Email response i received from their reorginzation department after i explained to them i was considering closing my account as their "business decision" is costing me money.
Dear PyedPypr (name changed, duh!)
TD AMERITRADE has made the business decision to not allow opening transactions on PYPR. While we cannot go into the specific reasons for this restriction, we strongly believe it's in the best interests of our clients and our firm. You can still place closing transactions.
I can tell you that we take the decision to restrict trading very seriously. While all trading of securities involves risk, sometimes the level of risk associated with a specific security is escalated beyond what is considered reasonable to TD AMERITRADE.
At this time, there is not a set timeline for when/if the restriction will be removed. Some of the reasons a stock may be restricted to closing transactions only include:
Corporate Actions in which a lack of information, confusing terms, or unclear objectives may be involved. All corporate actions should be transparent as to objectives.
Apparent or possible fraudulent activity by a company or it's officers, with potentially manipulative actions to affect a stock price.
Frequent unsubstantiated press releases in an attempt to affect the stock's price.
Deceptive or contradictory statements regarding past or projected performance.
Corporate Identity Theft
Valid companies associated with third parties (i.e. transfer agents, consultants, etc) that have shown a predisposition to any of the above activities.
Companies known or suspected to be involved in Money Laundering activity
Some of the criteria NOT used to make this decision include:
Stock price of this security
Positions of our clients and the firm
TD AMERITRADE does not participate in the trading of non-listed securities in it's own account for the purpose of making a profit.
Thank you,
Mike A.
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