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OnLine Brokers Integrity
My IRA was declining rapidly. I ask the online broker to liquidate and forward the funds to an agency. They asked for Signature Guarantee which they got. Later they complained that the liquidation authorization form was incomplete.
I went into the office to get some clarifications because they were holding back, and IRA funds were declining. Then they acknowledged that the form was correctly completed.
I asked why when they asked for SiGuarantee they did not complain about the form. Response; "It was done at the back office" meaning headquarters.
I gave authorization on the spot to sell the investments first thing at market opening next day.
I then asked for a balance statement before the sale which he was not able to give me.
Next day he confirmed sale of IRA instruments.
The delay caused the IRA to decline further.
Later that week I was informed by Telephone that they were closing my cash account because I was not happy with their service.
I objected as I never complained just asked questions. But they closed the account without my authorization.
I sent a certified letter to the HQ in St. Louis asking for the following.
1] History of IRA transactions for the last two years.
2] Account balance before and after sale.
3] Fees deducted from the sale.
Note: I was not able to interpret the copies of balances I printed from my account online before the sale.
I never got the information, only a letter confirming the sale with no information on assets or fees, and I need that information.
I am about to file a complaint to the SEC, but I need some advice as to which department and what approach.
It appears that they may be involved in a madeoff procedure.
I went into the office to get some clarifications because they were holding back, and IRA funds were declining. Then they acknowledged that the form was correctly completed.
I asked why when they asked for SiGuarantee they did not complain about the form. Response; "It was done at the back office" meaning headquarters.
I gave authorization on the spot to sell the investments first thing at market opening next day.
I then asked for a balance statement before the sale which he was not able to give me.
Next day he confirmed sale of IRA instruments.
The delay caused the IRA to decline further.
Later that week I was informed by Telephone that they were closing my cash account because I was not happy with their service.
I objected as I never complained just asked questions. But they closed the account without my authorization.
I sent a certified letter to the HQ in St. Louis asking for the following.
1] History of IRA transactions for the last two years.
2] Account balance before and after sale.
3] Fees deducted from the sale.
Note: I was not able to interpret the copies of balances I printed from my account online before the sale.
I never got the information, only a letter confirming the sale with no information on assets or fees, and I need that information.
I am about to file a complaint to the SEC, but I need some advice as to which department and what approach.
It appears that they may be involved in a madeoff procedure.
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