Two days ago, the results of the Level III CFA exam were released. Fifty-one percent of you breathed sighs of gratitude and relief. After years of sacrifice and moments of crippling self-doubt, you were officially granted permission to place those little letters next to your name. Forty-nine percent of you were left feeling a bit less satisfied with how the June test panned out. We haven’t spoken with everyone, but in our professional opinions, we’re guessing most who failed are at stage two of Kübler-Ross. You’re so angry you can hardly see straight and you’ve fired off at least two emails to everyone associated with the Institute, Subject: “I see your three little letters and raise you three of my own: S a D” followed by a picture of a rabbit with a knife through it and a little card that says “YOU,” and then later, a photo you took using the self-timer function in which, and it’s kind of dark so it’s hard to make out, it looks like you’ve arranged hundreds of small candles spelling out the letters ‘c’ ‘f’ ‘a’ on your front lawn? And are attempting to put out the flames with your own piss?
And while many people have tried to tell you that it’s not a big deal, that you can take it again next year, that it doesn’t reflect who you are, that it happens to a lot of guys, nothing has seemed to work. You’re still really, really angry and deep down inside, you’re really sad, sad that you’ve been denied access to the club where apparently now they’ll let in just over half of anyone who shows up to take the goddamn test.
You shouldn’t be. In fact, you dodged a bullet.
Our review of the individuals “currently serving public disciplinary sanctions for violations of the CFA Institute Code of Ethics and Standards of Professional Conduct or have resigned their memberships while under investigation for industry-related misconduct” reveals why.
Did you really wanted to be associated with a group that:
Would make you choose between your designation and your drug-dealing business?
On 11 March 2010, CFA Institute imposed a Summary Suspension against John Diedrich (USA), a candidate in the CFA Program, pursuant to Article 11.3(c) of the CFA Institute Bylaws and Rule 7 of the CFA Institute Rules of Procedure. Diedrich pleaded guilty in the Circuit Court of the Sixth Judicial Circuit, Champaign County, Illinois, to the offense of unlawful possession with the intent to deliver cannabis.
Chooses to punish, instead of reward, ingenuity?
Downen enrolled to take the 2002 Level II CFA examination. Although he was enrolled for the 2002 exam, Downen failed to take the exam – he was a “no show.” Although he did not take the Level II exam, Downen created a document, purportedly from AIMR, that represented he passed the 2002 Level II CFA exam. Downen presented this document to his supervisor and also verbally represented to his supervisor that he passed the Level II CFA exam. Downen received a compensation increase for “passing” Level II of the exam. Downen’s employer subsequently investigated the matter and his employment was terminated.
Pissed off this guy?
On 16 April 2009, CFA Institute imposed a Summary Suspension against Albert Hsu, pursuant to Article 11.3(c) of the CFA Institute Bylaws and Rule 7.3 of the CFA Institute Rules of Procedure for Proceedings Related to Professional Conduct. Summary Suspension automatically suspends Hsu’s membership and right to use the CFA designation. Hsu pleaded guilty in Connecticut Superior Court to one count of attempted kidnapping and one count of trafficking in personal identification information, both which are felonies.
HAD THE BALLS TO SUSPEND 5K MARATHON PARTICIPANT JEFFREY CHIANG???
On 14 May 2010, CFA Institute imposed a Summary Suspension on Jeffrey Chiang (USA), pursuant to Article 11.3(f) of the CFA Institute Bylaws and Rule 7 of the CFA Institute Rules of Procedure for Proceedings Related to Professional Conduct. Summary Suspension automatically suspends Chiang’s participation in the CFA Program. Chiang failed to cooperate with the CFA Institute Professional Conduct Program in its investigation of his conduct.
No. You would not.
Current Industry Related Sanctions [CFA]
Related: Registered Sex Offender And Ex-Con Needs Your Help As He Plots Hedge Fund Comeback
Jeffrey Chiang Will Be Receiving No New Offers Of Employment
Bess, where do you get this prose. awesome.
Jeffrey Chiang is what the subprime is in trouble.
Banning JChiang from the CFA is the NKI
This is great news.
Srini Bandalananbad, CFA
Chick-Fil-A Manager
Tri-State Area Employee of the Year 1997
Gold Standard Service Award winner 2004
Former UBS MD (ND)
I talk with J Chiang everyday right around 7pm
"Food in lobby"
I would personally like to see a summary of people suspened and/or fired due to violations of the Harvard Business School MBA Pledge.
…you’re really sad, sad that you’ve been denied access to the club where apparently now they’ll let in just over half of anyone who shows up to take the goddamn test….. AND YOUR EX-GIRLFRIEND JUST SENT YOU A TEXT SAYING "SIZE DOES MATTER…..
Wait, what did J. Chiang do this time? Or are they punishing him for his earlier transgressions
On 17 May 2010, CFA Institute imposed a Summary Suspension against Choo-Beng Lee (USA), which automatically suspended his CFA Institute membership and right to use the CFA designation
Eat my ass.
-CBL
G. Downen sounds like the perfect ABS trader to me.
does anybody know who won color war at CFA camp this year?
no shit about J Chiang. CFA institute probably asked him about 'Bank of Ameria' and that whole fiasco and he just said fuck it, I'll see if it'll blow over. we all know this industry is small as hell. doesn't surprise me.
Does it not surprise you?
With all the investigations it would appear that:
CFA > CIA > UBS
51 percent pass rate? Awesome. In 2010, none of my peers passed. Probably should have gone through the "Code of Ethics and Standards of Professional Conduct" LOS once more…
- Ghanaian CFA candidate
It was really close, but Rudy ("The Wabbit") won it for team "Modified Dietz" in the cross country race on the last day.
-Spaz
hi there, i'm a photog major from sarah lawrence that also plays a great deal of poker. can someone tell me how to go about enrolling for the CFA? i applied to a few hedge funds and ibanks but didn't get many responses. thanks.
Levin, Levin burning bright
Like a comet in the night
Angelic prose, demonic use
Excites us all to self-abuse
Furtive glancing, we wipe clean
And detumesce reading Matt Levine.
Just kidding Matt. Huge fan of the charts and stuff.
Bess, have you been watching me?
- so fucking sick and tired of this shit but so, so close
I'm always watching you.
If you worked with this guy, or was on the team outing the fraud would you:
A) Enter witness protection
B) Count the days until he gets out and wait for the eventual "dark alley" confrontation
C) Move out of state and not tell anyone your new address or
D) not sweat it, the minimum sentence at a federal country club will probably chill him out.
p.s. hypothetically if you were the ex-wife and your now ex-husband stole millions from your family and kids college funds would you:
A) Plot a sinister plan for when he gets out of the federal country club or
B) strangle him in court during his sentencing or
C) move out of state and hope to never see the guy again or
D) Write him and ask if things are going as well as they did for Allen Stanford
I went with C and would recommend C on the second one.
In February 2011, Mark H. Yost (USA), a charterholder member, pleaded guilty in the United States District Court for the District of Colorado to four counts of making false statements to banks and to one count each of wire fraud, bank fraud, and money laundering. On 12 May 2011, Yost was sentenced to 78 months in federal prison followed by 60 months of supervised release. Yost was also ordered to pay nearly $11 million in restitution.
Beginning in 2005, Yost began misrepresenting the total assets held in a hedge fund he ran. By 2009, Yost reported total assets of over $28 million when in fact the total amount under management was just over $1 million. Yost sent investors statements with false information that led them to believe their investments were growing. During this period, Yost also diverted nearly $1.8 million from the investment fund for his own use. Yost also used his position as chairman of a bank to forge signatures of individuals without their knowledge on promissory notes, loan agreements and bank forms to obtain lines of credit from the bank he chaired worth more than $3.8 million. He also took out millions more in loans from other banks that were never repaid. On 31 March 2011, the CFA Institute Designated Officer imposed a Summary Suspension, which automatically suspended his membership and right to use the CFA designation.
Again, TL STFU
It just doesn't matter!
honestly, this is the funniest thing i've read all day. classic. i hope its sincere.