There are no coincidences in life..
Once again I seem to have been thrown a curve ball while trudging the long and winding road of stock investing. However, the good news is that I have gotten a pretty good education as of late on a lot of the legal aspects of the client/broker relationship. First, you have all the broad rules and regulation governing the industry as set forth by the higher forms of the pecking order: SEC, FINRA, etc. Next, comes the individual states statutes on their own Finance oversight sections and their own interpretation of fraud. Then you get down to the individual brokerage houses and their own contracts and application rules and procedures. Throw in a bunch of new rules on penny stock trading and what you are left with is almost a wild west atmosphere on 20,000 or so off beat stocks flying under the radar on sparsely regulated exotic or is that toxic stock exchanges. Resulting in nobody getting straight answer to anything. Viola! this is probably the very same reason nobody at Lehmans has been tarred and feathered. yet..
My whole confiscation of stock, by what I now feel is an unscrupulous broker has opened up questions that to me anyway are breaking new ground for the industry as to just what is acceptable behavior from brokers in handling discretionary and non-discretionary accounts. I now feel that there should be an industry standard or list of precise circumstances that would give a broker the right to remove or what I call basically confiscate someones stock. And, of course when they do that the big question is where did the stock go, who's got it, how does the particular depository or dtcc play into it. etc.
All, I know is that I have owned IMC for 14 years and it took me the first five to accumulate 300,000 shares through 34 trades and cost be approx. $15 grand. If Schwab or anyone thinks that there are going to waltz into my account and ride off with our stock..they have another things coming to them..well actually a lot of things are coming to them..he,he,
BRING IT ON!
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