Replies to post #202401 on DD Support Board and Research Team

[bar1080]

Alpine Securities: The worst ever perhaps...

"Alpine Securities’ $5,000 monthly account fee, 1 percent per day illiquidity and volatility fee, and $1,500 certificate withdrawal fee were unreasonable and the $5,000 fee was applied in a discriminatory manner;

"The firm’s appropriation of customer positions valued at $1,500 or less for one penny per position and 2.5 percent market-making/execution fee resulted in unfair prices and commissions;

"The firm converted and misused customer funds and securities by removing customer securities it improperly deemed “abandoned” and “worthless” and seizing customer securities to cover debits related to excessive and unreasonable fees;"

The firm engaged in unauthorized trading by moving customers’ securities from customer accounts to firm accounts without customer authorization, purportedly to cover outstanding debits and because the firm improperly identified the securities as “worthless,” and by moving customers’ securities from customer accounts to the firm’s abandoned securities accounts without customer authorization because the firm improperly identified the accounts as “abandoned;” and The firm executed an unauthorized capital withdrawal.

None of the firm’s customers authorized the firm’s transfers of their securities or seizures of cash to cover the $5,000 monthly fee."

https://financefeeds.com/finra-bans-alpine-securities-charging-5k-monthly-fees-without-consent/

[janice shell]

Specifically, Doubek and Walsh allegedly caused Alpine to sell approximately $268,000 in customer securities without notice or customer approval on the basis that Alpine deemed the securities "worthless." The complaint further alleges that without authorization, and contrary to how the term is defined in its customer agreements, Doubek and Walsh caused Alpine to declare 545 customer accounts "abandoned" and to transfer approximately $54 million worth of securities out of these "abandoned" accounts and into accounts that Alpine controlled.

That really was one of the most outrageous things Alpine ever did. Even though the money was eventually returned to the customers from whose accounts it'd been removed.

[OMOLIVES]

So why didn't the SEC just say "theft"..lol. From my old days...that was called a "bar swipe". While everyone is drinking at the bar..some ass would just sweep their hand across the bar and steel everyone's money.

That is just insane.