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Re: Getting Re-Screwed
Chapman, Spira & Carson

From: Sue Masonal
Date: 2/16/99
Time: 5:49:34 AM


I think I understand how arbitration works but what do you do when the brokerage house rigs a stock, they get you to buy it high on some crazy story and after they have gotten out you are stuck with a worthless piece of paper. The brokerage firm goes out of business and they go into liquidation. SIPC tells you that you are not covered because of the fact that you bought a stock and still have it. They are not responsible for your market losses. People that had cash in their accounts got their money back. There is no sense in going after the firm because there are no assets and you can't touch the officers because it is a corporation. What do I do next?

Last changed: March 17, 2000