Anonymous
Post 10/03/2014 15:53     Subject: Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:
Anonymous wrote: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.


FINRA and his broker-dealer.


This is PP who said FINRA and broker-dealer. Just go to brokercheck.com
type in his name, everything about him will come up. His licenses, who his broker-dealer is (basically his "employer" for lack of a better description), and if there are any other complaints against him.
Anonymous
Post 10/03/2014 15:50     Subject: Suspect fraud in brokerage account -- where to get help?
Anonymous wrote: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.


FINRA and his broker-dealer.
Anonymous
Post 10/03/2014 15:33     Subject: Suspect fraud in brokerage account -- where to get help?
If it hasn't been said yet, just stick to a money market moving forward. Better yet, under your mattress may be best.

Also, try reaching out to Mary Jo White, she should get right back to you.
Anonymous
Post 10/03/2014 15:29     Subject: Suspect fraud in brokerage account -- where to get help?
If it's a large firm, post the name here and the google sleuths can find the compliance dept info for you. I have a feeling any regulatory agency will expect you to have taken that step first.
Anonymous
Post 10/03/2014 14:47     Subject: Re:Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:You have to file a complaint with the firm. You keep saying it a small account as an excuse, but you have not made a formal complaint. This is not an SEC issue.


+1. OP seems hopeless.

You call the big brokerage that has your money and you tell them you'd like to withdraw the funds. End. Of. Story.

Not explaining why the brokerage wont release the funds doesnt mean there's fraud. Its probably something totally benign like her address on file doesnt match or she can't pass some verification questions.



Anonymous
Post 10/03/2014 14:42     Subject: Re:Suspect fraud in brokerage account -- where to get help?
You have to file a complaint with the firm. You keep saying it a small account as an excuse, but you have not made a formal complaint. This is not an SEC issue.
Anonymous
Post 10/03/2014 14:38     Subject: Re:Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:You can contact FINRA, but you can also contact the SEC. Under contacts there's info about how to file complaints. There's also an investment advocate office that should be able to help you there.


I'm hoping to find an actual person.

I searched for "investment advocate" on the SEC's main website, but nothing came up.

Lots of info about filing complaints online. How many years will this take? Get in line....
Anonymous
Post 10/03/2014 14:35     Subject: Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:Call the compliance department of the company where the account is held. They take this kind of thing very seriously.


What else would this be called? I googled compliance department and the name of the firm, searched on their website for compliance officer, but nothing came up. Any suggestions?
Anonymous
Post 10/03/2014 14:23     Subject: Re:Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:You can contact FINRA, but you can also contact the SEC. Under contacts there's info about how to file complaints. There's also an investment advocate office that should be able to help you there.


Thank you, thank you! This is the info I've been looking for. I will check it out! Whether I'll get results...
Anonymous
Post 10/03/2014 14:22     Subject: Re:Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:http://www.consumerfinance.gov/


Just looked at this website. There are thousands of complaints. Do they really take any of these seriously? Do they ever do anything?
Anonymous
Post 10/03/2014 14:20     Subject: Re:Suspect fraud in brokerage account -- where to get help?
You can contact FINRA, but you can also contact the SEC. Under contacts there's info about how to file complaints. There's also an investment advocate office that should be able to help you there.
Anonymous
Post 10/03/2014 14:16     Subject: Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:Call the compliance department of the company where the account is held. They take this kind of thing very seriously.


Are they like an internal auditor? Or inspector general? I will call them, but I'm not sure whose side they are on.
Anonymous
Post 10/03/2014 14:15     Subject: Suspect fraud in brokerage account -- where to get help?
Anonymous wrote:FINRA is the company you want to contact. They license the brokers.


Thank you! I will look into this!
Anonymous
Post 10/03/2014 14:14     Subject: Re:Suspect fraud in brokerage account -- where to get help?
Anonymous wrote: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.


OK, it looks like it's the SEC (lots of fine print there, but it seems to be the SEC).

Now, the SEC is huge. Any suggestions where to start? What division? I don't know the jargon, don't have a clue what type of person/division to ask for.

What about licensing for the broker? Would that be the state's licensing board? (this is NY, btw). Do they investigate complaints about brokers? And if the money has been put back, is there a complaint anyway? Ie, possible illegal activity, but no actual damages.

Please, keep the suggestions coming ! TIA!
Anonymous
Post 10/03/2014 14:09     Subject: Suspect fraud in brokerage account -- where to get help?
FINRA is the company you want to contact. They license the brokers.