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Nairaland Forum / Nairaland / General / Investment / Stockbroker Duped Me: How Do I Seek Redress? (4115 Views)
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Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 5:30pm On Jun 16, 2012 |
Hello house, I paid a stockbroking firm some money to buy me stocks for over 3years, now they bought stocks less than what i gave to them and since then they have been playing me come today come tomorrow for the balance, please how do i seek redress Thanks 1 Like |
Re: Stockbroker Duped Me: How Do I Seek Redress? by naijamatter: 5:37pm On Jun 16, 2012 |
expose them...! |
Re: Stockbroker Duped Me: How Do I Seek Redress? by Opoki(m): 5:49pm On Jun 16, 2012 |
Yeah...expose them. Seek the intervention of NPF! NPF? Sounds like Nigerian Police Force... Your chances are slim with NPF. Honestly! |
Re: Stockbroker Duped Me: How Do I Seek Redress? by Observer2(m): 6:22pm On Jun 16, 2012 |
Sorry to hear bout your loss. You will start by posting the name of the stockbroker with their full details here. But never never go into any bussiness you know nothing about and wouldnt be in control of. Lets expose em all together. |
Re: Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 6:29pm On Jun 16, 2012 |
Thanks for your responses, what i am saying is they actually bought some stocks for me but chop the remaining balance i think one can report them to sec please if you know modalities let me know. |
Re: Stockbroker Duped Me: How Do I Seek Redress? by Observer2(m): 6:44pm On Jun 16, 2012 |
bodik: Thanks for your responses, what i am saying is they actually bought some stocks for me but chop the remaining balance i think one can report them to sec please if you know modalities let me know.You need to research on the relevant bodies that handles such or you can organize a shakedown..The mafia way or you dress like a responsible citizen, walk into a police station ask to see the man in charge, tender your id card,explain to him and how you want it done, give tips, and you will be give men to escort you there or the one i love most... Go there and tell em you want no wahala and that you let your lawyers handle the suituation. Call your lawyer for follow ups |
Re: Stockbroker Duped Me: How Do I Seek Redress? by Nobody: 8:47am On Jun 17, 2012 |
Npf,lawyer can't really help u,u would only end up spending more.have u printed your current cscs to know if it has been rectified.the best way is to report to second or nse and they would be given an ultimatum to repay u or their lisence would be redrawn.were are located so I give u an address to report to. |
Re: Stockbroker Duped Me: How Do I Seek Redress? by Nobody: 8:48am On Jun 17, 2012 |
I meant sec or nse |
Re: Stockbroker Duped Me: How Do I Seek Redress? by perp(f): 9:07am On Jun 17, 2012 |
pls I am in the same boat with the poster and I stay in port harcourt. What do I do? |
Re: Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 5:09pm On Jun 17, 2012 |
suggary: Npf,lawyer can't really help u,u would only end up spending more.have u printed your current cscs to know if it has been rectified.the best way is to report to second or nse and they would be given an ultimatum to repay u or their lisence would be redrawn.were are located so I give u an address to report to. Thanks suggary, I am based in Ikeja Lagos. |
Re: Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 2:57pm On Jun 18, 2012 |
Please any other advice Thanks |
Re: Stockbroker Duped Me: How Do I Seek Redress? by SimonTemp(m): 3:47pm On Jun 18, 2012 |
bodik: Please any other advice There is a department in the Nigerian Stock Exchange set up especially for this purpose. I think it is called BDR (broker, dealer relationship). Go to the NSE building on Customs street, off Broad Street, ask for the department and file a complaint. Some brokers get their licenses suspended because of acts like this. 2 Likes |
Re: Stockbroker Duped Me: How Do I Seek Redress? by inspirenet: 3:49pm On Jun 18, 2012 |
Interesting |
Re: Stockbroker Duped Me: How Do I Seek Redress? by ifyalways(f): 3:49pm On Jun 18, 2012 |
@OP,what do u mean by come today come tomorrow?what do they tell you? Before u start exposing,i hope u have proofs of payment? I think reporting them to NSE is a good step. |
Re: Stockbroker Duped Me: How Do I Seek Redress? by BetaThings: 3:52pm On Jun 18, 2012 |
bodik: Hello house, perp: pls I am in the same boat with the poster and I stay in port harcourt. What do I do?If you HAVE EVIDENCE, report the firms to The Registrar Chartered Institute of Stockbrokers 10th Floor Bookshop House Broad Street Lagos You don't need any lawyer. You need your evidence We must not allow scoundrels to go scot free 1 Like |
Re: Stockbroker Duped Me: How Do I Seek Redress? by lagerwhenindoubt(m): 3:52pm On Jun 18, 2012 |
1: Do you have an online CSCS Account 2: Did you pay in cheque or cash - if cash, do you have payment receipts 3: Did you pay in the Stockbroking House name or in the name of the Stockbroker in question A CSCS Account is your right and a good stockbroker will ensure you register to have an online CSCS account where you can monitor trades made on your behalf. If you do not have it, too bad, you will need to wait on the broker to tell you what you have from their in-house system or their CSCS account If you paid cash and have no receipts then you have no proof of this transaction, if you paid cheque to the Broker, then you have something to hold on. 1 Like |
Re: Stockbroker Duped Me: How Do I Seek Redress? by blank(f): 4:32pm On Jun 18, 2012 |
If you have a CSCS account, report staright to CSCS and file a complaint. They have an arm that deals with such and repays on behalf of the stockbroker while they face the stockbroker and recover from them. Also, file a report in NSE. If nothing is done in a period you deem reasonable, take out a newspaper advert and make sure you mention CSCS and NSE (kinda like blackmail) that will get them to sit up. 1 Like |
Re: Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 4:38pm On Jun 18, 2012 |
ifyalways: @OP,what do u mean by come today come tomorrow?what do they tell you? I told them i have my payment teller and i was going to scan ,then they told me it was not necessary, a year after when i was still disturbing they said send scanned teller, thinking it should be missing, i did and they said it was not clear, later the said they found out another person bearing my name and initials (My name is not a common name) paid in same amount into their account from same branch, and they will refund my balance, only last week the said they have paid the balance into my bank account over a year ago and they will send proof, me i no see anything ooo |
Re: Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 4:38pm On Jun 18, 2012 |
SimonTemp:Thanks |
Re: Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 4:40pm On Jun 18, 2012 |
lagerwhenindoubt: 1: Do you have an online CSCS Account NO[b][/b] |
Re: Stockbroker Duped Me: How Do I Seek Redress? by lagerwhenindoubt(m): 5:18pm On Jun 18, 2012 |
@OP, it is safe to say that you have been horn-swaggled -i.e duped. please tell me it is not AIMS |
Re: Stockbroker Duped Me: How Do I Seek Redress? by bodik(m): 5:59pm On Jun 18, 2012 |
lagerwhenindoubt: @OP, it is safe to say that you have been horn-swaggled -i.e duped. please tell me it is not AIMSI WILL RELEASE THEIR NAME AS SOON AS I LODGE A FORMAL COMPLAIN |
Re: Stockbroker Duped Me: How Do I Seek Redress? by lagerwhenindoubt(m): 6:08pm On Jun 18, 2012 |
bodik:Do this quickly - with the problems the SEC/NSE have faced in recent times, your matter can very easily be ignored or treated lightly. What i will advise is gather as much correspondence (SMS/Email/signed letters) if it is possible, write them a detailed letter of complaint explaining all that has transpired since you started paying money to them, ensure that the CEO and Broker in question are addressees to this letter. get a signed/acknowledged copy from the secretary or who ever receives your letter. Send a reminder a week later to get an official response on their company letter-head. Gather your information and petition the broker to EFCC/SEC/NSE and the Special Fraud Unit at Ikoyi. Thus should get you some reprieve 1 Like |
Re: Stockbroker Duped Me: How Do I Seek Redress? by lion042(m): 6:11pm On Jun 18, 2012 |
call boko haram and destroy their firm....good luck |
Re: Stockbroker Duped Me: How Do I Seek Redress? by netotse(m): 6:16pm On Jun 18, 2012 |
lagerwhenindoubt: 1: Do you have an online CSCS Account @op lagerwhenindoubt just about has it right, in this CSCS age, when you want to buy shares you go to a stockbroker and they open a CSCS acct for you (and might subscribe your number for tradealert: if they do, CSCS then sends you a text telling you an account has been opened and they tell you your clearing house number <CHN> and that they will alert you when trades are carried out on your behalf). Whatever stock is bought on your behalf will be domiciled in your CSCS account. If you subscribe to the CSCS online service you can check your account details by yourself (it costs NGN2500 a year but only your broker can apply to CSCS for this on your behalf. Personally I dont think it's all that useful, trade alerts are okay but if you want to be able to check your portfolio whenever you can get it.) Most brokers have an online account system(not the CSCS one o, it's peculiar to the stockbroker) you should be able to login and view how much money you have with them and the stocks they have bought for you and all. Even if they dont, you can walk into your brokers office at anytime and ask them to print a CSCS account statement for you(I'm sure about this cos I have done this more than once). NB: I cant say if it's compulsory for stockbrokers to sign you up for tradealert however, I use two brokers , one signed me up for tradealert free, the second didn't but I have a CSCS online account(paid for it myself, the brokers just submitted the proof of payment with my details). The way forward; (IMO) 1. Go to your broker, ask them to print your acct statement showing when your shares were bought and at what price or the date the trade was executed (it's important you dont mention anything about your issues with them. 2. Collate the tellers showing your payments and reconcile your holdings with the amount you paid. 3. Contact SEC(http://sec.gov.ng/protect-yourself--alert-us--file-a-complaint-2.html) they have a tribunal called Investment and Securities Tribunal, IST http://www.ist.gov.ng, setup to deal with issues like yours, (stockbrokers dey fear them o) All the best. P.S. why dont you drop the brokers name, we can make small noise now, brokers dont like bad PR ![]() |
Re: Stockbroker Duped Me: How Do I Seek Redress? by BetaThings: 12:25am On Jun 19, 2012 |
netotse:Trade Alert is compulsory. You pay for it for every transaction you do Tell your second broker to put you on trade alert. It is your right, you have paid for it Having a CSCS account does not mean that the broker cannot hold onto your money After 1 year, if the broker cannot give proof of what they have done, what further proof does the OP need that he/she has been scammed Let the OP start with the Institute, it is cheaper |
Re: Stockbroker Duped Me: How Do I Seek Redress? by deyrock(m): 12:44am On Jun 19, 2012 |
report them to c.i.s or n.s .e. Just get their name and address. Thank u are based in lagos, dat makes it easier for u. Them be thief. |
Re: Stockbroker Duped Me: How Do I Seek Redress? by born2boink(m): 3:36am On Jun 19, 2012 |
A related case happened to me when I was trading stocks with (name witheld ) they were on the 16th floor of the Nigeria stock exchange before moving ajele street. Told them to buy a shares worth of about 20,000 units @ 2.50k,which amounted to 50 000 nairea. they held my my money till the shares drop to 1.8k, before the shares appeared on my CSCS account, anytime I complained, they would claimed i have no problem since I had receipt with me and I can go with proceed sell should I want to sell the shared but since I was not selling instantly but I insisted on it appearing in my CSCS account I suspected a bit fowl played, I traded for about 8 yrs and familiar with one of their worker which later explained to me that they held the fund so they can buy at cheaper rise, should the shared increase, they will be the one to risk and should it fall, it is their benefit but they will buy the exact unit I purchased which was on the receipt. Your case maybe related to this |
Re: Stockbroker Duped Me: How Do I Seek Redress? by Lisa1: 10:03am On Jun 19, 2012 |
[img]http://www.50centloseweight.com[/img]well down ![]() |
Re: Stockbroker Duped Me: How Do I Seek Redress? by netotse(m): 2:19pm On Jun 19, 2012 |
BetaThings: Thanks for the info, found a link that explains it http://www.nse-cscstradealert.com/FAQ.htm |
Re: Stockbroker Duped Me: How Do I Seek Redress? by yinka2011: 2:57am On Jun 20, 2012 |
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