Suspect fraud in brokerage account -- where to get help?

[Anonymous]

Look here for guidance:

Investor Complaint Center - Financial Industry Regulatory Authority

http://www.finra.org/Investors/ProtectYourself/p118628

[Anonymous]

Anonymous wrote:

Anonymous wrote:Also you are being unclear about your issue. Sell all your stocks, wait 3 days (transaction clearing period), then request to cash out your account.

If they dont' comply, then complain.

OP here, complain to whom?? That's my question.

Brokerage firm compliance department with a cc to CFPB, FINRA and SEC. For the latter three find the name of the person who runs either the compliance or enforcement section via the various websites. That means the letter will go to a fairly high ranking person who will delegate it down...but starting at the top has worked well.

[Anonymous]

If you really have a coherent complaint - send a letter with the specific facts the Director of the Division of Trading and Markets at the SEC. Copies to Chair and Ranking Member of the Senate Banking Committee and House Financial Services Committee and voila, your complaint will not get lost.

[Anonymous]

Anonymous wrote:If you really have a coherent complaint - send a letter with the specific facts the Director of the Division of Trading and Markets at the SEC. Copies to Chair and Ranking Member of the Senate Banking Committee and House Financial Services Committee and voila, your complaint will not get lost.

You've seen the documentary of the Madoff whistleblower who literally lost his mind while the SEC, with in-hand proof-positive of Madoff's crimes, did nothing for 10 years?

[Anonymous]

Thanks for all the info, PPs! I will check everything out. I'll probably be in my 90s or dead by the time anything gets resolved, but it will make me feel better to file a complaint at least.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also you are being unclear about your issue. Sell all your stocks, wait 3 days (transaction clearing period), then request to cash out your account.

If they dont' comply, then complain.

OP here, complain to whom?? That's my question.

Brokerage firm compliance department with a cc to CFPB, FINRA and SEC. For the latter three find the name of the person who runs either the compliance or enforcement section via the various websites. That means the letter will go to a fairly high ranking person who will delegate it down...but starting at the top has worked well.

Thank you for posting specifics. I'll try this.

[Anonymous]

OP, this is bs. No "major brokerage" would ever hold your funds back. You are full of shit. Name the brokerage....

[Anonymous]

I am handling an estate and have had a terrible time closing accts. Financial institutions just do not want to hand over money. I threatened to file a complaint against the broker and that helped. I would just start calling: SEC, your state regulator, their state regulator, until you find who can help. Please let us know, I may not be far behind you.

[Anonymous]

Anonymous wrote:OP, this is bs. No "major brokerage" would ever hold your funds back. You are full of shit. Name the brokerage....

You must be a broker!

[Anonymous]

Anonymous wrote:I am handling an estate and have had a terrible time closing accts. Financial institutions just do not want to hand over money. I threatened to file a complaint against the broker and that helped. I would just start calling: SEC, your state regulator, their state regulator, until you find who can help. Please let us know, I may not be far behind you.

Thanks for posting this! The PP (troll?) is so wrong!

I can't post details, but this is a very strange situation, and I really appreciate all the posts directing me to some sources of help. I've threatened complaints, but that has not done anything, so I'm going to actually file complaints, and see if that does something! Hard to believe this is happening. And yes, it's a major brokerage, a household name.

[Anonymous]

OP here again. I told my DH that people on DCUM had posted that I could file a complaint with an agency that licenses brokers, and he said, "Oh, is that FINRA?" Well duh, yeah! And why didn't you mention this to me before???

Sometimes I have to hold him upside down by the heels to shake information out of him!!

[Anonymous]

Anonymous wrote:If you really have a coherent complaint - send a letter with the specific facts the Director of the Division of Trading and Markets at the SEC. Copies to Chair and Ranking Member of the Senate Banking Committee and House Financial Services Committee and voila, your complaint will not get lost.

Not sure what you mean by "coherent" PP. A broker did some strange things. I thought my money was gone, but after vociferous complaints, my money reappeared, but I can't transfer it to another brokerage for reasons that are arcane and nonsensical. Is that coherent? I don't know.

Sometimes people make mistakes, then do unethical or illegal things to cover their mistakes when they would have been better off just admitting the mistake. That may be the case here, or it may be something more nefarious. I don't know. But whatever the reason, my funds are still in the brokerage, on paper at least, and I can't transfer them.

[Anonymous]

What reasons did they give you for not being able to move the money? Who did you ask besides the broker? Is the account in your name?