No Integrity List: Vanguard, FINRA
Updated February 19, 2024
I'm still waiting for a good opportunity because I've never gotten it yet. I have to create my own.
I ask for help and I get harmed regularly instead. Vanguard has harmed me.
I first applied to Vanguard (investment firm) for their entry-level brokerage role in 1998, at age 23. Finally, after 24 years and 10 tries, I was hired for the entry-level brokerage role in July 2022, at age 47.
While I was at Vanguard, I helped out thousands of clients and not one was ever harmed by me.
In August 2023, Vanguard contacted me regarding A/X Growth (my investment management model). I told them it wasn't a business and there were no immediate plans to start one. I then updated the website to avoid any compliance issues. There was no follow-up or questions from Vanguard, and I was terminated right after I filed for FMLA leave. This was a misunderstanding that went too far.
Vanguard has wrongfully terminated me, defamed me, and damaged my future employment prospects. I am owed an apology and compensation for my loss.
After I was terminated, I commented on the Allegations on a Disclosure item made by Vanguard, posted on Finra's Brokercheck.
Additional Response to Allegations:
1) I have no outside business activity whatsoever with stocks. There is no A/X Growth paperwork filed anywhere. A/X Growth is just an idea with no definite start date. An idea alone is not a business. Any start date I had provided previously was just an estimate and wishful thinking on my part.
2) I have always displayed professional conduct with everyone at Vanguard, including clients.
3) Finra Licensing: I am licensed to sell securities. I am aware that you need a different license to advise or manage securities.
4) I am ethical and have followed ethical conduct policies. There was no conflict of interest. No clients were harmed and I have no personal gain. I understand that I worked in brokerage and to keep things separate.
There was no follow-up whatsoever by Vanguard after the initial phone call, but I did disclose the TipRanks to them. Normally, you are given a chance to respond to allegations. I was given no chance and terminated.
Vanguard crossed the line. Vanguard terminated me based on false assumptions that were never validated. I gave them ample time to correct their mistake, but they refused to do so.
This is what happens when you don't verify your assumptions and take action. This is what happens when you think you are right but you are actually wrong. This is what happens when you think you know everything but you don't. This is what happens when you don't communicate and cause parties to separate. This is what happens when you try to be over-compliant and you fail at being compliant. This is what happens when you try to be a professional and end up being an amateur instead.
I followed up with Vanguard multiple times but they did not care to respond. They have gotten away with their wrongdoing. The burden is on me to file a case against them.
But that's the game, and we're all playing in one.
Vanguard supposedly knows more about my business than I do. After looking at my website, they became instant experts. Vanguard is extraordinary.
I plan to start an investment business one day, but I am not sure when. It might be two years from now. I don't know. All I can do is provide an estimate, and I keep pushing that back. It is 2024, there is no investment management business and I am still not ready.
"Intention is everything." My intention was to tell Vanguard about A/X Growth when I was ready to start the business and seek their approval first. I am not stupid.
The only investment item I have currently is an investment management computer simulation on TipRanks. I don't get to manage money in the real world. I knew I wanted to be a fund manager since 1998.
When I first got to Vanguard, I actually applied for an investment analyst position that I was highly qualified for. Management then tells me to withdraw my application. Again, I still don't get the good opportunity I need and I am forced to create it.
If I could secure a wealth advisory position somewhere, that would be good. Later, I would set up the investment business.
In September 2023, FINRA (financial regulator) contacted me regarding my potential investment business. I replied to their questions and stated there was no such business. I told them that if I was still employed at any firm, I would have sought approval first before starting any related business. Again, I am not stupid. Finra sent me a questionnaire and just wasted my time.
Vanguard is dangerous to post lies and misinformation about me. They discharged me with false assumptions and zero proof. The wrongful termination has caused me hardship and a stop to my financial career. Due to the posted Disclosure, I am having difficulty securing employment at other investment firms. I'll get a chance to speak to a recruiter and the conversation goes well, but then they don't call back. I want to post a Disclosure about Vanguard, but I am not allowed to. I'm still seeking counsel to sue the company.
FINRA is useless and has done nothing on my behalf. They are a failed regulator. They listened to ignorant and incompetent people and became ignorant and incompetent themselves. They never followed up on my formal complaint. There is no appeal process for wrongful terminations and false disclosures posted by broker-dealers. They are supposed to be the neutral party but took sides with Vanguard. I want to sue Finra too.
Vanguard is ignorant, incompetent, inexperienced, unprofessional, unethical, and has no integrity. Vanguard owes me a public apology and compensation of $500,000 plus interest.
- Benjamin Carr, Senior Manager
- Dena Bailly, HR Manager
- Compliance Department
FINRA is ignorant, incompetent, inexperienced, unprofessional, and has no integrity. FINRA owes me a public apology and compensation of $200,000 plus interest.
- Amy Mosho, Investigator
I have integrity; I can't speak for others.
I'm ready to go to court.
Roy Philipose
Former Vanguard Crew Associate
______________
You have to look at the "hints and clues" that life gives you.
I have music to make.
© Roy Philipose 2024.
