Tuesday, August 01, 2006 2:08:16 PM
Dear Bob,
I invested in a company with the symbol IPRE on 7/25/06 because they released a PR stating that they had cancelled the reverse split they had planned. The volume started to raise and the stock was just getting ready to run when in one trade it dropped 25% and in another 4 it dropped 78% of the pps. At the same time TD Ameritrade and other online brokers restricted online trading of this stock. There is no NASD member notice, no DTC notice and no SEC suspension or notice in effect on this stock, and I believe it simply to be an ill fated attempt to control and manipulate the market on the part of this company and other online brokerage firms, who have tremendous short positions in this stock. Please investigate this action. If every time a stock is going to rise the brokers and MM's get away with this type of behavior there will be no order in the market and investors such as my self won't invest. I will copy below one of the responses I received from TD Ameritrade. I find it strange that because of their actions a good many people using their service lost money that they would issue a response like this.
The restriction has not been lifted on IPRE and we do not know when this will occur. As has been explained in earlier emails, we have taken this action as a precaution with the reasons previously explained. We have a fiduciary responsibility to our clients and will not release the restriction until we fill it is the proper thing to do.
Eric W.
Supervisor, TD AMERITRADE
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