Congress is considering banning its members — and their family members — from trading stocks.

The Federal Reserve Board accused a worker of altering a competing job offer to get a raise.
The agency said the worker must notify all future banks he might work for of the incident.
Two experts told Insider that exaggerating to get a job or raise can carry serious consequences.

A federal regulatory agency accused Wall Street worker Orlando Romero of altering the base salary of a competing job offer in order to boost his pay. 

According to the Federal Reserve Board (FRB), Romero — who worked as a client service specialist at Deutsche Bank — provided his employer with a competing offer letter in 2018 that he edited to increase the proposed base salary.

FRB, an agency that oversees US banking policy, did not specify which company the competing letter was from or the amount of the initial salary that was offered in the letter. Romero, as well as a spokesperson from the FRB, did not respond to requests to comment from Insider. 

Romero was able to increase his salary by about $28,000 to match the allegedly altered job offer, the agency said. About two years after the salary boost, Romero resigned, according to the FRB. Romero had worked at Deutsch Bank since 2013, per his LinkedIn profile.

The agency published a cease and desist letter which Romero signed and agreed to on Thursday. The FRB said it issued the order because the worker’s conduct violated the company’s internal policies and caused Deutsche Bank to sustain a loss “in the amount of the increased annual base salary.”

Lying in salary negotiation can cause ‘serious consequences’ 

Insider spoke with two labor lawyers who said that while lying to get a job or raise is likely common, it’s far from a …read more

Source:: Business Insider


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