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I recently purchased 100k FRAE shares and on the trade report they were labeled as non-transferable. (it doesn't label them as worthless as it happened to me before with some SHWK shares).
Nice. A $80 trade with a $7.50/month manteinance fee.
Anyways it shouldn't be a big deal - FRAE is showing some recent activity and it's so ridiculously volatile that by simply doing a successful bid/ask spread scalp trade those $80 would turn into $160. However I'm not looking for a quick buck but trying to get the stock pumped bigtime. It recently and suddenly spiked without any news or promotional spam, out of the blue. Should any rumor come in, FRAE could fly real hard since it's a 21M share floater.
how did you get this when I asked for it they told me they didn't have one and just wait and see if I had any stocks that charged me
FSLF is the only one I own and just a few of it. They are going to charge me $7.50 a month to keep it. lol Won't take long to eat up some profits.
DTC list I just received from Penson.
ACRUQ
ACTRQ
ACVEXZ
ADPC
AMESQZ
AMQTXZ
ANVBXZ
APMC
AQCY
ASGXF
ASICXZ
ATISZX
ATOMXZ
AURLQ
AZTC
BISN
BLZN
BOLDQ
BRLGQ
CCOO
CENC
CGYC
CNOP
CONCQZ
CYIIXZ
DAWKQ
DENTQ
DLNKQZ
DRCXQ
DYNXYZ
ECMN
ELOTXZ
ENBCZ
ENET
ETRXQZ
EVLVQ
EYES
FNAT
FNCMQ
FRES
FSLF
GLFC
GNIZQX
GSNI
GTTLQ
HTVNQ
HYBRXZ
ICII
IFCIQ
ILNTQX
INGAYZ
INGEQZ
INZSXZ
IPRTXZ
IQCO
JCGR
KELLQ
LDSDXZ
LEXI
LUMTQ
MADGQ
MAGRQ
MAGZXZ
MCOMQ
MDLIZ
MFNXQ
MHDG
MNTEF
MSVP
NCDIXZ
NCNTQX
NRNTQZ
OILSXZ
OISOXZ
OMNY
ORGGXZ
PCMEF
PIXTQX
PLCOP
PMCOQ
PMIX
PMVAF
PRBX
PROEQX
PTACQ
RDRTQZ
RESRQ
RTRN
SMPLF
SOCNQ
SPNT
SREN
SSWTY
SVCDQ
TDFXQ
THDS
THLC
TIGI
TRGP
TSIXQZ
TTRIF
USBH
USDAXZ
UTOU
VFNX
VNTKXZ
VRDOQ
VVVVQX
WLFOXZ
WOODXZ
WWDI
WWWXXX
XCLTXZ
YESSXZ
ZCCCF
I got it from Penson.
where did you get this list and is there an updated one?
Here is a list I received today:
ACLNF
ACLRXZ
ADAPQ
AIMG
AMNUQ
APWLQZ
AQCY
ASGXF
ATCM
ATHMQZ
ATOMXZ
AZTC
BNEZ
CCSI
CENC
CFON
COHIQ
CTEKXZ
CUPR
DTEK
ELOTXZ
ENBCZ
ENET
ESPIQX
EWTLQ
FTHLQZ
GBTI
GMGCQ
HTHEQX
HYBRXZ
IBEMQ
ICGXQZ
IFCIQ
INGEQZ
INZSXZ
IQCO
IVSOXZ
KOOPXZ
KTTEQX
LDSD
MAGZXZ
MCOMQ
MEMI
MMCI
NCDIXZ
NLMCXZ
NPNTQ
NWKC
OSYM
PAUHQ
PCMEF
PCPH
PERI
PMIX
PNLG
PNLKQ
RESRQ
ROIX
RPTR
RTRN
SOCNQ
SYPYXZ
TGNTQZ
THDS
TIGI
TRGP
TSIXQZ
USBH
VRDOQ
WADCQ
WLNKQ
WWDI
XCEDQ
YESS
ZANYQ
Man Im pissed. I went through those lists about halfway and now I cant remember where I put the lists at! Crap somewhere on my pc but dont rem where I saved them or if i deleted it by accident. Oh well, I dont feel like going through it again.
i feel your pain. they deleted my stocks AFTER i sent them an e-mail and told them not to- i was willing to pay the fee. gl
Classic example of how things can always be worse elsewhere. Banc of America just takes the stocks from your account, with no notification. I left them for Zecco because of that, complained to SEC, who said they have no power to do anything except send a letter to BOA, which they did, and BOA said "you aren't getting the stocks back" in a letter. Next step is FINRA, who has an arbitration process, then lawsuit. I am really pissed off - I am thinking of being spiteful LOL and buying 10,000 shares of every .0001 stock I can find in my now empty BOA account - 30 per month since I get free trades up to 30.
lowtrades is switching over to LEGENT as their clearing firm, so i don't have to deal w/ PENSON'S bs anymore. although i was told by customer service LEGENT also charges the "worthless security" fee-but it's only $5 per security, per quarter.
Got a few done. Will post a complete results later when they are all done. Something tells me the list is actually larger so the DTCC is going to have to fork up some more CUSIPS!
Well accidentally skipped to Tier 2 after doing a few from Tier but you get the picture.lol
Tier 1, not many here have symbols. Only found a few of this list.
021330105 Alta Loma Oil Co
025174103 AMERICAN COMMERCE
02670A102 AMERICAN HOUSINGII
028780104 AMERN PACESETTER
450335104 ITEC CAPITAL CORP
456389113 WT INDUSTRL-- l
461241101 INVERMAY RESOURCEF
464224104 ISABELLA MINES INC
466003308 IVY MICROCOMPUTER
47587A109 JENTEX ENTERPRS F
481218105 JOYCE PERSONNEL SYS
484566104 KANN ELLERT ELEC
489086108 KENMAR CHIB.MNS
499898AB0 RNKO123/4%9195=U=
50023A105 KOGER PARTNERSHIP
502556103 LADELITE SRA CV PR
512178104 LAKESIDE PARK INC
531208106 LIBERTY SVGS BK CLA
532990132 LIFEUNDERWRITERS
537990012 LITTLE RIVERBWNGCO
549306AL2 OHRDEV11.50%MN99RR
550683130 WTS LUXOR SR C
570279117 WTSMARITEK
57060P101 MARKETING
576437107 MASTRO INDS INC COM --Symbol-- MRON
579865403 MCCRORY CORP
584051106 MEDCENTRE BK NA
591990130 METRO OFFICE SVCS
595131103 MICRONICS INC
595395104 MIDCONTINENT URANIUM
629366113 WTS NPS TECHNOLOGIES
630085108 NANOVATION TECH
641873104 NEW AMERICAN FD
655057107 NOBLE LUMBER CORP
65542P102 NORAMCO, INC.
655548105 NORCO OIL CORP
682414107 ONE STOP INC COM -- Symbol-- OSTP
693316101 PHDMGMT,INC
694682105 PACIFIC NORTHWEST LI INS -- Symbol -- PNLI
697235109 PALMYRA MERCHANTS
697615102 PALOS VERDES NATL BK
697847101 PAN AMERICAN INTL INC -- Symbol -- PNIT
69909AAB0 CHURCH11
69909AAD6 CHURCH11
70255A102 PASCO LIQUIDATING TR
Shell King, thanks for your hard work here. Please let us know if you can tie any of these CUSPID numbers to symbols... I would be interested as well...
Im starting to go through these and I cant get any symbols on them. maybe they have all been revoked already.... Not sure but Im going to contact the DTCC to find out the other ones we know about that are NOT on this list.
Well here it goes. This is a published list. I am going to go through each number and find the symbol per each cusip. That way I know which ones are in my account and could possibly disappear from my account.
http://www.dtcc.com/downloads/legal/imp_notices/2009/dtc/ope/4458-09.pdf
Going Paperless: Depository Drives Down Certificate Inventory
By Edward C. Kelleher
Going Paperless Article Artwork
The Depository Trust Company’s (DTC) ongoing dematerialization efforts hit a new low – or new high, depending on how you look at it – when the number of certificates held in its vaults dipped below the 3 million mark in September.As of September 30, 2006, the number of certificates held by the depository fell to 2,997,483, according to Joseph Clemente, DTCC product manager, Asset Services.
The ongoing reduction in certificates is part of DTC’s overall dematerialization plan aimed at eliminating all paper certificates in the securities industry. The number of certificates held by the depository has gone from a high of more than 30 million in 1990 to approximately 8 million in 2000, with steady reductions in the past few years, to 3.9 million in 2004 and now fewer than than 3 million.
The DRS factor
Several factors have contributed to the decline in the number of vault certificates. Use of DTC’s Direct Registration System (DRS) – which enables investors to register ownership of their shares electronically with either the issuing company or its transfer agents – has increased dramatically in the last year and a half. "In January 2005, approximately 5% of all eligible issues were opting to use DRS. That number has jumped to 26% in the last 19 months," said Clemente. To date, there are 1,234 issues that are DRS-eligible.
With DRS, investors can choose certificates or DRS statements. "Many of the large broker/dealers are looking to default to DRS statements unless a customer specifically asks for a certificate," said Salvatore DiPaola, DTC transfer agent liaison. Use of certificates should further decline next year when all new issues listing on the New York Stock Exchange, NYSE Arca, Nasdaq and the American Stock Exchange on or after January 1, 2007, will be required to be DRS-eligible. Existing issues will have to become DRS-eligible by January 1, 2008. The Securities and Exchange Commission (SEC) approved the rule changes requested by the exchanges earlier this year.
Also, an increasing number of companies, including industry leaders such as Intel and Nuveen, have gone completely "certificateless" and only register shareholders via paperless electronic ownership records.
Non-transferable certificates
The major contributor to the dwindling vault population, however, is DTC’s ongoing shredding of non-transferable certificates. With the approval of the SEC, DTC began the destruction of thousands of non-transferable certificates in 2004 and continues to shred about 30,000 non-transferable certificates each month.
Over the years, the number of certificates in the depository’s vaults for which no transfer agent service was available grew considerably. In 2004, the number amounted to 1.2 million certificates. Today, that number of non-transferable certificates has been reduced to 959,028. The issues of non-transferable certificates are often equities of companies that have become inactive or insolvent.
PREM paper
Clemente said that brokers also have helped reduce the number of vault certificates by using the depository’s "Position Removal" or PREM function. PREM enables brokers to relinquish their positions in issues of non-transferable certificates, eventually allowing DTC to shred them. It is necessary for a participant to PREM before DTC can shred the certificates.
More than 343,600 certificates have been eliminated by the PREM function in 2006. PREM also lowers expenses for the brokers and their customers, since there is a monthly surcharge fee of $5 per issue for keeping position records open on certificates that have been non-transferable for more than six years. Customers can also deposit their non-transferable securities and immediately place them in PREM. DTC will destroy the certificates for them.
"It’s important that the industry continue to push for the elimination of physical certificates," said Lawrence Morillo, managing director of Pershing LLC and chairman of the Securities Industry and Financial Markets Association’s (SIFMA) Operations, Legal and Regulatory Committee. "Physical certificates are inefficient and expensive. Electronic registration of securities is safer, cheaper and more convenient for investors." SIFMA estimates that the cost of issuing paper certificates each year is $250 million, and that approximately 2 million certificates are lost each year with a replacement cost of $50 million.
DTC follows a four-step program when it destroys any non-transferable securities. First, three months prior to destruction, it publishes a list of CUSIPs and security descriptions for the certificates slated for destruction. Next, it allows customers to withdraw certificates from the list if they wish, and it then images each certificate before moving to the final step when the paper certificates are shredded by giant industrial shredders, supervised by DTC staff.
http://www.dtcc.com/news/newsletters/dtcc/2006/nov/certificate_inventory_down.php
Interesting board here Im hoping to learn about Pensions
Scottrade has not onlt eliminated my UCPC,
but it does not show up anywhere in my account history.
Now, when I call they can say they don't know what I'm
talking about.
Thanks. I saved that page, and will follow up when I get some time.
You should try something like this for your shares. It seems if you ask for something formal in writing or put up a fight they will give you your shares back. Your broker is pulling one over on you. Ive read several posts on this and it seems if you give them crap they will return your shares. These arent real rules what they are doing.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33951365&txt2find=worthless|securities
nice, i would grab .0002 also if penson didn't charge me $7.50 a month, lol
Grabbed some WCEC today...
i agree bro, there's crooks everywhere, lol
Thats bull about not letting the brokers know. How would a broker like aturd cancel all orders for a stock then it gets revoked a few days later? Fishy!
AND the TA stuff sound like baloney. Some brokers are saying that its the SEC thats behind this and the DTC.
But my guess its Penson doing ALL of it! They are trying to find ways to make money and and doing this. Everyone needs to take the time to complain to their brokers.
Im going to send letter to all the brokers that I closed my accounts with and tell them why I did. Some may listen and not use Penson like Low trades.
yeah, that's how these pinks get away w/ all the crooked stuff. they don't have to report to the SEC-and the MM's are in on it-imo of course
I complained to the SEC about the TA stuff with brokers and also brokers getting forewords on SEC revokes and this is there reply.
Dear Mr. Heine,
Thank you for contacting the SEC.
Please note that the otcbb is an electronic quotation system used by market makers. Not all companies that trade in the over-the-counter market register their securities with the SEC, therefore, they would not need to report any change or lack of a transfer agent to us. We do not maintain current information on companies that have not registered securities with us nor which have no reporting obligations to us. See our topic at http://www.sec.gov/answers/noinfo.htm.
Companies that report to the SEC file reports about their transfer agents and ususally post this information on their websites. We, therefore, do not have a "list" of companies and their transfer agents as it is maintained within their individual Edgar filings under their specific names.
With respect to the other issue you raised about the release of information, we can only state that the SEC does not forewarn any brokerage firm. Brokerage firms have their own research departments and evaluate daily the securities that their firm will trade. This is something that it usually disclosed in the customer agreement when a client opens an account. For more details on trading suspensions, please reveiw our discussion topic at
http://www.sec.gov/answers/tradingsuspension.htm.
They are still good for runs though. Just a matter if you use pesion brokers. Look at that CVTL one and NMFS is probably going to run soon with those merger talks.
Good job, Bad picks
Yes, going to be doing it that way. Just want to get a little collection first from everyone. Will try to update it later today. Will have to step out in a bit.
SK, would it be worth listing all the stocks in the IBOX in alphabetical order so somecould pick them out quickly?
NCRU,AROU,CIBM,DLNKQ
"...should NFS become aware of a transfer agent for PSYC, they will use their best efforts to have the position reinstated to your account...."
Best efforts my a$$. This stock is still in good standing NYS.
ok will do. I will try to post other things that they have said. Learner told me some additional different stuff that his broker said. Like they will delete the stocks and will later put them back in once the TA comes active again.
lol, yeah i tried coping some of the ones you posted previously. And the same for myself but nevertheless this is going to be good for us so we dont have to rely on our memory. I know mine is bad.lol
maybe in the i-box you can make investors aware that penson charges a fee which may be passed on to you via your broker(in my case it was $7.50/month for each position)
here's some:
Worthless Securities
From: LowTrades Client Relations (info@lowtrades.com)
Sent:Wed 12/12/07
Dear Mr. xxxxxxxxxx,
My apologies in the delay in contacting you. I spoke to you on the phone regarding worthless securities in your account and which ones to write off in order to avoid fees in the coming year. At this time, our clearing firm has indicated to us that the following securities may be written off to worthless: BNEZ, CLDRQ, GVEC, ICNT, KELLQ, THDS, VERD, VLNT.
nice bro, marked the board and i'll post what i can remember(lol)
APGX AQUX NMFS PSYC CKDN IMCX CVTL
Hello all, I wanted to add this board to keep track of all the so called worthless securities out there being deemed supposidly by Penson, the DTCC, and the SEC. Please feel free to post any emails or correspondence. Also post the ticker symbols please.
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This is a board to keep track of all Pension/DTCC worthless securities that will/may be purged. This may vary depending on the brokers. Many of the Penson brokers are charging $7.50 each month per worthless stock that you own. So if you own 3 worthless stocks you will be charged $22.50 each and every month you hold them. They are also called non-transferable, so they may not let you transfer these holdings if you happen to find a non Penson broker and want to keep your shares....
Dear Valued Customer,
Starting January 2008, Penson Financial Services, Inc. will begin purging any worthless security on the DTCC Non-Transferable list (worthless 6 years or more). Clients who do not want to have their worthless securities purged may opt-out, but must do so by December 21, 2007.
Post any stock that you have been told by your broker to this board and I will keep a record of it in the IBOX.
THE LIST:
APGX AROU AQUX
BNEZ
CIBM CKDN CLDRQ CVTL
DLNKQ
FHCI
GVEC
HLXC
ICNT IMCX ITCC
KELLQ
NCRU NMFS
PSYC
RSVP
STCL
THDS
VERD
VLNT
WCEC WRSI
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