IB should not take customer changes in e-mail address, mailing address, bank changes where customers funds are wired to, etc. lightly. When fraud has occurred to clean out a customers IB account, is IB responsible for the loss? I asked this question on another post a few days ago. I would think it is IB's loss just as it would be a banks loss in such a case. Catoosa
At this time, we do not know how the perpetrator got the account information. He may have hacked IB, the customer, or got the information by some means other than hacking. This is real scary. I would think most brokers would say as little as possible in order to not frighten the troops. Catoosa
Could IB have just made an identity error and started to transfer the money from the wrong customer's account?
FYI, i've had PM's with Mishka but given my lack of knowledge on what happened, I will not speculate here. This situation will not be taken lightly.
No...Mishka said that the Ameritrade account was opened first and that it was opened as a joint account along with a person he did not know. Which would have been necessary too because IB requires that the destination of a wire be the same name. Someone planned this one out. It was not a "mistake".
First , call IB and demand to talk to their Compliance Officer. Do not let the rep off the phone until they give you a name and phone number. Notify: 1) The F.B.I. 2) If an insured financial institution is in any way involved, the criminal's actions constitute fraud on an insured institution. The appropriate jurisdiction for this is The United States Secret Service. That's right. The Secret Service. Call 'em. They are efficient ! My dealings with them (not as a criminal, obviously) demonstrated their follow-through. I was impressed. 3) The NASD and SEC, and any exchange of which IB is a member firm. 4) If IB is not self-clearing, you need to notify their clearing firm.
I thought that IB only makes a money transfer on one special account with your name. So, normally when opening an account with them, you only get money transferred back to a from you specified account and transactions are only allowed on your name. That was, what i was told from IB-representative. So, how is it possible to transfer money to Ameritrade, if you do not have an account with ameritrade? That IB rotes the money to another account, you have to change your account settings manually. I could't for example wire money on a second account on my name, because the account was not stated as my first standard account in my account-settings. So, this is really strange and of course scary.
Quite a coincidence. I just outlined this scenerio in a reply to another thread. I would like to see IB require confirmation by telephone for email changes and fund withdrawls.