Replies to post #151042 on Bancorp International Group Inc (fka BCIT)

[AlanC]

The brokerage firm has no right to remove anything from my account without my explicit approval to do so imho. They are supposed to be running a legitimate business operation. The BCIT case has exposed just what kind of operation they are running and the liberties they are taking. They no longer seem to feel that they have a fiduciary responsiblity to anyone but themselves. Is it any wonder they are going to be facing increasing numbers of lawsuits from BCIT shareholders? After seeing the way the Arbitration hearing for the BCIT shareholders was handled they can eat cake. They deserve what they have coming to them and more as we all know BCIT is but one example of the fraud they are helping to perpetrate on investors. Go BCIT!!!

[CarltonH]

Brokerages remove worthless stock from accounts periodically.

Certain types of conduct in the securities industry are prohibited, including the following:

Removing funds or securities from a customer's account without the customer's prior authorization.

http://www.finra.org/Investors/ProtectYourself/BeforeYouInvest/ProhibitedConduct/