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Old 08-26-2016, 08:55 PM   #21
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I'm confused as to the problem. As was mentioned, was there a trade confirmation? How was the order placed? "Sometime in January"? Then looking at paper statements? That would be some lag time in this day and age. Why not check online?

What does 'sensing problems' mean? What kind of problems? And are these problems with the stock you held, or with the brokerage? If the stock was trading near zero, maybe there were restrictions?

I have accounts at Etrade for many years, and every one of my many, many transactions has been smooth (stock and mutual fund sales/buys, option sales/buys). I have an auto debit every month (my 'spending money'), and I always get my money. I'm not aware of any problems.

I suppose if you Google any large company looking for problems you will get screens full of them.

Specifics please - I want to know if I should move my accounts!

-ERD50
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Old 08-26-2016, 09:01 PM   #22
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I have over a mil with etrade so you have my attention. Can you give some details? It doesn't make sense they would steal your stock.
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Old 08-31-2016, 08:35 AM   #23
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OP what's going on with this? Any updates/clarifications?

As you can see, a number of us have accounts at this brokerage, and we are interested in the problems you are having, and if we should be concerned about our own accounts.

Update please!

-ERD50
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Old 08-31-2016, 09:00 AM   #24
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No change. Given their stonewalling I doubt I'll recover the losses for years, if ever.
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Old 08-31-2016, 09:25 AM   #25
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Quote:
Originally Posted by GrayHare View Post
.....Sensing problems at a brokerage, during January I instructed the firm to sell my stocks and send me a check. The check never arrived and subsequent paper account statements suggest the broker did not sell. More recently those account statements have stopped arriving. Though the brokerage web site exists it is no longer operational for my account. The brokerage refuses to answer questions about the status, instead it either sandbags or does not reply. Look like involvement of authorities will be necessary. ...
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Originally Posted by GrayHare View Post
Thanks for your various replies. The brokerage is one you may know from their old TV ads with the baby. On the surface things appear normal, that is, it would appear the firm hasn't gone under, at least not yet. My question is about asset valuation in such situations. These stocks were worth substantially more in January (6 figures) than when I bought them (5 figures) long ago.
So from what you have written it appears that you had a six-figure account, instructed them to sell everything and send you a check and you have not received the check and cannot even confirm that they sold the shares? Correct? And further, you can no longer access your account online and the company is not returning your calls. Correct?

Is there a branch near you? If so, have you gone there in person to try to sort this out?

Have you contacted law enforcement/authorities and if so, where does that stand?

If I had a six-figure portfolio stolen from me I would be rattling a lot of cages to retrieve the money and would be less focused on how the loss is treated for taxes.
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Old 08-31-2016, 09:30 AM   #26
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My career in IT was for a large transfer agency. I will tell you that at that organization any actions by a regulatory agency would have been looked into and handled as a critical issue. Like people couldn't go home till the issue was settled. YMMV, but I'd make lots of noise.
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Old 08-31-2016, 09:31 AM   #27
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No change. Given their stonewalling I doubt I'll recover the losses for years, if ever.
Thanks for the update, but can you explain exactly what happened? It all seems vague to me. I don't know if the problem is with the broker, or the stock, or maybe certificates at a transfer agent?

And I think you indicated you 'sensed problems' before this happened? What were those problems?

I guess what I'm getting at is, is this a general problem with the broker, worse than others (so I should be concerned), or a specific problem with your transaction (that might not affect me)?

-ERD50
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Old 08-31-2016, 09:32 AM   #28
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...

If I had a six-figure portfolio stolen from me I would be rattling a lot of cages to retrieve the money and would be less focused on how the loss is treated for taxes.
Exactly - this whole thing seems rather cryptic to me.

-ERD50
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Old 08-31-2016, 09:34 AM   #29
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I don't think this thread has exposed the real story. Perhaps trading in this issue was shut down. Perhaps it was one of those weird non-tradable REITs. Maybe something else.

If this were me and it happened to one of my holdings, the whole world would already know about it because my holdings are all big names and the other shareholders would have raised a ruckus. So I think there is something "special" about this.
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Old 08-31-2016, 09:34 AM   #30
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pb4uski, yes, those are the basics. I'm afraid I am not at liberty to discuss details while authorities are looking into the matter. Given this experience, on a relative basis I think your money is safer held elsewhere.
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Old 08-31-2016, 09:54 AM   #31
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Something seems odd I think the answer is in the details that we do not know. Etrade still has a web sight and you can open an account today.

Here is someone that was worried in '07...

Are E-Trade Accounts Still Safe?-Kiplinger

I could not find any more recent news warnings
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Old 08-31-2016, 10:05 AM   #32
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Does Customer Service have an answer on why you are no longer receiving regular statements in the mail? Can they tell if they are still being sent or not and if not why not? Can they confirm that the status of your account? (ie opened/closed suspended etc)

-gauss
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Old 08-31-2016, 10:15 AM   #33
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Have you asked the brokerage how they are going to report this to you? IIRC they provide the 1099 for your accounts.
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