Brokerage houses and financial services companies often used recent college graduates as unpaid broker trainees to make cold calls in order to sell stocks and bonds to investors. In many cases, these trainee brokers are asked to work anywhere from fifty to as much as ninety hours a week without any compensation, or with very little compensation. Since these trainee brokers are not licensed brokers under regulations overseen by the Financial Industry Regulatory Authority (FINRA), they cannot make direct sales to investors; rather, they must transfer calls to licensed brokers who then complete the sale and typically make a commission as a result.
However, under the requirements of the Fair Labor Standards Act (FLSA), these unpaid trainee brokers are owed at least a minimum wage. If they work in excess of a scheduled forty-hour workweek, they are owed time and half for any additional hours worked beyond this scheduled time.
At the New York law offices of Leeds Brown Law and Virginia & Ambinder, our brokers’ rights attorneys represent trainee brokers in regard to the following:
If you worked as an unpaid trainee broker, contact New York brokers’ rights attorneys at Leeds Brown Law and Virginia & Ambinder today. We can evaluate your case and discuss the legal options available to you for recovering what is owed you. We have represented a number of unpaid trainee brokers and understand how these kinds of cases must be put together, presented, and argued. To learn how we can help you, contact our offices today.