Brad,
I agree and thank for your persistent reminding (supported by Peepster AKA Beautiful Barb) about calling in our certificates. It just goes to show you the bulls**t that goes on with many of these offices and how some houses are more than willing to lie about and use their own clients to add to their greed. Damn, it never ceases to amaze
me.
Scottsdale Securities was courteous upon ordering my certificates and expedient in their delivery. They also tracked them the entire time. Anything less should be absolutely unacceptable from any other brokerage house. I agree with Barb. If there has been a delay, take off the gloves and get the highest person in management on the phone and make them call you back with confirmation on the same day. Mention the time and date (and write it down) when you get the management person on the line and tell them the conversation is being taped. After all, they tape you on ALL transactions.
States vary, but in Minnesota there is a numbing hat trick of three agencies that, when mentioned, will strike the cold fear of God deep into the heart of any real estate agent who knows they've been guilty of impropriety: The Commissioner of Commerce, Office of The Attorney General and the local Board of Realtors. For stock brokers I would substitute the SEC for the Board of Realtors. These agencies should not to be used in any frivolous manner (an agent can successfully sue back for libel) but if there's a legitimate complaint they will have to spend their time (which is usually considerable-and may involve a hearing) answering the charges. I would think deliberately delaying the delivery of your property/certificates at a potentially great loss (time is of the essence in all contracts) would apply. Brokerage houses don't "forget" such things. Please. Just tell them you "forgot" to send your check in by settlement more than once and see what the second conversation is like.
I would also like to say that contrary to what some on this thread have stated, an intelligently filed formal complaint to the SEC is not going to go unnoticed. They may very well end up being a good friend to you in matters of broker deception. A few years ago I sued a local brokerage house here in Minneapolis as the broker had blatantly lied to me and it was on the record. I contacted their compliance department and then the SEC. Their reply was immediate and all business. (I could hear the crew cut on the guy from the SEC over the phone!) I won the suit hands down and the broker was bounced out of the business for more reasons than my law suit. Poor baby even lost his big Mercedes. I didn't like hurting the guy but he was a weasel, had cost me and a friend over 20k and I was in a long line of people he had misled. Regulatory agencies were formed to protect the consumer sheep against the licensed wolves. You may have to dig for awhile to get the right person to help you but it's worth the time.
My point is persistence, and a little righteous finger bending when you know you've been wronged...works.
Gee, I guess I can get serious once in awhile.
Onward,
George |
