*AV* Phantom Stock
I haven't gotten beyond this post so I do not know any other answers given. My read on this is "naughty naughty" since you should know what you own or do not own.
However, if they tried to nail me on this transaction, I would plead ignorance and see if they could prove it was my voice that made the transaction. If they could, "Whoops, stress confused me as to what I had."
If that didn't work, I beleive you find yourself in a position of having shorted a stock. As long as you didn't remove the cash from the account, I do not believe there is a case for fraud. There is nothing illegal about shorting a stock and you may have stretched the account's rules for shorting a stock.
If it is uncovered real quick and the stock hasn't moved significantly in price, they may make you replace the stock, slap you on the wrist or close your account for your "offense".
Personally, I would be proactive, admit the mistake (especially if I had made a profit) and ask how you can rectify it. This whole affair could also fall under some sort of margin.
That's my opinion but if I found myself in that situation, I would be sitting down with legal aid or legal counsel to get the real scoop.
Remember there is a phrase "intent to defraud or intent to commit fraud". Hard to prove but nonetheless, a very unfavorable run in with the legal system. |
