boilerman
Recycles dryer sheets
- Joined
- Sep 29, 2007
- Messages
- 155
I had a conversation recently with a friend who told me that his stock brokerage account had an error show up about two years and he had a mystery deposit of $50,000 cash made into his account. I swear this happened to a friend and NOT me!
I suggested to him that the money is not his and he should contact the company and identify the mistake, but he said that it's not his mistake and he has chosen to do nothing. The money has sat in his account for a couple of years in cash.
Aside from the morality of it all, what liability does he have in not reporting the mistake? If there a statute of limitation (or whatever it would be called) for a brokerage company to find and correct the error (my friend lives on Florida.) I would assume that if the company found the error they would immediately take back the money with whatever paltry interest has been earned, but what if he closed his account and moved to another brokerage company?
Anyone have experience with this kind of situation?
I suggested to him that the money is not his and he should contact the company and identify the mistake, but he said that it's not his mistake and he has chosen to do nothing. The money has sat in his account for a couple of years in cash.
Aside from the morality of it all, what liability does he have in not reporting the mistake? If there a statute of limitation (or whatever it would be called) for a brokerage company to find and correct the error (my friend lives on Florida.) I would assume that if the company found the error they would immediately take back the money with whatever paltry interest has been earned, but what if he closed his account and moved to another brokerage company?
Anyone have experience with this kind of situation?