Dear Robin, please forgive the intrusion, I only lurk here once in a while. Regarding new found securities in your portfolio, allow me to share a very true bedtime story with you:
A personal friend of mine had the same situation happen to him to the tune of 13,000 dollars. He notified his broker who explained he would look into the situation for him and report back what he found.
After a month, my friend notified his broker once again and reminded him of the same problem of having "found" certain securities credited
to his portfolio. Again he was told by the broker that this would be looked into ASAP.
After 9 months, this friend felt secure that if he sold this stuff and
there was any reprecussion, he could just plead "innocent", "dumb" and
whatever.
The secruities were sold and approx. 18 months later the piper had to be paid! From what I understand, his account number was very similar
to someone else and he was asked to pay for the securities as to what they were worth in TODAYS market. Seems TODAYS market showed an increase of several thousand dollars. My friend balked, the broakerage threatened, the brokerage sued, my friend got an attorney and eventually paid the brokerage the exact amount the shares were worth at the time of the sale. The brokerage firm had to make up the difference to the true owner and credit him with the correct amount of shares at what ever price they were selling at on the day they were credited to the true owners account.
Conclusion: This ended up being a nightmare as this friend ended up loosing some of this new found money in the market!
PS, It cost my friend a few thousand dollars to hire the attorney.
Moral: Honesty is the best policy.
Elizabeth |
