Thanks. Despite everyones’ reactions, I know my course of action is the best choice out of some bad options, but I understand the reaction. It’s always easier to live someone else’s life. it’s just a really strange situation. I had consultations with three lawyers: two paid and one free. All three said it was a strong case with support from Federal and State labor laws. There is an additional upside that I may be entitled to liquidating damages (“double damages”) under the New York labor laws. I’m still looking for a lawyer because I wasn’t satisfied with their FINRA arbitration experience. As open and shut as the case seems to me, my company can cause some serious pain by dragging out the discovery or retaliating down the road in subtle ways. For example, if I find a new job, my old company could try to sabotage me by saying my most recent salary was $0 rather than my actual rate. Companies are much jumpier nowadays when it comes to hiring. Even something clearly unreasonable like that could cause an employer to rescind an offer.
Did they tell you that you’re no longer being paid because of x and y, or did they say nothing and just stop sending your cheques?
For the first four months the company just stopped paying me, managers didn’t reply to emails and HR would only say I was employed by the firm but didn’t have further details. A little after the four month mark, I was told by a manager that salaries were eliminated and compensation would be 100% a performance based trading bonus, but in a communication a week later they told us to cease trading in all of our portfolios.
I’ve never heard of something like this; it is indeed very odd. Did they also cut benefits like health insurance and stuff?
It’s obviously a crappy thing to do, but as time goes on, we all discover how management has figured out ways to extract surplus value from workers, and as the country becomes more and more of an oligarchy, we’ll discover more.
It does seem like the right strategy is:
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do as little as possible so that you can say you are currently employed while job searching
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search for a new job as quickly as you can
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sue the hell out of them (and try to get a class action thing with other co-workers) as soon as you are employed somewhere else.
Not sure about the health insurance and other benefits. My wife’s employer provides great benefits so we’ve always used her coverage for our family. I would guess that the benefits were eliminated since they are usually paid out of salary. Can you imagine getting your insurance cut without warning like that, especially if you have a family or are in the middle of a health issue? This entire debacle makes me upset, the possible reprecussions from just cutting an employee’s health insurance without warning is no exception.
Never happened.
My guess is you’re working for free from that point on. They said no more salary, you accepted those terms. I’d continue to show up so you can say you’re employed, but I wouldn’t actually do any work. Just chill out, search for jobs online, post on AF, drink a beer at your desk, whatever.
This guy is a sucker. I bet he thinks the pool boy only tends the pool.
This is 100% BS, this guy is trolling and you all are dumb for falling for it.
If he’s so Ivy and the other BS he said, why doesn’t he have another job by now? If this story was true, he would have another job and still be proceeding with legal action.
When I was young and working for a small business, I had something like this happen. My paycheck bounced, twice…I left that job within a few days and was able to eventually get all my back pay from them…who is this guy that stays for 6 months? He’s loyal to his co-workers? What about his family?
If by some stretch of the imagination this is true then he is either A) The biggest idiot I’ve ever met that supposedly works in Finance or B) Indepedently wealthy, doesn’t even need to work and likes trolling
That’s my concern too, but legal advice I’ve received suggests I should be entitled to pay for the entire period since they basically took away my ability to receive compensation when they told me not to trade under the new compensation schedule. I’m taking your advice. Like I posted earlier, I’ve been training for the NYC marathon during the work day. No beers at the desk though. Last thing I need is to give them a splashy reason to fire me.
Why has it taken so long to find a job? Wish I knew, but I’m guessing it’s because of my age and because the finance sector is weaker than it was 10 years ago. We get a steady stream of resumes from individuals with blue chip PhD’s and big bank experience.
Why have I stayed? I discussed most of this above, but if this were mom and pop LLC, I would have left a while ago but this is a somewhat recognizable name to most in the finance industry. I just have a hard time believing they can get out of this without paying me what I’ve earned. This would be a nice part of a story in the NY Times about employment rights.
LOL, so in other words you are totally f@#$%d.
Clearly you got played by a VERY weird company, nobody normal does this sort of thing. Sunk cost, there is no future there, go work for a real company.
Are you working for a pink sheets trading company in some dank basement or what??
^na he said its legit
^ Prob GS? 
Not sure even the sweet-talking GS guys could pull that one off “hey fellows, so you are 100% trading bonus only now, oh by the way you are not allowed to trade”.
^ So if the firm is not paying them, and the employees are showing up, who’s to stop someone from going Nick Leeson and gambling with other people’s money. I mean, what is the firm going to do, fire them?
Please post the name of your firm so I can ensure you and your people have no hands on my assets either directly or indirectly.
Since you won’t post the firm, and are seeing legal advice from 22 year old AF zips, I’ll say it again; the fable posted above never happened.
If this is a fake post, I have to say that the poster is playing his character very very well.
If he’s a troll, maybe he’s one of Putin’s professional troll staff.
Lol it was his idea to have Putin sit shirtless on that horse
this whole story sounds very fishy.
can someone explain to me the reason for elaborate troll posts?
does it stem from loneliness and getting people to discuss the poster and make him/her feel like the center of attention regardless if the situation is true or not?
I can only say that however hard to believe and ridiculous my situation sounds, it is (unfortunately for me and my family), 100% real. I posted here out of desparation for the slim chance that someone else has gone through a similar issue through FINRA.
If you don’t believe the story, don’t post to the thread.