of the above. But if he is.... Hmm

Bluntness100 · 30/03/2021 17:51

@canigooutyet

If he's been let go for insider trading, would he be able to trade? Aren't there laws/rules/guidelines around this?
I’m guessing they fired and didn’t report him.
diwrnachoflleyn · 30/03/2021 18:09

I don’t understand how it’s any of his employers business where he worked of an evening.

It is the law if you work in certain positions in financial institutions, even as a contractor, that you disclose all investment vehicles in which you participate. You can be dismissed for failing to do so. Which he was. There is a very good reason for this.

He basically wants to gamble for a living and for the OP to fund this.

I'd be noping out of there. But I'd break it off with anyone who decided unilaterally that they didn't want to work anymore.

WallaceinAnderland · 30/03/2021 18:13

Perhaps we'll have to wait for OP to come back to clarify as it seems clear as mud to me.

birdthethird · 30/03/2021 18:16

@diwrnachoflleyn

I don’t understand how it’s any of his employers business where he worked of an evening.

It is the law if you work in certain positions in financial institutions, even as a contractor, that you disclose all investment vehicles in which you participate. You can be dismissed for failing to do so. Which he was. There is a very good reason for this.

He basically wants to gamble for a living and for the OP to fund this.

I'd be noping out of there. But I'd break it off with anyone who decided unilaterally that they didn't want to work anymore.

This

Financial institution employees must report all trading, no matter how innocuous or unrelated to the company

Bluntness100 · 30/03/2021 18:30

It is the law if you work in certain positions in financial institutions, even as a contractor, that you disclose all investment vehicles in which you participate. You can be dismissed for failing to do so. Which he was. There is a very good reason for this

Correct and it’s wider, I work for a large global corporation. It’s not financial. Due to the nature of the role I do, which is strategic, and the sheer size of the company, I am not permitted to buy or sell shares in any of the other players in this field. At all. I am prohibited and would be dismissed immediately and potentially even reported for breaking rhe law. Because I’d have information not available to the public which would allow me to profit if I did.

jaundicedoutlook · 30/03/2021 18:48

As a few other have mentioned, a lot of financial services firms will make you disclose shares and funds to avoid potential conflicts of interest. However, from the OP comment I didn’t infer that he had been fired for insider trading, as that would almost certainly resulted in a referral to the authorities.

A lot of companies will simply ban employees from using share trading and/or gambling sites during company time and/or on company computers. Perhaps this was what took place?

In any case, the number of people who can make a decent income from day trading with just £25k of start up capital must be vanishingly small.

Original poster
evelynina · 30/03/2021 19:16

He has not been insider trading he was let go because he didn't inform his work about his share positions.
It's Meme stocks GME he's bundled 25k on that because his friends have told him too that's why I am fuming.
His friends are 25 and still live with their parents!!!

OP posts:
diwrnachoflleyn · 30/03/2021 19:32

@evelynina

He has not been insider trading he was let go because he didn't inform his work about his share positions. It's Meme stocks GME he's bundled 25k on that because his friends have told him too that's why I am fuming. His friends are 25 and still live with their parents!!!
He's just gambled a shitload of money on this. Gambled. And wants to skive out of work to gamble. I'd not be fuming, I'd be telling him he doesn't get to choose to quit work to gamble, I won't be funding this and if he wants to do this then we need to part company.
YerWanIsGettinNotions · 30/03/2021 19:37

Oh my god, that's due to the wallstreetbets subreddit- he’s blown that money if he’s taking Reddit advice on trading without doing his own research! (DH has worked in IB as a trader and hated it - he said the traders who were most successful had an affinity for research, reading balance sheets and company accounts and they had a good sense for a company about to do well. The most successful trader he worked with who loved this kind of research left the firm and continues to trade on his own account and has made a million overnight on at least one occasion since... and he’s not 40 yet.)

A few people who were savvy, and a few who were lucky, did make a lot of money very quickly on GME stocks. But most of the rest, especially latecomers, will be left carrying the can. A little knowledge is a dangerous thing, and when it's combined with a lot more ignorance, it's dangerously expensive.

AOwlAOwlAOwl · 30/03/2021 19:43

I would be noping out of that situation so quick his head would be spinning OP.

He's gambling - that's not a job. Taking trading advice from WSB ffs. That 25k is gone.

WallaceinAnderland · 30/03/2021 19:46

So whilst that 25k is sitting there 'invested', what is he going to do with his time. Why does this stop him getting a job?

AcornAutumn · 30/03/2021 19:48

@evelynina

He has not been insider trading he was let go because he didn't inform his work about his share positions. It's Meme stocks GME he's bundled 25k on that because his friends have told him too that's why I am fuming. His friends are 25 and still live with their parents!!!
I thought you only had to disclose this in finance, legal, regulatory work?

I don't suppose you mean GameStop?

AcornAutumn · 30/03/2021 19:49

@WallaceinAnderland

Perhaps we'll have to wait for OP to come back to clarify as it seems clear as mud to me.
Yes, that's about the size of it.
Original poster
evelynina · 30/03/2021 19:50

.He says he wants to semi retire and believes GME is the best way he's told me he's actually invested 30k. He says he's sick of working a career he doesn't like just for money.
I'm worried about his references and what that will mean. I'm worried about how my own work load will increase.

OP posts:
diwrnachoflleyn · 30/03/2021 19:50

@WallaceinAnderland

So whilst that 25k is sitting there 'invested', what is he going to do with his time. Why does this stop him getting a job?
This!
Original poster
evelynina · 30/03/2021 19:51

He works in finance but doing the IT he was a contractor.

OP posts:
ElspethFlashman · 30/03/2021 19:51

I knew this was a Reddit thing.

This was started by Reddit, so he'll be on there taking his advice there.

Ardvark111 · 30/03/2021 19:54

Tell him to watch the 80s film WALL STREET.,!! 😂 but seriously don't need to tell you shares go down as well as up. I think his finance career is now over for good,,Good luck you may need it...

AcornAutumn · 30/03/2021 19:55

@evelynina

He works in finance but doing the IT he was a contractor.
Right Do you have access to your own savings or joint money that you can move so he can't use it?
diwrnachoflleyn · 30/03/2021 19:55

@evelynina

He works in finance but doing the IT he was a contractor.
Yes, he may have been required to disclose all participation in investment vehicles. At any rate, he's just told you that he's going to be gambling and you don't get a say in it. Not responsible at all. Not on. Not to mention that huge amount of money. I hope you are not married and have separate finances but honestly, his recklessness is unacceptable.
edwinbear · 30/03/2021 19:56

As @YerWanIsGettinNotions says. If he wants to trade equities, he needs to be analysing the individual accounts of the company he wants to invest in. Plus those of their direct competitors so he can work out which has the most potential.

He’s also going to need access to Bloomberg at home so he can access real time, market and company data. My Bloomberg terminal costs my bank £3k a month, but we’re a bank with hundreds of them so presumably get a discount. Really not wise to be relying on your mates an Reddit for your market data. Ask him how he’s going to fund that Wink

Sparechange · 30/03/2021 19:57

ExH runs an incredibly successful fund for a large listed asset manager.
Always ranked in the top 10 in the UK for returns. Him and his team have an absolute knack for choosing stocks that will do well in the short, medium and long term.

But, even though he is one of the best in the UK at this, he doesn’t do it for himself.
He works for the company and takes the paycheque.
He has a few investments, nearly all in non-listed things

So if he, as one of the most successful fund managers, can’t make enough with his private trades to provide a salary, how on EARTH does your IT expert DP think he can..?