Suspect fraud in brokerage account -- where to get help?
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Anonymous
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I think something odd is going on with a small >$20K brokerage account I've had for years. I am trying to consolidate my accounts, and the broker on my account has done some questionable, maybe fraudulent things to prevent me from moving my assets out of this acount. Lots of excuses, lies that make me think there's fraud.
Where do I go for help? SEC? What part? Attorney general? The account is with a major brokerage in another state. If I contact the attorney general, which state? Mine or the state where the account is? Local police? I've never encountered anyhing like this and need help. I'd be grateful for any advice. |
Anonymous
| Oops meant to write LESS than $20K! Tiny account in the brokerage world! |
Anonymous
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Do you think you have losses due to the broker's actions? Or are you just having trouble getting your money out? If you don't have losses, you could start with the broker's boss and demand to get your money out immediately.
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Anonymous
| It's too complicated to go into the details, but I have gone to his boss and others in the firm. I want to find someone outside the firm who might look into it. But I don't know where to go for help with this type of thing. It's either fraud or they are covering up massive incompetence. They are definitely hiding something. It's such a small account--why would they care about it? I suspect the money has disappeared. |
Anonymous
| Anyone? Please? |
Anonymous
| Call the actual company on your statement? |
Anonymous
| Can you draw on the account, i.e. write a check? Why not write a check for the amount, forcing them to cover it? Bringing another party, such as the bank attempting to clear the check might be helpful. |
Anonymous
| You say it's with a major brokerage? Sounds like you've tried to close the account and they won't give you the money? Are the investments in standard stocks/bonds, or is it some unusual instrument they say is tied up? Have you submitted a request to close the account in writing? If it's a major brokerage I'd contact the corporate hq. I'd write letters threatening legal action to clscare them up a bit. I'd be shocked if you didn't get a response from their hq. |
Anonymous
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I've tried all the usual, responsible routes. What I want to know is whether there is any regulatory or law enforcement agency that I can call about this. I suspect the broker did something underhanded with my account. Even if he put the money back into the account, there's something not right going on. |
Anonymous
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Oh, and it would cost me more than is in the account to hire a lawyer and sue! And the corporate HQ is not likely to pay any attention to such a small account. That's why law enforcement/regulatory agency might want to look into it to see if it's happening with other accounts this broker handles.
I guess no clients of Bernie Madoff on this board? |
Anonymous
| Go to their main website. The bottom of the page somewhere will state their regulator. Contact them. I thnk it's the SEC but it may be the NASD. |
Anonymous
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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. |
Anonymous
| Call the compliance department of the company where the account is held. They take this kind of thing very seriously. |
Anonymous
Anonymous
OP here, complain to whom?? That's my question. |