Almost everyone will place penny trades, including Fidelity, Scottrade and Schwab. I was with Scottrade and Schwab recently, still have shares in Schwab.
The penny market isn't going anywhere and I don't see the SEC doing anything about the fraud happening there.
The previous CEO of a company I own shares of posted fraudulent PRs and tweets for over a year with no repercussion whatsoever. That lying scumbag is still an executive in the company. Two years ago as CEO he said "So basically, the way I see it, hold on to this stock and you will make at least 3-400% within 6 months...where else will you get that kind of return?"
During those 6 months, the price DROPPED from.0042 to .0011, a LOSS of 73%.
I opened an account with TD Ameritrade yesterday, went to my bank to wire funds and my account was funded in about two hours. I've called them a few times already and they've quickly answered the phones and been polite and helpful. I tried to place a large trade online last night for Monday but it wouldn't go through. I called and was told I'd have to talk to the large order dept. on Monday because my order was so high in comparison to what Friday's volume was for the company.
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