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Microcap & Penny Stocks : TSIG.com TIGI (formerly TSIG)
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To: Sean Rieber who wrote (1098)6/5/1998 10:33:00 PM
From: Mister_Ex  Read Replies (1) of 44908
 
I also trade with Ameritrade and can confirm your story. Every time I place an order for TSIG, which must be done by telephone for OTC:BB stocks, there is about a thirty second delay where I'm put on hold while the broker verifies my order. I am asked to confirm a couple of items such as my social security number and home address before my order is actually placed. This wasn't always the case but was initiated approximately 2 months ago. I talked with several brokers at Ameritrade and I think I finally got down to the answer for this. It's highly embarrassing for Ameritrade, but it wasn't just limited to them. It also wasn't just limited to TSIG.

Apparently some scoundrels were able to get trading access to other peoples' accounts. First they would buy TSIG (or other low priced OTC:BB stock) for their own accounts. Then they would sell all of the blue chip stocks in the accounts they gained access to and use the proceeds to buy TSIG. This would really jack up the price of TSIG. Then they would sell the TSIG in their own accounts for a tidy profit.

The primary question that I had when I first found out about this was "was any of this trading traced back to TSIG insiders". The answer was absolutely not, and, as I said above, TSIG wasn't the only stock these miscreants were playing with.

This is now an old problem that has been long since solved but they have apparently increased their vigilance across the board to help guard against this type of activity. I notice now that when I buy or sell any cheap OTC:BB stock that I am subject to the same routine. This is OK with me. Like the x-ray machines at the airports - I'd rather be safe than sorry.

Mister Ex
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