No Integrity List™: Vanguard Brokerage, Finra Dept of Enforcement

_____________

Note: I have been seeking an "opportunity" to become a portfolio manager since 1998. I can outperform the stock market on a consistent basis. My superior investment model is A/X Growth

_____________

The No Integrity List (NIL)™ is about accountability for wrongdoing.

Vanguard Brokerage has damaged my professional name, financial career, and work opportunities.
In August 2023, Vanguard posted a false "Disclosure" on my financial file that has resulted in my termination and a soft-ban in the financial industry.
An arbitration case has been filed.
The Finra Dept of Enforcement (Finra DOE, as I call them) has failed to enforce Vanguard.

A/X Growth is my investment management model. There is no investment business whatsoever.

Vanguard owes me $500,000.
The Finra Department of Enforcement owes me $100,000.

I attest that everything I have said here is true and accurate to my knowledge.

-- Roy Philipose

_____________

Update: March 2026

If I really wanted to start an investment company, I would have seen it through. But since nothing was started it was easy to stop.

Vanguard still can't provide proof to back up their claims on BrokerCheck, and Finra DOE has failed to show any proof of outside business activity (OBA). Both have zero proof. Both have been found negligent. Finra DOE is back on the NIL.

Facts:

1) Before the termination, Vanguard failed to validate and failed to communicate.
2) After the termination, Vanguard failed to communicate.

The FINRA DOE did not directly harm me like the Philadelphia Police did, but they were incompetent and let Vanguard off the hook. Finra DOE should go investigate themselves first. They keep coming up with blanks. What a failure! What a broken system! FINRA DOE failed to connect with Vanguard after they found no wrongdoing from me. They had no problem investigating me but refuse to investigate Vanguard after the evidence proved my innocence.

Finally, after pressing them, Finra DOE confirmed that they don't have proof of an investment business but just an assumption. Really? I have assumptions too.

Assumptions are not proof. Everyone should know that. Vanguard failed to fact-check their assumptions in the beginning. No different than the people on the internet.

My two issues with Vanguard:

1) False Disclosure
2) FMLA Application

I gave a chance to Vanguard to redeem themselves and they have failed miserably.

Just because Vanguard is one of the biggest firms, it doesn't mean that they are one of the best firms.

What Vanguard needs to do is get these social media companies to be more responsible. Vanguard owns a good percentage of them. I already wrote a "recommendations list" of what needs to be done in a separate blog post here. They need to bring change. The social media companies have no skin in the game and that's why they don't care. This whole case and employment issue was 100% mental health related primarily due to social media abuse.

BTW, If I was White, I would have better opportunities. Vanguard needs to work more on diversity. I have already shown proof to both Vanguard and Finra that Vanguard has a preference for who they hire and promote.

Vanguard Brokerage prefers young, White, and healthy people so they can promote them to future leaders. I am not part of that group.

In my opinion, Vanguard discriminates and FINRA can't regulate.

I have sent in all my documentation that proves my innocence, and my Finra file is still not cleared. I still have to clear my name at the hearing.

I'm not going to go over all the facts in this case, but the evidence is overwhelmingly favorable to me. If I don't win the arbitration, then this financial system is totally corrupt. I have put a lot of time into this case.

If I had an attorney to represent me, I would have received a big settlement from Vanguard by now. But since they are playing the long game, they are hoping they don't have to pay anything.

For my health, I do suffer from depression, but I can't take any medication for it because of the side effects.

BTW, I have a criminal abuse syndicate who damages my name, sets me up for harassment, and authorizes the theft of my content. In fact, the users will illegally replicate this blog post on their platform. They have caused me a lot of stress over the years, and they won't be happy until I am dead. For example, Johnny Y. will send me emails to "make headlines and kill myself." That's the kind of abuse I get. Actions they consider harmless have been very harmful to me. My wife and I should be in excellent health, but we are not due to these abusive people.

___________

Update: Nov 2025

I am seeking an ETF sponsor and an opportunity to become a portfolio manager (PM). If anyone can help me with that please contact me. Since 1998, I have been seeking to become a PM. There are people who are younger than me who get that opportunity. My investment model outperforms the market on a consistent basis. I have posted another A/X Growth YouTube video.

Vanguard Brokerage got two major assumptions wrong: I don't have a financial business and I don't give out financial advice.

Vanguard was able to fire me with just assumptions alone. They never had to validate anything. They submitted non fact-checked documents in order to get the Disclosure and termination.

Investigations go both ways: Vanguard has failed my investigation, and the Finra Dept of Enforcement (Finra DOE) has failed as a regulator. I still haven't received proof of "outside business activity" from Vanguard. Finra DOE saw all my records and falsely claimed I had "outside business activities," but to this day, I haven't seen their proof. All they did was repeat what Vanguard said. Finra DOE was supposed to exonerate me, but never did.

Questions to Vanguard:

1) Where is the proof and details of the investment startup?
2) Where is the proof and details of the investment partnership?
3) Where is the proof and details of outside business activity (OBA)?
4) (Since July 2025, after Arbitration was filed) Where is the proof and details of providing financial advice?

I keep asking Vanguard these questions and they never have an answer for me.

All Vanguard has are assumptions, and nothing else.

I didn't disclose any outside business activity (OBA) because there was none to begin with. The termination should have never occurred.

If someone accuses you of wrongdoing, you have the right to see the proof.

I publicly authorize any proof Finra DOE has on this case. When I contacted them for proof, they told me that it was "confidential."

Vanguard is in a pickle. What they thought was violation on my part has now become a liability on their part. The thing is that the "truth" cuts through all the bullshit.

I am seeking opportunities. I am not seeking abuse - I get enough of that.

Vanguard took away my opportunity and damaged my future opportunity. They have set me back a lot. To be accused of financial advisory is a joke. I don't do "financial advisory" and have never done that in the past. I am here to do financial management. There is a difference. Thank you.

I only found out about "providing financial advice" in July 2025. They never told me about it before. Filing arbitration is another story.

Again, there was no intention to start up any financial company without approval first.

In America, you're not allowed to get ahead. You're supposed to stay at the bottom. I am 50 years old, and I'm still at the bottom. But that's okay because America is the land of abuse.

The ignorance and assumptions that Vanguard has displayed here is no different from the ignorance and assumptions from social media since 2014. When you try to explain yourself, they don't want to listen, and harm occurs. "Just because you see something, doesn't mean you know something."

The difference here is that I have validation and no one else does. I am publicly calling out Vanguard Brokerage and Finra DOE for their lack of proof.

I have enough people in my life who LIE about or ABUSE me. I don't need any more.

I've already stated to Vanguard multiple times that my A/X Growth website was in error as I got ahead of myself, and my investment startup and investment partnership were all just ideas. I never took any action to set anything up. That is why no investment product is available today. A/X Growth Investments has never left the Idea stage. Just because you say something is "in development" doesn't mean that there is something actually in development. I corrected my mistake immediately and removed any reference, but Vanguard has never corrected theirs.

It's kind of sad that Vanguard doesn't want to correct their mistakes. We all make mistakes. Nobody is perfect. But when you make a mistake, you correct things and move forward. Vanguard doesn't want to move forward I guess.

Websites are in error every single day, and they are eventually corrected. Vanguard never validated my website or anything else with me. If they did, we wouldn't be here.

I made the mistake of advertising an investment startup and partnership that wasn't real and wasn't going to become active anytime soon. It was all hopes and dreams. That's why I kept pushing the date back on the partnership. There was no business development whatsoever, no clients, and no deposits ever taken. Note: There will be no investment partnership in the future because the idea is small and not even what I want to do. Warren Buffett did a partnership back in the day and it sounded cool to put one up.

I announced an investment partnership and startup because it made me feel good. When you are depressed, you can do things like that. I'm not getting any "investment management" opportunity and I have to artificially create one. Again, the modified website was just for me and nobody else.

Since 2014, I have been majorly abused online. Vanguard doesn't fully understand and can't comprehend the compounded abuse that I've had over the years. Most people can't until they experience it themselves.

My A/X Growth website has been my emotional support tool, and my anti-depressant. I already knew that Vanguard was going to see my website and we were supposed to have a discussion about it, but we never did. I never got a chance to explain myself. Regarding any potential financial business, nothing has changed or has been created from the time I was let go in August 2023 till the present day here in November 2025.

All my financial social content was to showcase my "stock picking ability" and not to give any advice. I'm here to assert myself as somebody of knowledge to be a portfolio manager and to show you that I'm the real deal.

If I make a statement that "I don't have a business," you have to accept it, whether you like it or not. That's it. Vanguard doesn't want to accept my statement, and that is their problem.

The website was in error and YouTube was used to validate potential portfolio management. That's it. There is nothing more to discuss. Vanguard was completely wrong in their assessment.

I'm dealing with Millennials at Vanguard and Finra DOE. Vanguard never asked me, "Roy is this startup business for real and Are you providing financial advice?" I would have said, "No," to both questions. Then Vanguard would have told me to take the website down and remove any social content, and that's it. It would have taken five minutes to fix. No harm. No foul. Back to work. But since I'm dealing with young people who lack experience, they didn't ask me that. There's a generational disconnect here. I'm Generation X dealing with a younger Millennial generation.

This is the same issue I've been dealing with on social media since 2014. None of these young people ever asked me to validate what they saw. The Millennials say, "I know what I saw." Again, "Just because you see something, doesn't mean you know something." These ignorant Millennials just saw something and ran with it, and the ignorance is still running.

"If you don't know the whole story, then don't tell the story."

The problem with Vanguard is that they can't believe that I just set up a website even though I didn't set up any company. They can't seem to accept that fact. I told Vanguard right before I was let go that I didn't have an investment company. Fast forward to the present, and there's still no investment company. I work with the facts; I don't work with fiction.

Vanguard Brokerage should have had more faith in me. Instead they assumed the worst, rushed to judgement, and quickly let me go. They were careful to hire me, but careless to fire me. They didn't even make an attempt to retain me.

What Vanguard should have done: suspend me internally, have a full discussion with me, go over all the facts, complete their investigation, and then decide to either reinstate or terminate based on the facts. For compliance, I would have signed an affidavit attesting to the facts. But they didn't do anything like that. If they did, I would have been reinstated and back to work.

Instead of giving me the benefit of the doubt, they just gave me doubt.

But what do I know? I'm just a junior broker, right? I can't be anymore than that. I'm not qualified. I'm not experienced. I'm not educated. I don't know anything. I'm new here. (Another part of the broken system where my manager is much younger than me.)

If Vanguard was audited for the employee termination, they would need to show proof of the business violation and an attempt to accommodate the FMLA application, and they would fail it badly. They would be in major violation, but they are not. (I'm not letting Vanguard off the hook.)

An audit can go both ways. If I had to prove that I did have an investment company, I couldn't do it. Having a website alone and a potential partnership without details doesn't qualify as a company.

Before the termination, I really needed to take FMLA time off for my mental health but I wasn't granted that, just fired instead.

"If the facts don't support the claim, the claim is invalid."

"If you're going to accuse someone of wrongdoing, you need to show proof."

Lifetime, to date, A/X Growth Revenue is $0.00 and Expenses are $0.00. Thank you.

I wish I had an investment company. That would be great. I have nothing of the sorts. I have no financial career and I have no financial company. Because of Vanguard, I'm not working in finance anymore. I want to give them a "special thanks."

"Not everything is what it seems." Vanguard and Finra DOE should have known that. Just like the young, inexperienced people online, I am dealing with young people who lack practical, real-world experience, and didn't verify before taking action. Again, there is a generational disconnect here.

Working in industry was a "positive" in my life and that was taken away from me, and I need to get that back.

The current Disclosure about OBA (financial advisory business) from Vanguard is bogus. Vanguard has all the correct information they need and they still don't want to correct their mistakes. (Because they don't have to. That is the game.)

Nobody is right all of the time. I don't care who you are.

Financial advisory and Financial management are two separate things. My A/X investment website and social media represents potential "financial management" and nothing else. I am not here to manage or advise you on your portfolio; I am here to manage my own (A/X Growth). Also, I am not here to be like Jim Cramer, the investment personality - who has an investment opinion on everything. I don't care to be a stock commentator. For example, If the stock market goes down, don't ask me for advice because I don't have any. Go find yourself an investment advisor. I am not here to give my opinion on the market at any time. I am not a financial advisor; I am an aspiring portfolio manager, since 1998. Thank you.

Occasionally, fund managers will talk about their stocks and the market, as I have done with my investment simulation. But I don't care to talk about stocks or the market in general. I'm here to manage capital and not advise on it. Any discussion that I did in the past was to secure employment in the investment management space and not to give out any investment advice.

I AM HERE TO MANAGE CAPITAL AND NOT ADVISE ON IT!

I can become an investment advisor on my own at any time. I could have done this ten years ago. You can pass the Series 65 exam and register with the state to become an advisor. Then what? Is something magical supposed to happen? It doesn't. The company can go nowhere. That is why most businesses fail, and you only hear about the ones that succeed.

But I am not here to be an investment advisor; I am here to become a portfolio manager. An ETF is something that I can't set up on my own, and that is why I am looking for assistance to set one up.

I came to Vanguard to get industry experience. I only have a desire to become a portfolio manager managing one portfolio for multiple clients, and NO desire to become an investment advisor advising on multiple portfolios for multiple clients. I am not here to work on separate managed accounts. Being an investment advisor means that I would have to work like ten-hour days achieving less versus being a portfolio manager working one-hour days achieving more. I spend little time managing the A/X Growth portfolio, and achieve outstanding results.

The Finra Arbitration process is long, bloated, and inefficient. It is an "opinion" of the Arbitration panel to grant relief or not. Winning arbitration is not guaranteed. It is a gamble. (Am I supposed to pray and keep my fingers crossed?) Vanguard got a guaranteed quick termination, and I get to gamble on a long arbitration.

Vanguard didn't care that they threw me under the bus.

Vanguard is not happy with this blog post. But they must think I am happy with their false statement on BrokerCheck, which has resulted in major losses to me. Vanguard is also not happy about the "dangerous" comment I made. Well, let's see, Vanguard has killed my name, killed my career, killed my income, killed my employment, and has killed my health. I have been in worse health since the termination. I want to congratulate the Vanguard company for contributing to my health decline.

Vanguard is free to complain to Finra DOE as many times as they would like. Last time I checked, Vanguard is doing great.

Everything was all hopes and dreams...

Bottom Line: There was no financial company, and there was no financial advice. That's it.

If Vanguard wants to protest this blog post, they can hold up signs at headquarters and shout, "No Roger, No Rerun, No Rent." ☺

Everyday, I ask for an opportunity to get ahead and provide for myself, and instead, I get abuse.

Vanguard thought they could damage my name and I couldn't damage theirs. The difference here is that people will publish lies and misinformation about me, but I will publish the truth and facts about them.

Vanguard is an embarrassment. I have lost respect for them.

This blog post is back online because anything can happen tomorrow. We live in dangerous times. I can pass away or you can pass away. "We don't know what tomorrow brings."

I have no one to continue my case against Vanguard if something were to happen to me.

_____________

Update: Sept 2025

Vanguard fired me for "cause" but can't prove the cause. So far, they have gotten away with it. Even after two years and repeated requests, Vanguard and Finra DOE have failed to deliver the proof of claim regarding Vanguard's Disclosure of Outside Business Activity (OBA) that resulted in my termination.

Vanguard has also accused me of financial advisory. I'm not here to give out advice on stocks. That's not what I do or even want to do. In the past, I've had some investment analyst entries. My goal is to become a portfolio manager 100%.

Accountability goes both ways. Where is my investment business at? I don't see it anywhere. If I was starting up my own business, why not continue with that? Because it never existed and it was all hopes and dreams, and I got fired for it.

Vanguard can help me set up an investment business, but they're not going to. Vanguard could care less, but I care.

Vanguard's ignorance in this matter has caused me a huge loss, and I'm entitled to compensation.

If I stayed at Vanguard as a rep, it would have been 2 years working in Orders, and I would have been eligible to transfer out to the Investment Management Group (IMG) division.

______________

Update: Aug 2025

This blog post is about accountability.

I posted a video on YouTube explaining the purpose of A/X Growth.

You have a broker-dealer who has published a false statement that resulted in an employee termination and a soft-ban in the industry.

You have a financial regulator who has failed to correct the broker-dealer and allowed the termination.

This blog post will remain online until I receive satisfaction: for example, an apology and compensation from Vanguard or a favorable arbitration ruling from Finra DRS.

I have removed the personal names. I have also removed the line about Vanguard and Finra being ignorant, incompetent, unethical, etc. I am being too nice.

The Truth Hurts!

______________

FINRA Arbitration for wrongful termination has been filed.

______________

FINRA has multiple divisions. In this blog post, I'm talking about the Finra Department of Enforcement (FINRA DOE) division.

"Hopes and Dreams" and "Resume and Skill Building" don't make a business.

Personally, I have nothing against the Vanguard staff. I have made several acquaintances while I was employed there. But professionally, Vanguard sucks.

______________

Updated: June 10, 2024

Vanguard failed to prove their allegations and Finra failed to show proof of my alleged investment business. The disclosure posted by Vanguard still exists and won't be removed. The burden is on me to file to have the disclosure removed. This shows you how dirty and shady both organizations are.

"A/X Growth Investments" was an idea. I just got ahead of myself on the website. There is no investment company, no fund, and nothing in development. There are only dreams. Something that I was hopefully going to do in the future gave me some happiness in my life and that cost me.

I have music to make.

______________

Updated: February 19, 2024

By Roy Philipose

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 owes me a public apology and compensation of $500,000 plus interest.

FINRA owes me a public apology and compensation of $200,000 plus interest.

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.

Search This Blog

Roy Philipose Blog

No Integrity List™: Vanguard Brokerage, Finra Dept of Enforcement - March 2026 Update

Popular posts from this blog

#Section230 (Social Media: Great for lies and misinformation, and abuse.)

No Integrity List™: Original