Non-Tech
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What do you do over a conflict of interest with broker
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| An SI Board Since July 1998 |
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In November I called my PW broker to sell 1200 shares of Hi Shear Technoigy and told him that I needed to get out of this stock. It was trading at 9 1/2 - 9 3/4. My broker said to put in a limit order of 9 5/8. Then he said to me, all or nothing? I said I had to sell them all. At the time I did not know what all or nothing was. What I now beleive is, he was selling his own shares and did not want me to interfere with his profits. If a client sells the same shares that a broker sells on any given day, the client gets the higher price. Do I have any recourse? Should I complain to the office manager? I am still holding these shares, that he was hyping, at a considerable loss. Is this the kind of order a broker would recommend if I told him that I had to get out?
Any comments would be apreciated.
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