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Issues With My Broking Firm by dawoyo(m): 7:03pm On Jun 05, 2009 |
[center][font=Lucida Sans Unicode][b] Please, i do need someone's assistance as regards the stockmarket and how it works cause i do have some trust issues with my current broker. I started lodging my certificates and making purchases through a broking firm early last year and i have made a lot of purchases through them. On monday 1st this month, i gave my broker some money to purchase me Starcomms and Guinea Insurance , i just received an alert that the Starcomms was bought @ 3.65 ( it opened for today's trading @3.60 and closed @ 3.45 ) after i threatened to transfer my account to another firm earlier in the week. The Guinea Insurance is yet to be purchased and when i called him, i was given same excuses as before, either the MD's not around (as in travelled) or the person who trades on their behalf on the exchange is sick or that the trader skips my name etc. I am sick and tired of all these and i have lost alot of money due to these unnecessary delays in almost every transactions i have made through the firm. Therefore i am posting this here because i need an advice on what to do now and also on the starcomms as in is it possible to buy at a rate higher than the opening and closing price of that day? I have lost all form of confidence on the firm and this one just made me reached the peak of my tolerance cause i do believe the firm is trading with my money for their self interest. Thanks Ayodele [/b] |
Re: Issues With My Broking Firm by Sirdayor(m): 11:52pm On Jun 08, 2009 |
There are a lot of thief now parading themselves as broker, what I will advice is to call for refund of your money back and if they refuse you can report such broker to sec. i think sec office is somewhere around that Adeola Odeku st in lagos and they still have some other offices in other states. You can also repot your broker to the nigeria stock exchange. |
Re: Issues With My Broking Firm by dawoyo(m): 1:30am On Jun 09, 2009 |
Thanks alot, i will take your advice and forward a formal complaint to SEC and NSE. Thanks once more |
Re: Issues With My Broking Firm by segun2k3: 2:18pm On Jun 09, 2009 |
i have also experience simillar thing before. i am beginning to suspect that some of those brokers use investor money to trade among themselves.i also suspect that sometimes those broker sell their own share to the unsuspecting investor hence the reason they delay so that the price can appreciate and hence make their profit. i think something should be done to checkmate these fraudlent practices |
Re: Issues With My Broking Firm by Sirdayor(m): 11:57pm On Jun 11, 2009 |
This is just another one and it even happen in my presence. I was at one of my brokers office where I met a guy complaining that he place a mandate for sale of his stocks and the proceed should be used to purchase another set of stocks. But funny enough for over amonth now his stock has been sold to buy another one became a problem , so out of frustration he eventually asked the broker to give him his money. But guess what!!!, My broker does not have money in their account to settle the Guy, can you immagine that. I am telling you there are alot of indiscipline act in nigeria capital market, and it is obvious that a lot of nigeria stock broking firms are just carcas, most of them are in recession so shine your eyes. |
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