WACHOVIA STOCK
WACHOVIA STOCK
Can you figure this stock transaction out?
I just got a call from a friend who told me she took out a $300K equity line of credit last week and her Ameritrade broker told her to put it ALL into Citigroup and Wachovia bank stocks. Now she has lost big time. He told her that certain new banking regulations would ensure a huge return rate!
She is extremly upset. what can she do?
It's very questionable that any sales broker told some one to take out a loan and invest it into two securities. This is very hard to believe, especially about a firm like Ameritrade.
She should take her case, in writing, to the Compliance Officer at Ameritrade for resolution. If she is correct and can document it, then Ameritrade will correct her financial situation.
All correspondence to the firm must be in writing. If she fails to receive a response in a reasonable amount of time she should send a copy of the letter she sent to Ameritrade to the local office of FINRA and the New York Stock Exchange. Both should be sent to either the compliance or regulation area.
Both of this regulatory agencies will respond to her, and will force Ameritrade to also provide a written response.
Some one suggested that your friend get a lawyer, this is not a very practical move at this point since all cases against broker/dealers are settled in arbritration rather in the court systems. Most lawyers do not and can not handle arbritrations. So try it without, if all else fails your friend will have to get a securities lawyers which will be very expensive.
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