The firm my wife works for is an RIA. They manage investments for other folks. They are shutting down sometime in the next 2 months due to the firm's owner being nailed by the IRS for failure to pay taxes on income. He initiated some stupid employee leasing shenanigans back in the late 90s and its now caught up to him. This all had to be disclosed to the clients and broker dealers and has resulted in accounts closing left and right. An offer was made by the managing partner to buy the firm but was rejected by the owner out of ego I guess. He is now going to own 100% of zero. My wife has a new job she starts next week so we are good on that end.
The employees of this firm participate in a success sharing plan where they are paid a portion of the firm's profit twice a year. They receive 2/3 of it and they defer 1/3 to the next payout. Come to find out they have not received all they were supposed to. According to my wife there is around $88,000 due the employees,of which my wife is owed a little less than a quarter of. She is supposed to find out today the particulars of her payout (amount, time frame). Word is the owner was going to pay this out over a 5 year time frame. :nono: By the way he has pancreatic cancer.
If somehow they try and short her or extend the payout to 5 years is this something we could fight. Unfortunately there is a good probability he will not be with us in 1 or 2 years so at that point it seems like my wife and the other employees would be standing in line behind the estate and other potential creditors. Anyway, things may turn out just dandy today and if so we can kill this thread. There is also a link to this case if anyone doubts the veracity but I'd at least like to wait until next week when my wife will no longer be employed there.
The employees of this firm participate in a success sharing plan where they are paid a portion of the firm's profit twice a year. They receive 2/3 of it and they defer 1/3 to the next payout. Come to find out they have not received all they were supposed to. According to my wife there is around $88,000 due the employees,of which my wife is owed a little less than a quarter of. She is supposed to find out today the particulars of her payout (amount, time frame). Word is the owner was going to pay this out over a 5 year time frame. :nono: By the way he has pancreatic cancer.
If somehow they try and short her or extend the payout to 5 years is this something we could fight. Unfortunately there is a good probability he will not be with us in 1 or 2 years so at that point it seems like my wife and the other employees would be standing in line behind the estate and other potential creditors. Anyway, things may turn out just dandy today and if so we can kill this thread. There is also a link to this case if anyone doubts the veracity but I'd at least like to wait until next week when my wife will no longer be employed there.
