Results 1 to 6 of 6
  1. #1
    Join Date
    Dec 2013
    Posts
    3

    Question How Can I Continue to Trade Stocks Due to My Spouse's Job

    My question involves personal finance in the State of: New York

    I have been day-trading equities on behalf of myself for nearly 25 years via an retail broker. I am not a professional, but it is a very serious hobby of mine (I average about 1,500 trades per year). My wife is now working for a financial company which does allow for me to continue trading (as long as I stay away from specific sectors and follow the do-not-trade-list of certain securities). I don't mind this at all, but if she has another of couple of promotions, I would be put under the "pre-trade approval and a 30-day hold" rule before I can enter / exit my position. This would pretty much stop me from trading as I am a short-term investor.

    Is there anything I can do that would allow me to continue trading just as I am doing now, without breaking any rules. Meaning: I know couples that one works for a bank, and the other one works at a hedge fund and the banking firm has no problems with that (because he/she is not trading for their own account). Can I register myself and make myself as a hedge fund to also avoid my future issue? No, I don't wish to add other investors money into my trading, but just wondering what my options are.

    My brokerage account is under my name (it is not joint) and I currently have all monthly statements sent to my wife's employer in case they wish to monitor my trades. Again, I am not trying to hide anything and am willing to do pretty much anything that would legally allow me to continue to trade for myself (I know that in reality that since I am married to her, it is really for both of us...)

    Any and all advise in very, very much appreciated.

  2. #2
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: How Can I Continue to Trade Stocks Due to My Spouse's Job

    Tell your wife not to accept promotion.

    Otherwise, I can hardly see the SEC suspending the law for your convenience.

  3. #3
    Join Date
    Dec 2013
    Posts
    3

    Default Re: How Can I Continue to Trade Stocks Due to My Spouse's Job

    I appreciate your reply but can you please point me to this SEC law that you mentioned?

    And no, my wife will not refuse any promotions

  4. #4
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: How Can I Continue to Trade Stocks Due to My Spouse's Job

    You're the one who said you won't be allowed to continue trading if your wife is promoted.

  5. #5
    Join Date
    Dec 2009
    Location
    Lake Chapala
    Posts
    3,043

    Default Re: How Can I Continue to Trade Stocks Due to My Spouse's Job

    Your wife's employer is legally allowed to make her promotions contingent upon pretty much anything, including this. The only legal way you can prevent this from happening is if she refuses the promotion. Period.

  6. #6
    Join Date
    Dec 2013
    Posts
    3

    Default Re: How Can I Continue to Trade Stocks Due to My Spouse's Job

    Quote Quoting eerelations
    View Post
    Your wife's employer is legally allowed to make her promotions contingent upon pretty much anything, including this. The only legal way you can prevent this from happening is if she refuses the promotion. Period.
    My question is not about this. My question is if there is a way for me to continue trading for myself. Be it, creating a LLC, or a hedgefund, or whatever. For example: If lets say she was working in investment banking for JP Morgan, and I was working as a trader for SAC Capital, there is no problem, right? If I was trading some of my (our) own money, together with SAC capital clients, isn't that also different?

    Looking for a legal loophole.

    1. Sponsored Links
       

Similar Threads

  1. Heirs and Beneficiaries: Grandmother Bought Stocks at Birth, Grandmother's Widower Took Everything
    By nicetie in forum Estate Planning, Administration and Probate
    Replies: 4
    Last Post: 10-12-2012, 01:22 PM
  2. Replies: 1
    Last Post: 02-08-2012, 05:38 AM
  3. Custodian for a Minor on Stocks
    By on the edge in forum Estate Planning, Administration and Probate
    Replies: 4
    Last Post: 10-20-2010, 01:30 PM
  4. Personal Investment: Joint Ownership of Stocks
    By momm2500 in forum Personal Finance And Investment Law
    Replies: 4
    Last Post: 04-29-2009, 03:32 PM
  5. California Probate Sale of Stocks Before Death
    By splicky in forum Estate Planning, Administration and Probate
    Replies: 7
    Last Post: 12-22-2008, 12:01 AM
 
 
Sponsored Links

Legal Help, Information and Resources