Friday, September 04, 2015 10:11:33 AM
Last night I emailed the head of E-Trade's general counsel Karl A. Roessner regarding the freezing of the dividends.
This morning I received a phone call from an E-Trade Corporate Support Manager responding to the email. She was very nice and friendly and gave me her email address and contact info and I will be directly communicating with her until the issue is resolved.
As of now.. She stated that E-Trade is NOT issuing margin calls.. She said even though accounts may say there is a margin call, they advised their margin team NOT to act on this. She said your assets will not be liquidated unless they receive an official word from FINRA that the dividend will be reversed and in that case she we will receive advanced notice and time to prepare for the "call."
She again told me that this is a decision that E-Trade has made and that they are in direct communications with FINRA. She also said that even though CRGP may be under investigation for dozens of different things, they are only waiting for word on the issue of shareholder dividend clearance. She said most likely they will receive word before the end of the year, hopefully sooner *that way shareholders will know where they stand for tax purposes.
FINRA will either get back to them and say, the shareholder dividend is fine or they will say it is going to be reversed. E-trade is being overcautious just in case it is reversed. She also said that there is a possibility that even if there were shareholders who received a dividend where they shouldn't have, FINRA may just tell one of the negligent parties to suck up the loss instead of doing a reversal. We will see what happens.
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