SEC asset freeze of North American Clearing, Inc.

Discussion in 'Wall St. News' started by VoodooMMI, May 30, 2008.

  1. "This decline accelerated further when North American lost more than $7 million in connection with customer transactions in a penny stock company."

    DOH! I wonder what happened there.
  2. Sounds like he was short one
  3. You are insured by SIPC up to 500k, $100k of which may be market funds are considered securities, not cash.
  4. I trade at noble. They are only allowing me to Sell to Close/buy to close. Cant open any new positions.

    Im so pissed I better get compensated for the bastards using my frozen funds.
  5. Sure. You'll get a check?????!!!!!!!

    This is the real world. In 1980 John Muir was shut down. Everybody was compensated, but the market swooned. No one could sell until they sorted out the DTCC positions. Don't forget, everything is in an ominibus account. And since there is fraud, they have to account for what was the firm's, and what's yours.

    Interesting that Lloyd's signed on in Dec of last year for "excess SIPC". I'll bet there's a lawsuit there. Pretty big claim in six months time.
  6. are you serious?

    holy cow.

    I was thinking of opening an account with noble after cybertrader was shut down.

    I hope things work out fast for you.
  7. Will I get the full value of my account back + some compensation for my frozen funds, or will I have to file a suit.
    #10     May 31, 2008