#1
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Unauthorized Trading by my broker\'s clearing firm
I have an account with a company called Beringer Financial to trade commodity options. They clear through a company called Farr Financial. I logged on to my account right after the market close yesterday and saw 3 trades on my account that I didn't place. I now just got a call today from Beringer telling me that they were locked out of their own accounts by Farr yesterday and weren't the ones that placed the trades. Beringer says they are ending their relationship with Farr but that my account, for now, is still with Farr. Beringer also told me they couldn't advise me on what to do with my account with Farr.
Obviously, I can't stay with Farr if they are going to pull this [censored] and I now don't feel comfortable with Beringer either since they couldn't even access their own accounts. I need advice on where to move this account to and how to get that done ASAP. Also, should I be filing some kind of inquiry with the NASD or the SEC on getting my positions put back into my account? Thanks for any help you all can provide. |
#2
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Re: Unauthorized Trading by my broker\'s clearing firm
I believe this is a CFTC issue (Commodity Futures Trading Commission). Futures aren't securities ya see. They have a website at cftc.gov, including a consumer protection section.
On Monday you can probably call them up and ask for help. They probably have someone who can clue you in and point you to the steps to take. I don't recall the specifics of how commodity clearing works, but when a firm goes busto or fraud or the like, there's usually a 'we're all in this together' effect among commodity firms and account to square up trades and such. That may or may not guaruntee you the funds in your account. |
#3
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Re: Unauthorized Trading by my broker\'s clearing firm
suggestions for firms I should move to?
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#4
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Re: Unauthorized Trading by my broker\'s clearing firm
just curious but how have your returns been per quarter? per year? Also, if you dont mind me asking (you can PM me), how big is your bankroll for trading commodities? I'm very interested in learning a lot about securities and commodities.
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#5
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Re: Unauthorized Trading by my broker\'s clearing firm
[ QUOTE ]
I have an account with a company called Beringer Financial to trade commodity options. They clear through a company called Farr Financial. I logged on to my account right after the market close yesterday and saw 3 trades on my account that I didn't place. I now just got a call today from Beringer telling me that they were locked out of their own accounts by Farr yesterday and weren't the ones that placed the trades. Beringer says they are ending their relationship with Farr but that my account, for now, is still with Farr. Beringer also told me they couldn't advise me on what to do with my account with Farr. [/ QUOTE ] Send a letter to Beringer, Farr, the Commodity Futures Trading Commission, the National Futures Association, and the exchange(s) where the trades took place. Tell them you are going to DK (Don't Know) the trade. |
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