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Question
I have an account with scottrade and formerly have about 80,345,000 shares, a 90% buyback came and they took away about 72,310,500 shares out of my original common shares for convertible debentures.
On my online account a month after the 90%buyback took effect, its showing a 72,310,500, the amount of shares they took out and after some few weeks the amount of Convertible debentures changed and was reduced to 72,310 shares placed on the quantity column and when I inquired them people concern from scottrade they couldnt give me an straight asnswer, do I have a case, can I sue them?
This sounds like a possible electronic error, which errors are usually covered by your opening agreement with such online type firms, but in any case it unclear as to whether you have been damaged in any way. You should check with the underlying company to determine exactly what transaction took place and then contact Scotttrade to confirm that they properly accounted for such transaction.
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Answers by Expert:
Stuart Meissner Esq
Expertise
All questions related to broker or brokerage firm misconduct including unauthorized trading, unsuitable recommendations, improper advice to retire, churning for commissions, misrepresentations, failure to provide hedging strategies, employee stock option concentration, failure to diversify, fraud as well as compliance and FINRA / NASD / NYSE State regulatory issues
Experience
Stuart D. Meissner, a Manhattan New York based attorney, is a former Assistant Attorney General in the New York State Attorney General's Office, Investor Protection and Financial Crimes units. He is also a former prosecutor in the Trial Division of the Manhattan District Attorney's Office in New York, NY. Mr. Meissner has successfully represented and advised investors, retirees, stockbrokers, attorneys and funds throughout the USA and the international community and has also assisted his clients in presenting their matters to securities regulators and prosecutors to assist in the recovery of funds. His credentials appear at www.smeissner.com .
Organizations
Association of the Bar of the City of New York
Public Investors Arbitration Bar Association (PIABA)
Publications
Securities Fraud & Manipulation in Cyberspace, Securities in the Electronic Age, wallstreetlawyer.com, Volume 2 Number 3
Documentary Consultant - Selling the Dream: Stock Hype and Fraud
Education/Credentials
NYY Law School LLM - Corporate Law with Securities Concentration
Hofstra Law School JD
Hofstra University BBA
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