tdcp restricted buying and selling

[CatFish]

etrade and scottrade will not let you trade online. took some asking but the number one reason a stock is made that it can only be bought through broker is fraudulant activity which is ussually hacks into accounts and people selling someone elses shares. it has happened to razorback and aufan and who knows how many others. i called in an order and got some of those .23 shares. reason for this seperate thread is it would will get lost in the main thread

[CatFish]

i have to wonder how many other accounts beside aufan and razor's were hacked into. sad part is the brokers will not say this is the reason for suspension of online trading becuase it makes them look bad

[thinksnow]

So, if you already have tdcp through scottrade, should you just sit tight or what?

[CatFish]

i am sitting tight. if people are hacking into peoples accounts selling shares i would rather them do something about it. what pisses me off is they will not tell people the reason and just say posible fraudulant activity or some crap like that

[WeatherCat]

My local scottrade office did say "unusual trading activity" was the reason their analysts put the stock on the restricted trading list. So I don't know if that's an omission by them that accounts are being hacked without coming out and just saying that and taking responsibility for this thing tanking since Tuesday...Or the last couple of months for all we know...

[Kazmania]

Originally Posted by thinksnow

So, if you already have tdcp through scottrade, should you just sit tight or what?

I have most of my TDCP in Scottrade and I'm keeping it there for now, but I'm also looking every day at the account. Hopefully, now they have been made aware of the situation, the hacking should slow significantly if not stop completely.

[Texasrunner43]

Just walked over and talked to my broker. Had to keep my temper in check, I only let one cuss word slip out. He said the only time they restrict stocks is when they get notice from the SEC. I told him that the SEC has not put out any notice on this stock as far as I know and I accused Scottrade of trying to manipulate this stock through their actions. He assured me again that they only do this when they get notice from the SEC.

I futher told him that this was my money and if I wanted to risk it on a stock it should be my decision and not theirs. I also mention that I had friends who's accouts with them were hacked into and TDPD sold out of there accounts (I consider y'all my friends here).

He gave me and email address to send my complaint into and he would forward it on. I also told him that I would be filing a complaint against them with the SEC which didn't seem to bother him.

Ended up putting my buy order in @ .23 while I was there.

[TraderJJ]

Originally Posted by Texasrunner43

Just walked over and talked to my broker. Had to keep my temper in check, I only let one cuss word slip out. He said the only time they restrict stocks is when they get notice from the SEC. I told him that the SEC has not put out any notice on this stock as far as I know and I accused Scottrade of trying to manipulate this stock through their actions. He assured me again that they only do this when they get notice from the SEC.

I futher told him that this was my money and if I wanted to risk it on a stock it should be my decision and not theirs. I also mention that I had friends who's accouts with them were hacked into and TDPD sold out of there accounts (I consider y'all my friends here).

He gave me and email address to send my complaint into and he would forward it on. I also told him that I would be filing a complaint against them with the SEC which didn't seem to bother him.

Ended up putting my buy order in @ .23 while I was there.

If you go back, ask him for a copy of the s-called notice from the SEC. I don't think there would be any reason such a notice on any stock couldn't be given out, or shown. In this case of course, I don't believe such a notice exisits on TDCP. But it would be interesting to see the broker's reaction.

[Foxtrot]

Originally Posted by CATFISH

etrade and scottrade will not let you trade online. took some asking but the number one reason a stock is made that it can only be bought through broker is fraudulant activity which is ussually hacks into accounts and people selling someone elses shares. it has happened to razorback and aufan and who knows how many others. i called in an order and got some of those .23 shares. reason for this seperate thread is it would will get lost in the main thread

Ameritrade has had this on their no-no list for a long time.

[MarketMoFO]

Individual stocks can be restricted from trading for several reasons. SEC notification of suspicious activity is one, and also notification from a law enforcement organization such as the FBI is another. Remember, the FBI will handle criminal activities such as hacking and fraudulent trading. When someones shares are sold out from under them, it is reported and investigated. Further, a securities firm can restrict trading on its own initiative if trading seems suspicious. "Suspicious" can be subjective, and may simply be an intense rise in price caused by good news, but it also has the appearance of a pump before the dump. And last but not least, brokerage firms are encouraged by the SEC and FBI to share information between themselves about suspicious trading activity.

In regards to the recent hijacking of TDCP shares for sale, it should be noted that it wasn't Scottrade (or any other broker) that had its systems hacked. Rather, individuals have had their login information stolen from their own computers (or another that they have logged on with) and then the thief uses this info to access the account and make trades. Usually the thief sells everything, then uses the funds to purchase and pump up the price of a penny stock he owns in his personal account. It is unusual in this case that only sales of TDCP were made. IMHO, that is especially suspicious activity. Online brokerage firms keep records of the IP addresses that log into the system and make trades. I'm not sure how long that they hang onto the data, but this is how law enforcement agencies have tracked down the perps, of whom the most egregious are overseas.

Your online brokerage firm does not give a rat's rear end about manipulating a stocks price. The firm might if it made a market in the stock, but I don't know of any that do in penny stocks. Scottrade does not make a market in any stocks, period.

It is incorrect to state that Scottrade will not allow any online trading. You can still sell online. And if you want to buy, a broker is just a call away and will place the trade at the internet rate. Most likely the broker that you speak with has no idea why the stock is restricted, and if he asks someone at HQ he won't get any more of an answer than what he has already given you.

Cussing and getting mad at the broker won't get anyone very far, and is kind of silly seeing as how the trade can still be done. And who wants to help someone that is being an ass? However, cussing a broker can result in getting your account flagged and even closed. On top of that, it can even go on your "permanent record" so if you were to try and open another account at another firm, they could see that you were abusive to your last firm. I don't think many brokers would resort to this for one minor occasion, but I've heard of situations that ended up in death threats and handcuffs. Just something to keep in mind. And as far as SEC complaints about Scottrade's actions today ....... well I don't think I need to comment on how far that is likely to go.

On another note, perhaps more headway would be made if MK could speak to someone at Ameritrade, E*Trade, and Scottrade and possibly get a more detailed explanation. I am not one to bother management about most things, but having your stock restricted from trading online by the big online brokerage firms is something that should indeed be of interest to MK and company.