These are bad people. Unbelievable what they pulled on customers; This is a part of what they did:
You really must read this in its entirety.
Also: on media FINRA site, (see Nate's FINRA link) there is a place to report any suspected irregularities. This is not a customer form. It is for any irregularity.
After a 19-day hearing, the panel found that:
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.
The decision cited multiple examples demonstrating that 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. In one example, the firm charged a $5,000 monthly account fee on Dec. 31, 2018, and redeemed funds from that customer’s linked money market fund on Jan. 2, 2019. To cover the unpaid $3,396 (for the $5,000 fee), the firm moved the customer’s marketable securities to the liquidate-to-cover-customer-debits account. Moreover, the hearing panel found some customers paid some or all of the $5,000 fee because they were forced to do so in order to regain possession of their other holdings, but no customer authorized a removal of funds and securities to cover the unreasonable fee. In most instances, the customers were not even aware of the $5,000 monthly account fee, let alone that the firm was taking their cash and securities to cover it. The panel decision asserted, “The firm’s treatment of its customers demonstrates Alpine Securities’ intent.”
These people should be in prison
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