Investment Firm

[marz100]

What is the name of your state?
Michigan

Recently I sent my online brocker permision in writeing to transfer a stock from another brokerage house. The transfer was suposededly completed and noticed the stocks that were transfered to my account are listed on margin and not a cash account. After questioning my broker she explained that there was no error and everything is normal. Looking closer I find that my initial investment in another stock has been used to purchase the stock that was supposedly transfered from another broker. This to me seems to be a fraudulant act. Any suggestions?

 

[oberauerdorf]

Contact your broker for a FULL WRITTEN transaction report and your other accounting house for any records of when the transfer paperwork was processed.

You're right, something doesn't smell right here.

Once you have all that information, you'll understand better what actually transpired and then come back here with the information.

 

[marz100]

I have download screen shots and documentation of my online broker account and it appears some of my own stock has been used to purchase the stock that should have been transfered into this account.

Upon contact with the brokerage firm (tranferer) holding the stocks to be transfered, they report that the stocks are in their posestion and have not been transfered as of yet and they would like me to create and sign a release document in order for the transfer to be initiated.

Also, I forgot to mention a charge of $75.00 that has been debited to my online account. When questioning the online broker about this charge she replied the brokerage who transfered the stocks applied this fee and when I asked the transfering broker about this fee of $75.00 they replied saying that there is no fee to transfer the stocks to said online account.