Jenna, or anyone that can help. This is the letter i received from A.B. Watley. The thing is, my margin acct did have the money in it.
(result of trading in excess of your overnight buying power)?
We are required under Regulation T of the Federal Reserve Board to send you this important notice. On March 09, 1999, your account generated a Federal Regulation T call in the amount of $1,700.00, which must be sent to us by 9:30 a.m. (NYC time) on March 16, 1999. This call is a result of trading in excess of your overnight buying power. PLEASE MAKE ALL CHECKS PAYABLE TO PENSON FINANCIAL SERVICES.
If you have already mailed a check or made arrangements for payments
other than by wire transfer or personal delivery, but believe that there
is some chance your payment won't be received by the date stated above,
please call us immediately to make other arrangements for timely
payment. If you choose to rely on the US Mail or any courier service,
please understand there is a risk that payment will not be received on
time. In the event that payment is not received by 9:30 a.m. (NYC time)
on March 16, 1999, we shall be required, under Regulation T, to
LIQUIDATE SUFFICIENT SECURITIES AT MARKET PRICE. At that time, or soon
thereafter, you shall be responsible for any losses sustained. AS A
RESULT OF LIQUIDATING TO COVER THE CALL, YOUR ACCOUNT WILL BE RESTRICTED
FOR 90 DAYS. It does not matter whether you liquidate on your own or
A.B. Watley liquidates on your behalf. IF YOUR ACCOUNT CURRENTLY IS
RESTRICTED, THE CALL MUST BE MET THROUGH THE DEPOSIT OF FUNDS. IF
LIQUIDATION OCCURS, THE ACCOUNT WILL BE CLOSED.
This notice is sent to you as a courtesy, and does not constitute a
waiver of any of our rights, whether existing under a written agreement
with you or otherwise. Thank you. |
