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I am looking for advice on my employment contract. I have…

I am looking for...

I am looking for advice on my ***** ***** employment contract. I have been paid by the firm to receive my securities licenses, but want to use them elsewhere. Contract states that once I receive my "can sell" date, if I use the licenses or remain in the industry within the first three years, they can come after me for $75k in assumptive training costs. I have not received my "can sell" date at this time, nor will I be receiving it.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Wisconsin

Lawyer's Assistant: Has anything been filed or reported?

My U-4 has been updated, and my licenses have been deactivated/unregistered due to my official resignation from ***** *****' financial advisor onboarding program.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I want to know if my situation of not receiving my can sell date will provide any effect of reducing or eliminating repaying training costs

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Answered in 4 minutes by:
3/12/2018
Michael Bradley
Category: Legal
Satisfied Customers: 1,516
Experience: Owner at The Protection Group LLC
Verified

in my opinion if the contract you entered specifically states that the 3 year triggers upon receipt of your can sell date and you will

never receive that date, then the 3 year will not trigger and they can not recoup any money

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Customer reply replied 4 months ago
Ok thanks Michael. I'll include the full clause in quotes below so we can be sure that it still hold water. Let me know your thoughts." Upon execution of this agreement and receipt of your can sell date from ***** *****, You will be a financial adviser of ***** *****. If within 3 years after receipt of your can sell date, Your employment with ***** ***** is terminated by you or by ***** *****, you maintain registration of your license with FINRA and accept employment with any entity as either an employee or independent contractor engaged in the sale of securities and insurance business, you agreed to reimburse ***** ***** the reasonable cost of the training ***** ***** has provided you including, but not limited to, the cost of the selection and hiring."In my situation, I will be using my securities licenses elsewhere and will be re-registered with that firm. ***** ***** paid me to study for these licenses as part of their training costs. Do you think that not getting my can sell date would be irrelevant to them as they paid me while I studied for these licenses?

in my opinion if they find out you are somewhere else they may try to go after you

I do think you have wiggle room since you will not be getting a can sell date from ***** *****

your new employer maybe able to help as well as they probably deal with these issues as well

these non compete clauses do not normally hold water in the court system since courts do not like keeping people in

situations they do not want to be in, for you employed by ***** *****

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Michael Bradley
Category: Legal
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Experience: Owner at The Protection Group LLC
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