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Prudential Financial, Inc. Message Board

  • formerchickbroker formerchickbroker Apr 4, 2003 6:42 PM Flag

    Selective Compliance????

    I've been hearing rumors about PRU using the compliance program to weed out expensive tenured managers and older brokers who are about to vest in master share and other golden cuff progs... Anyone have info on this?

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    • i'm sorry to tell you this but drj1400 is
      probably the best equiped to handle anything
      the jv sends his way.... paranoia is a magic shield.

    • Nonuts is hoping he can a--kiss well enough over here for his unethical branch mgr so he can convince that branch mgr to screw over a couple of senior ready to retire in 5 years or less brokers in his office and give nonuts their "book" to mismanage.

    • Pruseniorfa,
      thanks for your clarity.
      Now tell us how you really feel?!

    • Prudential's Mastershare does not differentiate between broker�s contributions and the firms match. I know there are several PRU Mastershare cases pending but none of the cases have gone all the way through trial and most likely appeal. Your generalizations are not helpful. When brokers are facing the possible forfeiture of a substantial amount of their retirement savings we don't need amateur attorneys giving us bad legal advice. So either be specific about what case you are referring too or shut the F**k up.

    • bignuts,
      Do you know if our MasterShare plan has been updated (in writing) so as the plan's restrictions are not unlawful if in fact the SB CAP cases you mention indeed changed the law (or clarified)?

    • Keeping employee monies - A NJ court asked a Phila court to review this, they have forwarded it to a NY court for opinion = decide it is ok to keep employee money or it is not. One way or another, this should shortly be decided. If they decide ok- firm can keep our money, if they decide it is not ok, everyone who left this firm should be getting a check back.

    • Carpetbagger --

      You have me confused with the conspiracy theorists that think the world is out to rid old crusty rule breakers who happen to have large Mastershare accounts.

      My point was precisely that it doesn't matter how big or little your production is or Mastershare account is -- If you screw up - you're gone.

    • It was decided by the court system from the SB CAP cases that it is illegal for a company to hold onto YOUR contributions. You lose the unvested company provided funds.

    • bignutsfa92-

      The fact that "Last year was the highest % of terminations regardless of level of club" just proves my point that terminations for compliance violations effects all levels of production. In this environment council members are not immune. If there is rampant favoritism why then were 5 Chairman�s Council member let go last year?

      Has any broker in the country collected a dime of his or her own money back from MS or CAP? Hopefully, someone will eventually prevail in court but to imply that this outcome is certain is irresponsible. The fact is that Pru uses a terminated brokers MS balance against them. Brokers are encouraged to settle wrongful termination suits or risk lossing substantial amounts of their own money. I don't mean to be argumentative, because I really hope your right. Please educate us by telling us the case that finally settled this issue so we can all tell our attorneys.

      We all agree that bad apples should be terminated. But I think it is naive to think management doesn't look at other factors. The question is which ones?

    • wow . i feel really sorry for you
      must be tough going through life looking over your shoulder all the time
      has something happened to you personally to make you feel this way or are you just natuarally paranoid

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