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My Firm Stopped Paying Me - Advice?

PequodNYC wrote:

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. 

oh don’t get me wrong, I’m not saying this is such a thread. I’m just curious if someone had an answer

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

I don’t think the OP is trolling.  

But it is indeed a very very wierd situation, both for the company to do this, and for the OP and coworkers to put up with it without a legal fight or at least leaving for another company.

You want a quote?  Haven’t I written enough already???

bchad wrote:

I don’t think the OP is trolling.  

But it is indeed a very very wierd situation, both for the company to do this, and for the OP and coworkers to put up with it without a legal fight or at least leaving for another company.

Nah, everyone is going to sue absent a miraculous change in corporate behavior.  It is a growing legal receiveable (or so I’ve been told by three lawyers I consulted).  Just have to make sure you initiate your claim before the legal deadline.  The junior kids have left.  More options and more openings at junior level.  Job search is taking much longer than expected.  After that initial flurry of interviews through contacts, it really slowed down.  Getting pretty fed up, but I don’t think I’m doing myself a favor by quitting without a job in hand so long as “work” isn’t getting in the way of the job search.  Like I said in a previous post, the more senior the position you are applying to, the more toxic it is to be an unemployed candidate.

Sadly, I could spend double the time on my job search but I don’t think it would double my chances of finding a job.  

Yeahhhhh, I’m gonna need you to gather all of your belongings and move them down to the basement…

#Mmmmkay

Have you sued yet?  I wouldn’t wait, courts can take a very long time before a resolution is reached.

You could be looking at another year before your accrued compensation is released to you.  

PequodNYC wrote:

bchad wrote:

I don’t think the OP is trolling.  

But it is indeed a very very wierd situation, both for the company to do this, and for the OP and coworkers to put up with it without a legal fight or at least leaving for another company.

Nah, everyone is going to sue absent a miraculous change in corporate behavior.  It is a growing legal receiveable (or so I’ve been told by three lawyers I consulted).  Just have to make sure you initiate your claim before the legal deadline.  The junior kids have left.  More options and more openings at junior level.  Job search is taking much longer than expected.  After that initial flurry of interviews through contacts, it really slowed down.  Getting pretty fed up, but I don’t think I’m doing myself a favor by quitting without a job in hand so long as “work” isn’t getting in the way of the job search.  Like I said in a previous post, the more senior the position you are applying to, the more toxic it is to be an unemployed candidate.

Sadly, I could spend double the time on my job search but I don’t think it would double my chances of finding a job.  

You do realize that ~30%+ of that receivable will be taken by the attorney.  It’s in their interest to grow that as large as possible.

Well, 70% of something is better than 100% of nothing.  And, possibly more importantly, someone who treated you like crap ended up having to pay up for the privilege.

However, you probably do not want it revealed while you are searching for a job that you are suing your current or most recent employer, so there’s that issue.

You want a quote?  Haven’t I written enough already???

^ suing for not being paid as contractually agreed to isn’t as bad as just suing for other reasons but sure does complicate things a bit.

I can’t imagine being in this kind of situation, I would be tempted to flip over a desk and walk out.

wasn’t there some guy that was trapped in a mcgraw hill building elevator for like 72 hours and he sued and won 100k. But then he couldn’t find another job after that bec of the suit?

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

PequodNYC wrote:

bchad wrote:

I don’t think the OP is trolling.  

But it is indeed a very very wierd situation, both for the company to do this, and for the OP and coworkers to put up with it without a legal fight or at least leaving for another company.

Nah, everyone is going to sue absent a miraculous change in corporate behavior.  It is a growing legal receiveable (or so I’ve been told by three lawyers I consulted).  Just have to make sure you initiate your claim before the legal deadline.  The junior kids have left.  More options and more openings at junior level.  Job search is taking much longer than expected.  After that initial flurry of interviews through contacts, it really slowed down.  Getting pretty fed up, but I don’t think I’m doing myself a favor by quitting without a job in hand so long as “work” isn’t getting in the way of the job search.  Like I said in a previous post, the more senior the position you are applying to, the more toxic it is to be an unemployed candidate.

Sadly, I could spend double the time on my job search but I don’t think it would double my chances of finding a job.  

If you have 10+ people with the same problem who are going to need jobs, why don’t you just form your own company?

“Your beliefs become your thoughts,
Your thoughts become your words,
Your words become your actions,
Your actions become your habits,
Your habits become your values,
Your values become your destiny.” - Gandhi

itera wrote:

wasn’t there some guy that was trapped in a mcgraw hill building elevator for like 72 hours and he sued and won 100k. But then he couldn’t find another job after that bec of the suit?

I read a very long story about that guy.  I don’t think he got 100k, and whatever he did receive then went to lawyers.  It took over a year for the lawyers to duke it out.  He didn’t go back to wok while fighting for a settlement because it would hurt his case of emotional distress or something.  The incident ruined his life for the foreseeable future.  Hope he’s back on his feet now.

Sweep the Leg: "I’m tired."
KMeriwetherD: "Well, you were basically Legolas in the Battle of Water Cooler."

Analti_Calte_Equity wrote:

PequodNYC wrote:

bchad wrote:

I don’t think the OP is trolling.  

But it is indeed a very very wierd situation, both for the company to do this, and for the OP and coworkers to put up with it without a legal fight or at least leaving for another company.

Nah, everyone is going to sue absent a miraculous change in corporate behavior.  It is a growing legal receiveable (or so I’ve been told by three lawyers I consulted).  Just have to make sure you initiate your claim before the legal deadline.  The junior kids have left.  More options and more openings at junior level.  Job search is taking much longer than expected.  After that initial flurry of interviews through contacts, it really slowed down.  Getting pretty fed up, but I don’t think I’m doing myself a favor by quitting without a job in hand so long as “work” isn’t getting in the way of the job search.  Like I said in a previous post, the more senior the position you are applying to, the more toxic it is to be an unemployed candidate.

Sadly, I could spend double the time on my job search but I don’t think it would double my chances of finding a job.  

If you have 10+ people with the same problem who are going to need jobs, why don’t you just form your own company?

so when walmart lays off a few thousand shelf stockers, they should form their own company?

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

itera wrote:

Analti_Calte_Equity wrote:

PequodNYC wrote:

bchad wrote:

I don’t think the OP is trolling.  

But it is indeed a very very wierd situation, both for the company to do this, and for the OP and coworkers to put up with it without a legal fight or at least leaving for another company.

Nah, everyone is going to sue absent a miraculous change in corporate behavior.  It is a growing legal receiveable (or so I’ve been told by three lawyers I consulted).  Just have to make sure you initiate your claim before the legal deadline.  The junior kids have left.  More options and more openings at junior level.  Job search is taking much longer than expected.  After that initial flurry of interviews through contacts, it really slowed down.  Getting pretty fed up, but I don’t think I’m doing myself a favor by quitting without a job in hand so long as “work” isn’t getting in the way of the job search.  Like I said in a previous post, the more senior the position you are applying to, the more toxic it is to be an unemployed candidate.

Sadly, I could spend double the time on my job search but I don’t think it would double my chances of finding a job.  

If you have 10+ people with the same problem who are going to need jobs, why don’t you just form your own company?

so when walmart lays off a few thousand shelf stockers, they should form their own company?

Stockers Inc. - Employee owned!

My last employer laid off their entire east coast staff last month (which unfortunately includes me).  However, two people that were laid off with me called me up to develop a related product.  So that is in fact what we are exploring/doing.  It’s not in direct competition with the former company, which was more of an origination-based business, but if it comes to fruition, investors might find it a much cleaner way to achieve their objectives than the old company.

However, I’m still keeping my eye out for other opportunities with more stable cash flows, so think of your Uncle BChad if you spot any. 

You want a quote?  Haven’t I written enough already???

itera wrote:

Analti_Calte_Equity wrote:

PequodNYC wrote:

bchad wrote:

I don’t think the OP is trolling.  

But it is indeed a very very wierd situation, both for the company to do this, and for the OP and coworkers to put up with it without a legal fight or at least leaving for another company.

Nah, everyone is going to sue absent a miraculous change in corporate behavior.  It is a growing legal receiveable (or so I’ve been told by three lawyers I consulted).  Just have to make sure you initiate your claim before the legal deadline.  The junior kids have left.  More options and more openings at junior level.  Job search is taking much longer than expected.  After that initial flurry of interviews through contacts, it really slowed down.  Getting pretty fed up, but I don’t think I’m doing myself a favor by quitting without a job in hand so long as “work” isn’t getting in the way of the job search.  Like I said in a previous post, the more senior the position you are applying to, the more toxic it is to be an unemployed candidate.

Sadly, I could spend double the time on my job search but I don’t think it would double my chances of finding a job.  

If you have 10+ people with the same problem who are going to need jobs, why don’t you just form your own company?

so when walmart lays off a few thousand shelf stockers, they should form their own company?

stockers are a commodity - so no

This kid is Ivy educated. He can even do a SWOT analysis before going full time.

I don’t know what product he’s selling; that would be important. He knows if this is feasible or not. I don’t have all the information; that is why I asked the initial question.

“Your beliefs become your thoughts,
Your thoughts become your words,
Your words become your actions,
Your actions become your habits,
Your habits become your values,
Your values become your destiny.” - Gandhi

Good luck to you BChad.

Sweep the Leg: "I’m tired."
KMeriwetherD: "Well, you were basically Legolas in the Battle of Water Cooler."

bchad wrote:

Well, 70% of something is better than 100% of nothing.  And, possibly more importantly, someone who treated you like crap ended up having to pay up for the privilege.

Yeah I would try to be cognizant of this firms assets and cash flows to see if they really do have the money to pay 100% or 200% or 50%.

“Your beliefs become your thoughts,
Your thoughts become your words,
Your words become your actions,
Your actions become your habits,
Your habits become your values,
Your values become your destiny.” - Gandhi

bchad wrote:

My last employer laid off their entire east coast staff last month (which unfortunately includes me).  However, two people that were laid off with me called me up to develop a related product.  So that is in fact what we are exploring/doing.  It’s not in direct competition with the former company, which was more of an origination-based business, but if it comes to fruition, investors might find it a much cleaner way to achieve their objectives than the old company.

However, I’m still keeping my eye out for other opportunities with more stable cash flows, so think of your Uncle BChad if you spot any. 

become a dealer or part time plumber?

"You want a quote? Haven’t I written enough already???"

RIP

That thought had crossed my mind. 

Surely the drug dealers on my block need someone to manage insurance and retirement portfolios. 

You want a quote?  Haven’t I written enough already???

^AML would kill ya son.

Good luck.  weird story

to OP — to give you some hope, my friend was a CPA for this firm that owed her 130K.

She took the owner to court and they ruled he had to pay 260K.

The thing is …. is that he was holding out on her, but had the assets to pay her.

There comes a time when you have to abandon ship. If you think that the reason your employer is not paying you because they are insolvent …. well …. this might be a kind of “internship” experience that you are getting. It is time to consider the opportunity cost of being stagnant at a company versus:

a) being free from the company

b) filing a lawsuit (for unpaid salary)

c) the sooner you close this job the sooner you can get to a place that rewards you monetarily

In the back of your mind you’re thinking ‘they will pay me someday’, its risky to leave and find a new job, etc etc but this is ridiculous. I don’t see how you’re not more pissed. You seem angered/annoyed but not pissed.

Don’t ever accept or tolerate this treatment from any person or company. It is unacceptable. I would get away and get away soon from this place. You know you hate going into this building in the mornings and you can’t sleep at night.

Do you want to be at peace or do you want to be uneasy living a low risk lifestyle? You can actually hurt your family by not being able to appropriately adjust to change. Be a leader, grab this by the balls, squeeze as much juice as you can get out of it and then move on. I don’t know how long you have been together in this business relationship but this is it.

“Your beliefs become your thoughts,
Your thoughts become your words,
Your words become your actions,
Your actions become your habits,
Your habits become your values,
Your values become your destiny.” - Gandhi

You cook at Applebees bro?

http://finance.yahoo.com/news/applebees-pay-cook-didnt-checks-102321705....

PORTSMOUTH, R.I. (AP) – Applebee’s officials say they will pay a Rhode Island man who worked at a restaurant for about a year and never received a paycheck.

Caleb Dyl has autism and was placed in the job by the social service agency Resources for Human Development. He started working as a prep-cook at the Middletown restaurant in August 2014, but the 21-year-old’s parents say he never received a check.

Applebee’s at first agreed to pay Dyl 166 hours, based on the agency’s records. But his parents say he actually worked about 480 hours. Now, WPRI-TV reports (http://bit.ly/1GkTT1P ) the chain’s New England regional director of operations says the restaurant has agreed to pay Dyl for 480 hours.

The state Department of Behavioral Healthcare, Developmental Disabilities and Hospitals says it is still investigating.

Analti_Calte_Equity wrote:

to OP — to give you some hope, my friend was a CPA for this firm that owed her 130K.

She took the owner to court and they ruled he had to pay 260K.

The thing is …. is that he was holding out on her, but had the assets to pay her.

There comes a time when you have to abandon ship. If you think that the reason your employer is not paying you because they are insolvent …. well …. this might be a kind of “internship” experience that you are getting. It is time to consider the opportunity cost of being stagnant at a company versus:

a) being free from the company

b) filing a lawsuit (for unpaid salary)

c) the sooner you close this job the sooner you can get to a place that rewards you monetarily

In the back of your mind you’re thinking ‘they will pay me someday’, its risky to leave and find a new job, etc etc but this is ridiculous. I don’t see how you’re not more pissed. You seem angered/annoyed but not pissed.

Don’t ever accept or tolerate this treatment from any person or company. It is unacceptable. I would get away and get away soon from this place. You know you hate going into this building in the mornings and you can’t sleep at night.

Do you want to be at peace or do you want to be uneasy living a low risk lifestyle? You can actually hurt your family by not being able to appropriately adjust to change. Be a leader, grab this by the balls, squeeze as much juice as you can get out of it and then move on. I don’t know how long you have been together in this business relationship but this is it.

Analti_Calte_Equity, thanks for the great post.  What state did your friend work in?  My employer has been hiring people over the last several months so I think it is reasonable to expect they have the financial capacity to pay my back wages.  But with any financial institution, obviously there is no way for non-management to know with 100% certainty.  

This is a strange story, but it’s also pretty simple.  I’m still there because I think I increase my legal receivable increases with every day I go to work and because I think being employed makes it easier for me to find a job.  As long as this is the case and as long as I can continue to compartmentalize this debacle from my family, I’m staying at it until I find a new job.  

The way I think about it, I AM grabbing this problem by the balls.  Look, it’s easy to live someone else’s life.  I could storm out and be pissed because I’m not going to tolerate it.  I’d initiate my lawsuit sooner and I wouldn’t have to put up with that BS everyday.  That would be nice, but if it comes at the cost of decreasing my chances of finding employment in a comparable role, then it’s a terrible trade.

I agree with most of what you said.  I know this is unacceptable.  I am pissed.  I don’t tolerate this - that’s why I’m going to sue them.  I will take the peace from maximizing my options among crap choices.  But I’m freaking glad I didn’t get pissed off and quit 6 months ago.  I’m spending plenty of time looking for a new job.  I don’t think I would have doubled my chances of finding a new job if I doubled or tripled my search time.

I guess I just wonder what your advice is.  Do you think I should just quit TODAY?  If you think I should work my ass off to find a new job and quit as soon as I do, then that’s exactly what I’m doing.  Don’t let the money confuse the situation.  They won’t pay a dime for a year or so.  So it doesn’t matter if I get paid in 12 months from now or 14 months from now via court mandated payment.

What’s your background?

I think I get it. You figure that by showing up, you can show other employers that you’re not jobless, and there is also a chance that you might eventually receive some money for that day in some future lawsuit. Given that you are guaranteed to receive nothing if you quit, maybe that makes some sense.

At a certain point, it may still make sense to walk out because continuing could be construed as consent if it reaches some point, and a future employer doing due diligence may interpret your staying as you being an unproductive worker.  

But I get why you might decide to knuckle under for a bit. 

You want a quote?  Haven’t I written enough already???

bchad wrote:

At a certain point, it may still make sense to walk out because continuing could be construed as consent

Already is I think. His employer told him he’s not getting paid, so I don’t understand why he thinks he’s accruing some receivable. Maybe entitled to some severance, but I don’t think that’s really an entitlement for most in the US.

Employer says, “you’re not getting paid anymore.” You stick around, I think you’re mostly SOL. 

The fact that this firm still has any kind of client money would also scare the hell out of me. Is this guy working for free at some kind of ponzi that is about to take him out too?


“I can no longer obey. I have tasted command, and I cannot give it up.”

^This. It scares me that my assets may be custodied with a team like this.

it’s not too crazy why he’s still showing up to work. Employed folks have an easier time in getting another job no? 

Isn’t this why young people are frequently willing to work for free just so they have have employed + something to have on the resume?

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

itera wrote:

it’s not too crazy why he’s still showing up to work. Employed folks have an easier time in getting another job no? 

Sure, but I think there are two big things a hiring manager checks out on the application.

a) Last employer

b) Last employer salary

I guess the ethical question would be if you could put your agreed upon salary versus what you are actually getting paid.

“Your beliefs become your thoughts,
Your thoughts become your words,
Your words become your actions,
Your actions become your habits,
Your habits become your values,
Your values become your destiny.” - Gandhi

I want to know where this bum works.