Zecco

[Frank0051]

I'll bet you 100 bucks that there weren't be a suit filed anytime in the next 5 years, and if one is it will be immediately thrown out of court. That's how confident I am on my prediction.

[Farmboynate]

actually I wouldn't doubt if a class action law suit against them because it has caused a lot of people to lose a lot of money buy something cost you 5-10 dollar fee then the next day if added to a list suddenly you can't sell or buy more or if you want to you may have bought 1 million shares and you can only sell of 20K at a time with fees 70-700 dollars per trade yeah I think maybe if they made their fees for being SEC reporting not so freaken high maybe companies wouldnt be dropping off sec reporting to pinksheet reporting there are a lot of crooks but there is also a lot of legit companies that are small time trying to make it and they are killing them say for instance I bought 50 stocks at 500 dollars each 25K total
then suddenly those are hit by these huge fees called non DTC 700 X 50 = 35K a loss of 15 K just if like that by the DTC FINRA and SEC who gets these high fees hmm one of these Government organizations bunch of total corruption at its finest
a lot of stocks that are suppose to be DTC are being labeled non dtc.... go after the people that are truly behind scamming people not after the people that invest their hard earned money

[Frank0051]

ROFL, it isn't going to trigger a lawsuit frenzy, no one is going to sue the SEC, FINRA, or DTCC. The companies being blocked are ones that are unregistered, and these entities are pushing for tighter restrictions on unregistered securities - which is within their rights, particularly the SEC. Now, if you start lumping in the fully registered, fully reporting, DTC-eligible companies in to these restrictions, that might go beyond the scope of their authority.

[Yosako]

So...things are getting real ugly in the US micro-crap markets.

If those stocks begin to get blocked/limited/f'cked up with no brokerage allowing to trade'em, it's likely to trigger a lawsuit frenzy.

[Frank0051]

Fidelity started turning down sub-pennies (or perhaps those not DTCC eligible) and Scottrade has appeared to do the same thing.

[ChartDad101]

So who is able to find a broker willing to Take penny stock accounts.

Ameritrade declined me. Thinking about etrade Now the Rep said Gherea no restrictions but then again thats what the Rep said for ameritrade. They both are willing to reimburse me the $50 Zecco charges to transfer

[Frank0051]

Yup, I think we have established that at this point. But, what we are seeing if that may occur in the near future. ScottsTrade and Fidelity both seem to be limiting transfers with penny stocks - particularly those on the non-eligible DTC list.

[Yosako]

Yep, but neither eTrade, Scotty or Fidelity charge certificate processing fees to customers.

[Frank0051]

It isn't a Zecco list, it is a Penson list - and, it is based on what the DTCC has released already. Other companies are going to have - or should have - the same listings.

[BeardOfWallSt]

I have Zecco's NON-DTC list. 1468 pages lol pathetic. Switching to Etrade =)

[Pastor Phil]

I got out of Zecco the day they pulled this crap and was one of the lucky few I guess. I was able to close my zecco acct and transfer it all to fidelity before it got worse. It's really unfair that some of us were able to escape and most weren't! I only had one position with only $500 invested and stood very little to loose. I hope someone finds a way to make zecco liable in what I consider an inside scandal.

[ChartDad101]

Totally agree. Follow @BoycottZecco

[crookedneck]

Zecco is pure hogwash! The point is still very clear that Zecco handled this whole situation very badly and regardless what anyone says they had an obligation to warn its clients and didn't. Zecco stuck it to everyone of its clients and now will see many traders leaving them and hopefully enough will so we can send them a message loud and clear!

This isn't the only problem with Zecco either and that is why they were removed from the preferred brokers list. The defense that it is Penson and not Zecco just doesn't hold water. Pure and simple Zecco is a useless broker and why anybody would use them is a real mystery to me.

The funny part is that they think they can keep clients and recruit new ones with this stupid $500 contest and a new trading platform that continues to have its problems. Just plain laughable in my book, wouldn't you agree?

Cheers Mate!

[Yosako]

Some naive investors might be still unaware that companies down there are Vegas poker hands which are closer to BSiness than to business.
It's all a friggin' game, but the DTCC guys had to come to ruin it all. Morons.

[ChartDad101]

I understand. I have already made the choice long before this starting happening to trade big boards.

I enjoy charting and evaluating companies. Something that is tough to do with pennies.

I am now moved to Ameritrade. Zecco itself I'm not a fan of any longer.

[Frank0051]

Read my and Janice's posts from about a month ago: what we are showing here is we know there is a pattern of what's being restricted. Zecco, FINRA, DTCC, and the SEC have basically confirmed it. The restrictions are going to start happening sooner or later with non-Penson based brokers. So, want to protect yourself, then don't trade unregistered companies.

[ChartDad101]

Those are only 2, not all my friend. And regardless of that in pennyland who cares about the company being real or fake. Its trading.

If you want to discuss things we can. Or what is it that you are trying to prove? Here.....

[Frank0051]

Oh, I'm well aware, but to have that type of upside, you have to be willing to accept the risks - including that the regulators would actually crack down on you trading companies that exist in the gray areas of the law.

[Farmboynate]

before DTC/SEC started cracking down on these companies and making it a pain to trade micro penny stocks these could make a lot of people 1000-10,000% try making that kind of return on companies that are trading over 3.00 on the NYSE or AMEX, n nasdaq hmm not very often

[Frank0051]

So another company that hasn't filed ANY paperwork with the SEC and another one that has never been DTCC eligible.

Hate to tell you this, but it appears we yet again have a situation where an investor failed to do their DD and invest prudently.

[ChartDad101]

Having trouble with alot of my pennies. But the one that got the notification today was $Cams

[Frank0051]

Yup, seems pretty shitty. That being said, still interested in what the securities are that you are holding.

[Frank0051]

I haven't. What securities are you getting the notification on?

[ChartDad101]

My Buying $CAMS with Zecco Experience

Yesterday I bought $CAMS using zecco and woke up this morning to a worthless security notification from zecco. Saying its a worthless security and that I will be charger $7.50/Monthly for keeping the security there.Be advised I cant sell this position. After all the SH*t Zecco has put its customers through with not being able to trade low volume stocks or sell there positions, I dont know why people stay. I asked them to waive the $50 transfer fee so I can move to Ameritrade. The rep spoke with the manager and they came back and said no. I have been with them for 2 years or so, Dealing with the BS. After all the money I have paid in commissions and for them to literally take my money from the $Cams position isnt right.

Im furious. I cant believe they would want to leave the relationship like this.

First $4.95 trades with 25 free trades, Then it goes to 10 free trades, Then nothing. Then $6.95 trades and we cant trade pennies. WTF.

Anyone else have this issue with holding $CAMS using zecco.


If you care please join.

http://www.facebook.com/pages/Boycott-Zecco/300883323284620

Twitter: @BoycottZecco

[ChartDad101]

Worthless Security Notification Anyone else get this message from Zecco?

[ChartDad101]

Try this link

http://www.facebook.com/pages/Boycott-Zecco/300883323284620

And if it doesn't work in the address bar. Then delete the symbols at the end of the numbers in the URL.

[Pastor Phil]

bad link to facebook?

[Frank0051]

You might want to check all the posts I made citing (and copy and pasting) my conversations with Zecco and OTC Markets Group .

[crookedneck]

I can back up everything I say with facts! Seems only one here who admitted to relying on stories from others and guesses. You might want to go back and check your post, you may just have inserted your foot into your mouth again!

Cheers!

[Frank0051]

So says the guy providing many of those rumors and guesses, haha.

[Frank0051]

Interesting, well let us know what happens.

[ChartDad101]

Boycott ZECCO add us on Facebook. And share your story. We must bring awareness to this issue. Like the Facebook Page and Share.

http://www.facebook.com/pages/Boycott-Zecco/300883323284620

[crookedneck]

Thank you for the FACTUAL information, while others rely on rumors and GUESSES! Many I am sure appreciate your facts to clear the muddy waters caused by those with no factual data to back up their statements. Some want to think they know it all and despite the continued facts that some of us post, they want to think they know it all based on hearsay and rumors.

I also appreciate your insights and agree with you entirely on how this is being handled by FINRA and the SEC. Also remember that much of these fees that are being charged are coming from Penson, who has to date not provided any factual data on why they are charging these ridiculous high fees. I have questioned Zecco about this numerous times and all they say is they are just passing along the fees that Penson is charging them and that they can't even give me a set dollar amount they would charge to sell one of these non-DTC eligible stocks, other than it could cost up to $700. What the hell kind of answer is that? There is no reason they could not quote me exactly what it would cost and why!

Now as far as the restrictions put on how much we are allowed to sell on any slow moving stocks under $1, who came up with those restrictions? Again, Penson did and Zecco is not even pushing back to help protect it's clients whatsoever. I strongly believe that Penson is playing a major role in this whole thing and Zecco seems too content to just go right along with it all. Makes you wonder if something really fishy isn't going on here regarding this whole situation!

It is time for the small investor to stand up and fight back and let these firms like Penson, Zecco and others that we are not going to put up with this bs.

I will actively be part of the BOYCOTT ZECCO movement that someone started and will be spreading the word to get others to do the same. This needs to be stopped and stopped now!

Thanks again mate.

Cheers!

[Farmboynate]

Actually they told me I would be charged the normal fees for those stocks in a earlier email

Thank you for your recent email, and for your interest in consolidating assets with Fidelity Investments!

In order to provide you with confirmation that your specific pinksheet stock shares can be transferred into a Fidelity account, we would need a list of the symbols and/or CUSIP numbers for the securities that you hold. If you would like to respond to this email with this information regarding your shares, we will be happy to provide you with the response about eligibility from our Transfer of Asset processors.

In addition to the trading symbols and CUSIP numbers, the amount of shares that you own for the securities would also be helpful. If the securities are eligible to be transferred, the cost to sell them on Fidelity.com would be the $7.95 rate that applies to all online stock trades.

Thank you for taking the time to email us, Mr. XXX. We certainly appreciate your business. If you have further questions or comments, please send us another message at any time.

Sincerely,


Fidelity Brokerage Services LLC, Member NYSE, SIPC

[Frank0051]

I suspect for most people posting on this board, that is more than they have (given the typical youth of a penny trader and the inexperience most people on these boards seem to have). And, I also suspect that $2500 would be touched for any DTCC fees Fidelity occurs. Just my two guesses.

[Farmboynate]

"



Thank you for your email, we appreciate you taking the time to contact us on line. I am happy to assist you today.



After contacting my stock transfer department, I have been informed that we can receive these share into the account. However we are not able to take these shares and as initial deposit to fund the account. It will be necessary for you to transfer the shares along with other non-penny stock shares, or fund the account to a level that will meet the minimum initial deposit of $2,500. At that point we will be able to accept the shares into the account.



I hope this information is helpful. If you have any questions, please contact us any time. Have a great day.

Sincerely,

XXXXX XXXXX
Fidelity Brokerage Services LLC, Member, NYSE, SIPC"

[Frank0051]

They are going after the caveat emptors and greys too because they are not registered securities either. The simple fact is no one is going to sue FINRA or the DTC over penny stocks, especially when they are working under indirect orders from the SEC to cut down on the BS that goes on in pennies.

there are also a lot of Legit companies that do try to get off the ground this way to me

There are a lot of legit companies that try to get off the ground by registering with the SEC, why cannot the companies that you claim or legit do the same thing? Basically this is what it comes down to: the SEC wants all publicly traded companies to be registered with them so they can cut down on fraud. Don't want to register with the SEC? Don't become a publicly traded company. That's the direction we are headed in, IMO.

[Frank0051]

At least 4 other people have posted to the contrary when attempting to transfer their accounts.

[Farmboynate]

Dunno what you guys are talking about Fidelity not accepting penny stocks, they just told me I couldn't use Penny stocks to fund my account but I could transfer them there no problem as long as I have then $2500 in non penny stocks or $2500 to fund the account

[ChartDad101]

FOLLOW on Twitter @BoycottZecco

[ChartDad101]

What broker are you going with?

[Farmboynate]

thing is Phar isn't DTC Eligible and PPJE is about to become DTC eligible
you can get told 1 thing by 1 broker and another by another broker there are way to many day traders and companies that are on pinksheets, its only a matter of time before the DTC and FINRA gets the heck sued out of them...
PPJE is Pinksheets reporting.... and so is Phar both
they should be going after Grey Sheets Stop sign and Caveat Emptor but then they should be going after the crooks not every single pinksheet company
there are a lot of crooks on pinksheets yes
there are also a lot of Legit companies that do try to get off the ground this way to me This is another Attack on small businesses by the government ... find another way to go after the crooks ... things are electronic its 1000X easier to track and keep records electronically via computer would be really easy to fix the problems here not by charging an arm and a leg to trade these stocks but actually fixing the problems at hand and not by shutting down all pinksheet companies

[Frank0051]

Phar isn't registered with the SEC, nor is it fully reporting; it does appear to be DTCC eligible though. That being said, this is the type of security the SEC and FINRA want to crack down on.

PPJE is in the same boat regarding SEC satnding, and it's not DTCC eligible.

Whitelist holds up again. Basically you have to find a way out of PPJE at the bare min.

[Farmboynate]

Phar which was previously bmgi bad management there with BMGI but Phar management is good as far as I can tell and company is legit Still think the DTC needs to go more after crooked ceos and make it so if a company r/s they can't sell shares for up to 1 year afterword
also It is my Money I use and If I lose it on micro non reporting companies its mine to lose I am sick of all the bull trying to "SAVE US" investors when in reality is is doing more damage to Us and companies and making the DTC a pretty penny charging insane fees for trading stocks we bought before they decided to do this....
also PPJE but company is working on Moving to OTCBB and becoming reporting because of the stupid DTC problems
all though they are Pinksheet reporting

[Frank0051]

Well, the more likely scenario is you invested in illegitimate companies. If your companies were registered with the SEC they likely wouldn't be restricted. Post the companies you are invested in and I'll take a look. Legit companies haven't been restricted as far as I can tell - hence why I keep suggesting the whitelist.

Post your stocks, lets see how well my whitelist holds up.

[Farmboynate]

DTC and FINRA are a bunch o crooks if you ask me go after the crooks not restrict people who have already invested thousands of dollars in micro stocks and mess us up with super duper high fees
if you ask me they all need to be sued for damages done to share holders
sure they claim they want to Stop crooked companies but this is DEFIANTLY not the way to do it all the Legit companies that have been damage by this should file a class action suit against these regulatory organizations
not only has it cost share holders in small companies a lot of money and head ach it has cost the legit companies a lot of money if they were trying to raise money for operations

[Frank0051]

Post the stocks that you are holding.

[Frank0051]

Fidelity and Scottstrade are doing the same thing now: they are refusing to accept penny transfers. Told you it was coming.

[juscallmemickey]

I tried to transfer my account from Zecco to Fidelity, but it was cancelled. I inquired about what happened and received this email:


Dear Mr. xxx:

I spoke with a representative from our Transfer of Assets group who advised me that our firm has noted a recent trend of the delivering firm closing accounts with microcap securities, and many of those closed accounts are being transferred to Fidelity. Our firm has decided as a risk management measure not to accept microcap securities from this firm.

The reason your request was rejected was because the account you are transferring contains one or more of these securities. Before we can accept the transfer, you must first liquidate those securities. You can then transfer the cash. I apologize for any inconvenience this may cause.

Sincerely,

Nicholas Hooton
Fidelity Brokerage Services LLC, Member NYSE, SIPC

[crookedneck]

No matter what I say some will exhaust their inability to comprehend the point being made about how badly Zecco handled the matter with it's clients and can't be trusted from here on out! We are well aware of the DTC ineligible stocks and how they work. I could give a rats a$$ about that, but more about how Zecco screwed it's clients over the matter.

The fact remains that Zecco has and will continue to lose clients due their inability to be a trustworthy broker, thus the reason they were removed from the preferred brokers list.

It is rare to see anyone dumb enough to try and defend Zecco's actions, because most can see right through what Zecco management is doing.

Best advice is to forget about this broker and get every position possible transferred over to another broker asap, before Zecco makes them all non-transferrable. Somehow I think they believe that if they make them non-transferrable, they will force people to stay with them - LMAO - WHat a joke they are!

Wake up people this Zecco outfit is a complete SCAM!!! Regardless of what their supporters try telling you.

Wouldn't surprise me one bit if there were a class action suit brought against them!

Cheers!