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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL)
FTEL 3.550+1.4%Jan 9 9:30 AM EST
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To: CHARLES W. FISHER who wrote (4608)2/8/1997 10:10:00 AM
From: topwright   of 41046
 
Charles, you wrote about the shorting of stocks in a margin account and can't be done if you only have a cash account.

I wanted to clarify that even though you don't own any stocks in a margin account but do in fact have one set up, I suspect the brokerage can and will use that margin account against you. Recently CERES showed a margin balance in my account, I called and questioned what was ever margined? They gave me some hoopla about a certain stock that qualified and I was given even more hoopla. I never quite understood how it got put into a margin account, since I didn't buy it as such, but the real point is, it happened.
I quickly instructed them to switch it over to my cash account, and within the next few days it was rectified. But with all the song and dance I received, I just wonder if they in fact had lent out some of my shares to a short. The stock in question was GANDF, but still, it could be any stock.

So your response to instruct brokerages not to lend out any shares is a good one. If you see any funny margin activity in your account, I'd highly recommend contacting the brokerage and raising cane. Either that or shut down your marging account and force them to cover the position.

RB
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