I got displaced, does anyone know if we are allowed to invest during the notice period or should I wait until after? My sector was told we had to disclose everything to wells if we did invest prior to layoffs
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if you are subject to PAD, then you are required to disclose/get clearance during your notice period.
It's not that hard folks. during notice period you are an employee. Same rules.
And for the "well how would they know" - if you are subject to PAD you've already disclosed all of your brokerage relationships and those companies are reporting back any activity to WF. This is not just a WF thing - it's pretty much an industry standard.
per the HR assistant’s guide, I did trades during my notice periods by calling PAD team 800 number, they helped me to file the trading requests and send the confirmation email back to my personal email. Looking forward to the end of my notice period!
For the record, I did trade and did get a contracting gig during the non-working "notice" period. I didn't tell anyone at Wells. How are they going to find out? there is this "work number" service that you can turn off. The PAD I always thought was a joke, especially since I didn't have a customer-facing role.
Why would you not disclose?
Are you trading based on inside info? If so, the SEC will likely find out and they can penalize you much more than WF can.
"what are they going to do if you are in violation? displace you?"
I mean, it seems plausible they could have a reason to fire for cause, which means no severance.
Can you be fired for cause for not disclosing while an employee?
I am on my 60 day non working and got an email saying the PAD policy still applied during this period.
This is the verbiage from the email (first paragraph)
“Employees who are on a leave of absence with pay and were subject to line of business Personal Account Dealing (PAD) Procedures prior to going on leave, must continue to adhere to all requirements of PAD until such time they are fully terminated from Wells Fargo.”
Why did you ever have to ask? Specific to your role? Or did you have an outside brokerage account?
Let 'em know just to be safe
10 sh of AAPL
50 sh of WFC
If you must ask, it is unlikely that you have inside info.
Dont risk having your severance taken away
what are they going to do if you are in violation? displace you?
Disclaimer: I don't know the answer.
But, you're still considered an employee during the 60 days and if it were me, I wouldn't take the risk.