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Selling away in the U.S. securities brokerage industry is the inappropriate practice of an investment professional (such as a registered representative, stockbroker, or financial adviser) who sells, or solicits the sale of, securities not held or offered by the brokerage firm with which he is associated (affiliated).[1] An example of the term expressed in a sentence is, "The broker was selling investments away from the firm." Brokers marketing securities must have obtained the appropriate securities licenses for various types of investments. Brokers in the U.S. may be "associated" with one or more Brokerage firms and must obtain licenses by passing standardized Financial Industry Regulatory Authority (FINRA) exams such as the Series 6 or Series 7 exam. See List of Securities Examinations for types of securities licenses in the U.S.
More specifically, selling away describes the situation in which the transaction or securities in question are not approved for sale by the firm; they are not on the firm’s approved product list. The approved product list identifies the types of securities and investments that are approved for brokers to sell after the securities have been analyzed during the brokerage firm's due diligence process, which includes receiving the necessary risk and compliance department reviews and approvals.
Selling away often involves investment securities that are in the form of a private placement or other non-public investment,[1] though not always. Sometimes a transaction may not be an obvious or apparent 'investment' or security. Selling away may not always be deliberate or intentional or with even intent to deceive an investor, but in many cases, the broker deliberately solicited one or more investments without approval of the firm with which he is associated. Selling away is often conducted in conjunction with a broker's outside business activity (another business or activity that a broker conducts outside of and separate from the securities brokerage activities at his/her associated firm.)
Selling away situations may result from a broker's desire not to pass up on earning a commission on an investment product his client is willing to buy, and further, not to have to share the commission with his/her associated firm. Selling away schemes may be especially dangerous for investors because the investor may end up becoming a victim of theft, securities fraud, or other loss related to the investment. These schemes often involve the sale of promissory notes which are essentially loans to the broker wherein the borrower promises to pay investors a high rate of interest for the loan from the investor. Once the investor (client) remits the money, the borrower may sooner or later stop (or never begin) paying the interest and the client’s investment may not be returned.[2]
Sellingaway in the U.S. securities brokerage industry is the inappropriate practice of an investment professional (such as a registered representative...
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