Will I ever know?

Discussion in 'Retail Brokers' started by sectrader, Oct 1, 2006.

  1. Hi,
    Here is the situation. I recieved email from broker compliance dept. to explain minor infraction. Problem was related to small amount of money and shares and was related to my very small unintentional error (one of my accounts bought very small number of shares the same time as other account sold). And I was told to explain why this happened within 5 business days.
    Few hours later after original email my account was frozen - no buying, no withdrawals. Compliance Dept. kept total silence and emailed that they would take as much time as needed for investigation. Luckily they lifted freeze 1 day later , but they don't want me as a customer any more. They refuse to give reason - just ignore my questions. My main question - is it possible to find out reason? Can anybody guess the reason. Also, I am curious - can brokerage refuse customer without reason pointing to their stated policy? I somehow suspect that they paid more to exchanges for some of my orders than commission they charged.
    Any ideas?
  2. I was with this broker 4.5 years. Generated tons of commissions and interest payments.
  3. Sanjuro


    Did you trade with yourself?
  4. yup.. if you have a transaction between a retirement account and your regularly taxed account, you could possibly be using the trade as a way to transfer money illegaly..

    i have a friend who got kicked out of a broker for doing this.. they wouldnt talk to him about it, just told him to get lost..

  5. Yes, I bought on 2 occasions shares sold from corporation.
    Total amount of shares involved less than 200.
    So, you think that this was actual reason for freezing and than closing account?