Zecco

[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