Wall Street Worker Accused of Changing Job Offers to Get a $28k Increase

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  • The Federal Reserve Board accused a worker of changing competing job offers to get a raise.
  • The agency said the worker should notify all future banks where he works about the incident.
  • Two experts told Insider that exaggerating to get a job or a raise can have serious consequences.

A federal regulatory agency has accused Wall Street worker Orlando Romero of changing the base salary of competing job offers to increase his salary.

According to

Federal Reserve

Board (FRB), Romero — who works as a client services specialist at Deutsche Bank — gave his employer a competitive offer letter in 2018 which he edited to increase his proposed base salary.

The FRB, an agency that oversees US banking policy, did not specify which company the competition letter came from or the amount of starting salary offered in the letter. Romero, as well as a spokesperson from the FRB, did not respond to Insider’s request for comment.

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 raise, Romero stepped down, according to the FRB. Romero has worked at Deutsch Bank since 2013, according to his LinkedIn profile.

The agency issued a cease and desist letter that Romero signed and approved on Thursday. The FRB said it issued the order because the worker’s behavior violated internal company policies and caused Deutsche Bank to suffer losses “in the amount of annual base salary increases.”

Lying in salary negotiations could lead to ‘serious consequences’

An insider spoke to two labor attorneys who said that while lying to get a job or a raise might be common, it was far from a petty lie.

Labor attorney Robert Ottinger said Romero’s behavior met all the criteria for fraud, given that he made false statements to get money, and even went so far as to commit fraud.

He told Insider that he suspects many workers are unaware of the consequences of exaggerating to get a raise or a job offer.

“This can have serious consequences if you get caught,” Ottinger said. “Obviously, it’s easier to prove when you’re caught red-handed with paperwork.”

In the letter, the FRB outlined some of the hurdles that Romero had to overcome in order to continue working at the US bank. The agency said that before Romero could accept a job at the bank, he would have to show the agency’s managing director or senior vice president a copy of the termination and termination letter, and notify the FRB of his new role within 10 days. from accepting a job.

“They basically made sure that he could never work in the industry again,” Ottinger said. “It would be very bad for a bank to hire someone who lied and falsified documents and that would also carry a huge risk.”

Marjorie Mesidor, a partner at Phillips & Associates Law in New York, told Insider that the letter did not bar Romero from adjoining industries such as consulting. He stressed that Romero’s circumstances were very specific to banking.

“The backlash and the consequences of doing something like this can be dire for an individual, especially in a profession that requires any level of licensure or ethics,” he said, noting that while the average worker could lose their job in such cases, workers in these fields could lose their jobs. medical or legal fields can be evicted from the industry entirely.

Ottinger says he suspects that workers typically exaggerate during the bargaining process – a concept he calls “puffiness” – but, in the two decades since he opened his law firm, he’s never handled a case based solely on it.

Mesidor said he saw instances where companies have found a worker lied to get a job or a raise during the discovery process for a lawsuit, an issue that could lead to workers forfeiting pay in a lawsuit against their company.

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