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Technology Stocks : Intel Corporation (INTC)
INTC 34.50+2.6%Nov 21 9:30 AM EST
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To: GVTucker who wrote (133353)4/26/2001 5:05:10 AM
From: Amy J  Read Replies (1) of 186894
 
GV, I wouldn't immediately assume a broker is always innocent. I heard there was one broker that cold-called foreign-born Intel employees and tried to convince them to liquidate their 401K's out of Intel and put their money into his account for him to manage. A foreign-born employee may not immediately know how to check a broker's record with the National Dealer Brokerage Association, or to know that it is illegal for a broker to cold-call them at work and pressure them through fear (apparently shouting at Intel employees and screaming Intel's plan would lose their money unless they immediately liquidated their 401K account and give it to him). I heard this was a very large, well-known, reputable brokerage firm too. The broker was banned from doing business in two States due to previous illegal stock activities where his victims lost incredibly large amounts of money.

So, folks in your industry would be well-advised to take potentially gross misconduct seriously, rather than assume it's the fault of the employee that was reportedly mislead by a broker's claim that (in the article posted) the stock option account was simply a "Portfolio Credit Line." It is illegal for a brokerage firm to open a margin account for a person without the client's signature on a form that defines what a margin account is.

Regards,
Amy J
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