Waters etrade is same but I think it more about if they went under like a bank. How much would each account be insured for. I say that is for any cash as even if they go under we still own the shares.
I did press them, and they sent me up a level. The fellow stated they would not back me, would not make me whole. They would only notify me that I had air shares. Steve told me they would be scrambling to cover the naked shorts. I guess I will find out.
Can you imagine what it would be like if you had to ask your broker if the trade the broker just executed was valid?
"Retail brokers are the first line of defense for the markets," said Susan L. Merrill, Executive Vice President and Chief of Enforcement. "Brokerage firms and their employees must take action to ensure that they are not participating in illegal sales of unregistered securities. "
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