I am in shock to receive a statement from my stockbroker informing me that ALL of my shares of stock in one of my investments had been sold. At one time I verbally put a stop loss order on it and later I rescinded the order--but I have nothing in writing to prove this. I had bought this stock on five different occasions and this sale is gonna generate all kinds of capital gains for me. My plan was to hang onto it for years ahead! I am fairly new to the investing arena (3 yrs) and have done lots of business with this man. I have NEVER sold anything that I bought through him. My blood pressure is elevated as I look at a $870.00 commission this has generated for him. As I write this, I am waiting for him to return my phone call. Do I have any recourse?Thanksfirstname.lastname@example.org
You might want to also post your question on this board (Financial Scams):http://leviticus.boards.fool.com/Messages.asp?mid=15767832&bid=100166Good luck,e
When you place an open order, such as a limit order to buy or a stop loss order to sell, most brokers issue a confirmation. Your monthly brokerage statement lists all open orders. If you cancelled your stop loss order, the change should appear on your monthly statement. If there is an order in effect, most brokers will list it on that statement. Look to see whether it is there. If it is, it was your responsibility to cancel the order if you didn't want it executed. If it is not, you need to talk to your broker. The other possibility is that your shares were sold because of a margin call, but you don't sound like that is the case. Best wishes, Chris
Use RJT as your broker - only YOU will initiate transactions, and it will only cost $5 for ANY number of shares, limit or market, not $870 (good God, I had no idea people were getting ripped off like that, still).I'm just a happy RJT customer - I have no relationship to them at all.
Thanks!Please forgive me, but what is RJT?
Yes, what is RJT?
RJT = a discount broker - R. J. Thompson Securities:http://www.rjt.com/I am not affiliated, other than my wife and I having 4 accounts there - 2 IRAs, 2 taxable. They seem to do a good job for a very low price. They were just purchased by TD Waterhouse, which I am not thrilled about - I hope they don't change anything at RJT.
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