Replies to post #807 on Zecco

[Yosako]

You're screwed either way and you shouldn't have traded non-registered securities in the first place.

Nor I'm encouraging anyone of doing so; I'm rather pointing out which options are the best, or at least the "lesser evil" given all the recent BSing of the market.
In fact I stopped trading on August 2011, still holding a clean shell ( $GPGD ) which I'm waiting to reorganize / reverse merge into something SEC reporting.

Penson's 10%-20 day ADV order size limit (enforced by Zecco among others) makes trading illiquid stocks impossible, you can only call those orders in and, as you might guess, day trading via phone is like attempting to do surgery whilst wearing a space suit.

[Majic]

Something stinks with Zecco/Penson...
I tried buying a small amount of a company that is a OTCQB, and fully reporting (files their 8Ks, 10Qs, 10Ks, etc. with the SEC).
When I called to find out why the stock was restricted, a Zecco rep first told me that it was because it was non-DTC eligible. When I told her that it was not on their list, she then said it was because it's a low volume stock. I pointed out that it's not a low volume stock. So she then said it was their "internal policy" to restrict trading in "this type of stock". She still could not explain the reason.

In short, the rep could not give me a valid reason for their restriction on this particular stock. In the end she just said that they could restrict any stock "at their discretion."

I'm really beginning to suspect that Zecco and/or Penson have other reasons for not allowing buying of certain stocks. And it has nothing to do with protecting their customers.