Replies to post #50415 on Vestiage, Inc. (VEST)

[Katylied]

no. NASD arbitration is final! EVEN when fraud is uncovered!!? It is logical that if your Brokerage and your BD's clearing house reports on your account that you are LONG and are able to sell - then they are liable if they are wrong. That's what a CLEARING firm is for. Clearing firms are vast pools of assets, they are insured up the wazoo. They carry FDIC on every account up to 100K of Federally insured liabilty.
For a broker to execute the levels of sales that occurred in this instance 'on that special day' "all in one cluster of accounts - at the same CLEARING firm is uncalculatable in terms of odds. Clearly, a disasterous error occurred in the Re-org dept. Many profited handsomely from the error. IMO If my brokerage tried to argue this same set of circumstances with me I'd know that the Firm was in the hole "bad" and they would be $hit out of luck trying to blame me. But that's me. GLTA