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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Employment Law
Satisfied Customers: 36914
Experience:  I provide employment and discrimination law advice in my own practice.
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I am a securities licensed individual. I have terminated my

Customer Question

I am a securities licensed individual. I have terminated my employment (if you call it that - commission only) though I received benefits and my compensation was reported on a W-2.

I am having difficulty moving on because I don't have a copy of my Registered Representative agreement. I have escalated to mgmt, had daily frustrated calls, and have told them they are impinging on my ability to earn income because my new Broker Dealer requires a legal review before moving appointments.

My previous employer has stated for the past two months that they cannot locate my employment contract. What they did eventually produce is a copy of an addendum to my contract that pertains only to outside business (direct business placed through a Prudential, Franklin Templeton, etc..). The copy they provided me is executed by me (signed and dated), but not by them.

Is this an enforceable addendum? And if they are unable to provide a copy of my Registered Representative Agreement, can I consider it void ;and unforceable?

Thank you.

Lisa Egan XXX@XXXXXX.XXX
Submitted: 1 year ago.
Category: Employment Law
Expert:  Dimitry K., Esq. replied 1 year ago.
Thank you for your question. Please allow me to assist you, Lisa. Prior to law I was likewise licensed via NASD/FINRA and understand your situation completely.

In terms of this addendum to the agreement, who drafted it, you did or they did? I ask because my answer will differ based on your answer, thank you!
Customer: replied 1 year ago.

It's a standard form addendum dealing with outside brokerage business (direct business to Investment Companies).


 


This, though executed by me, is not executed by them even though there is a signatory/title/date line.


 


This two page addendum is separate from my Registered Rep agreement that they can't find at all.

Expert:  Dimitry K., Esq. replied 1 year ago.
Lisa,

I am aware of this addendum, I am asking who provided it to you. Did they provide it, or did you find this addendum, fill it out, and then provide a copy to the business entity?
Customer: replied 1 year ago.

They provided it as part of the employment process.

Expert:  Dimitry K., Esq. replied 1 year ago.

Lisa,

That is good. The reason I was pressing that point is because under common law a party who created the boilerplate agreement or addendum, or the party who provided the copy to the other party to the signing can be held as if they likewise signed the agreement once the receiver of the boilerplate receives and signs it. This is why it was so critical to know because then you do have a viable claim that this is an actionable addendum, provided you can prove that a copy of this was forwarded to them. Furthermore, the obligation to prove that the Registered Representative Agreement was signed is on them, so if they cannot do so by a certain period of time, you can deem it void. You can do so in writing, that is, you can send notice giving them 30 days for example to find this agreement and if they cannot, deem it unenforceable.

Good luck.

Customer: replied 1 year ago.

The addendum that was provided to me, signed by me, and not signed by my employer is still enforceable? This is one of the questions. I'm understanding your response to be that if furnished by them and returned by me that it is in effect. (This bars me from contacting these clients for one year). They have no other products or accounts except the direct business I arranged for them. They were not VALIC clients, and have no VALIC products, VALIC was simply the Broker Dealer.

Expert:  Dimitry K., Esq. replied 1 year ago.

Lisa,

The addendum that was provided to me, signed by me, and not signed by my employer is still enforceable?
Currently it is not enforceable as it is not signed. My answer above explans how to claim that it is enforceable and make it become enforceable agianst the other entity.

This is one of the questions. I'm understanding your response to be that if furnished by them and returned by me that it is in effect. (This bars me from contacting these clients for one year).
Correct understanding.

They have no other products or accounts except the direct business I arranged for them. They were not VALIC clients, and have no VALIC products, VALIC was simply the Broker Dealer.
That does not matter, the solicitation clause remains binding and valid if there is evidence that you can show where you agreed to be bound under the terms of the addendum.

Good luck.

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