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JPM & Bear Stern Merger
Hicksville, NY
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Posted about 1 year ago in Financial Markets And Services
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I along with lot of other investors stock was forcefully sold by one online trading company. Because of margin balance went negative the very next day (when stock opened at $3 on Monday). They didn't give us any 1-5 days notice to meet the federal margin call.
Is there any rule from NASD or SEC to monitor such practice? Was there anything done wrong by company. - Is this your question? Add additional information Answers (2)
Anthony John Colleluori
This attorney is licensed in New York.
Posted about 1 year ago.
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You need to see a lawyer right away, There are many rules dealing with the fraud that may have been perpertrated in this matter. Rules of both agencies need to be interpreted and synthesized with the facts of the your situation. You need meet with a lawyer who not only deals with SEC issues but also with Stock fraud.
Good Luck. 
Joel Richard Beck
This attorney is licensed in Georgia.
Posted about 1 year ago.
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Your customer agreement and margin agreement with the brokerage firm controls the relationship and what the firm can and cannot do. It is likely that the firm's agreement contains a clause that will allow them to sell out a position to meet a call at their discretion and at a time of their choosing, without requiring the firm to give notice to you in advance. You should review your customer agreement and margin agreement carefully for such language.
If you're still not sure, or want to consult an attorney, you need to find a qualified attorney who works in securities arbitration, as your case will almost certainly be handled in arbitration sponsored by FINRA. You can learn more about FINRA's arbitration program at www.finra.org. |
