Stock Broker's Mistake

[NIAJAKID]

Dear members,

I gave my broker (Cashcraft) a written mandate to buy 200,000 units of Unity bank shares @ N8.00 last three weeks. To my amazement, she bought the shares at N8.49. When I called her, she said that someone in their office bought the shares in her absence and there is nothing she can do about it. I really need to recover my money. Memebers of the house, where can I go to lodge my complaint?

Thanks.

[Jeks]

NIAJAKID,
Very sorry about your bad experience with cashcraft.
I think you should take the matter up with cashcraft management officially in writing and request for action.
It is only when they fail to take a position that you can progress it from there.
Many people are complaining about casfcraft and I don't know why. Cashcraft should actually improve in this competetive market.

[knightofdelta]

You should have read the posts about stockbrokers on this forum. You would not have touched Cashcraft with a long pole. If you have any evidence to show your mandate to buy Unity Bank at N8.00 then go to their office and cause a row.

It is your money.

The Knight of Delta.

[jumyj]

There have been lots of complaint about CASHCRAFT. I think the staff are trained to rip people off their money. I'll advice that you complain to the management and once it is resloved, look for a more reliable and trustworthy broker.

[topetrade777]

This is serious issue,please can anyone advise me if its possible geting more than one cscs number? Meaning using more than one stock broker...................

[NIAJAKID]

Originally Posted by knightofdelta

You should have read the posts about stockbrokers on this forum. You would not have touched Cashcraft with a long pole. If you have any evidence to show your mandate to buy Unity Bank at N8.00 then go to their office and cause a row.

It is your money.

The Knight of Delta.

Thank you all for your feedbacks. I don't live in the country. I will start by writing a letter to the mgt.

[hispy99]

Originally Posted by NIAJAKID

Thank you all for your feedbacks. I don't live in the country. I will start by writing a letter to the mgt.

Be ready for a battle, you may need to copy SEC and NSE and Yar'adua if necessary. There is a reason they are called CashThieves...good luck o

[Apache]

Originally Posted by NIAJAKID

Thank you all for your feedbacks. I don't live in the country. I will start by writing a letter to the mgt.

Please for all trying to open new stockbroking accounts, try and read through the "Choosing/ Rating stockbroker thread". It's very revealing on stockbrokers. It was stated clearly in that thread that pple should steer 1million miles away from Cashcraft. Let's learn from other pples mistakes.

[stan]

u guys have said it all. cashcraft has frustrated so many new comers in the stock biz. though i still maintain an acct wit them but i am extremely careful in my dealings wit them. do make sure u mandates are written and not thru txt messages and calls.
gudluck

[StudentInvestor]

NIAJAKID,

I also live outside Nigeria though i am a Nigerian like most of you. i have not started trading any Nigerian shares yet but i hope to do so soon. With the little that I know as a Charteredd Alternative Investment Analyst (CAIA), when an investor instructs a broker to execute orders, the execution of the order depends on the type of order. There is what is called a market order, meaning that you are instructing your broker to execute the trade/order at the bst market price. If you had told them to execute at #8.00/market, and they executed at 8.49, they acted without negligence ortherwise they did.
In future, I will suggest that you8 issue a stop loss order especially with such a big volumn.
Before you make a case like many khave suggested, weigh your options very well and make sure you read those fine prints.

Good Luck

[NIAJAKID]

[quote=StudentInvestor;15858]NIAJAKID,

I also live outside Nigeria though i am a Nigerian like most of you. i have not started trading any Nigerian shares yet but i hope to do so soon. With the little that I know as a Charteredd Alternative Investment Analyst (CAIA), when an investor instructs a broker to execute orders, the execution of the order depends on the type of order. There is what is called a market order, meaning that you are instructing your broker to execute the trade/order at the bst market price. If you had told them to execute at #8.00/market, and they executed at 8.49, they acted without negligence ortherwise they did.
In future, I will suggest that you8 issue a stop loss order especially with such a big volumn.
Before you make a case like many khave suggested, weigh your options very well and make sure you read those fine prints.

Good Luck

My brother,

Can you please throw more light on what you meant by stop loss order? The mandate calls for the trade of unity shares to be executed at N8. It is not a market order. Cashcraft have acknowledged wrongdoing. They have assured me that they will reverse the transaction like it never happened. I will update the house when everything is taken care.

Thanks to all of you for your inputs.

[NIAJAKID]

Originally Posted by NIAJAKID

Dear members,

I gave my broker (Cashcraft) a written mandate to buy 200,000 units of Unity bank shares @ N8.00 last three weeks. To my amazement, she bought the shares at N8.49. When I called her, she said that someone in their office bought the shares in her absence and there is nothing she can do about it. I really need to recover my money. Memebers of the house, where can I go to lodge my complaint?

Thanks.

To all:

I wrote to the Mgt. of Cashcraft. I threatened them that if they did not resolve the issue promptly, I will escalate the issue to NSE, SEC, TV stations, Newspapers. I will also tell anyone I come across about how bad their service is. The transaction was reversed as if it never happened. No associated charges with buying/selling was debited to my account. As it stands now, I have no unity bank shares. Judging from the way price of Unity is dropping, it is to my advantage. I will give them a new mandate for unity at about 7.50.

I think Unity is a good buy at 7.50 - 8.00

Thanks for all your advice.

[hispy99]

Originally Posted by NIAJAKID

To all:

I wrote to the Mgt. of Cashcraft. I threatened them that if they did not resolve the issue promptly, I will escalate the issue to NSE, SEC, TV stations, Newspapers. I will also tell anyone I come across about how bad their service is. The transaction was reversed as if it never happened. No associated charges with buying/selling was debited to my account. As it stands now, I have no unity bank shares. Judging from the way price of Unity is dropping, it is to my advantage. I will give them a new mandate for unity at about 7.50.

I think Unity is a good buy at 7.50 - 8.00

Thanks for all your advice.

My advise is that you should look for another broker.

[adegbege]

I need guidiance on what to do on the issue below. I have made phones calls,write emails, write letters, pay personal visits to Maven asset office. All to no avail. The story.......



Stock Broker:

Maven Asset Management Ltd.
8A, Ibiyinka Olorunimbe Close,
Off Amodu-Ojikitu Street,
Victoria Island, Lagos.
Tel.: 01-2707088,08025276633,08023235365



On 16/08/2007, 7500 units of UBN shares at N42.05 totaling
N322,802.09 was purchased by Maven asset on my behalf on the floor of
the NSE.
On 15/11/2007, a letter of mandate was given to Maven asset via its
Eket office to dispose the 7500 units of UBN shares at N52.00 on
thefloor of NSE.
On 20/11/2007, maven asset disposed the 7500 units of UBN shares at
N39.05 contrary to my mandate and without my knowledge or counter
instructions.

On 28/01/2008 and 31/01/2008 maven asset bought 4050 @ N49.89and
3540@ N49.31 (Total 7590) units respectively of UBA at as replacement
of the illegally disposed 7500 units of UBN. This was after several
communications with Maven asset (see attached letter). Maven asset
still went ahead to place my account into debit of N177,989.15 (Being
transaction charges and the shortfall from the illegal disposal of UBN
shares acquired @ N42.05 but sold @ N39.02

On 15/04/2008, maven asset went ahead again to disposed the 7590
units of UBA shares without my my mandate nor consent.

All attempts to ensure Maven resolve this issue have proved abortive.
I would appreciate if this forum could useful guidiance on the way forward

[DaInvestor]

Originally Posted by adegbege

I need guidiance on what to do on the issue below. I have made phones calls,write emails, write letters, pay personal visits to Maven asset office. All to no avail. The story.......

On 16/08/2007, 7500 units of UBN shares at N42.05 totaling
N322,802.09 was purchased by Maven asset on my behalf on the floor of
the NSE.
On 15/11/2007, a letter of mandate was given to Maven asset via its
Eket office to dispose the 7500 units of UBN shares at N52.00 on
thefloor of NSE.
On 20/11/2007, maven asset disposed the 7500 units of UBN shares at
N39.05 contrary to my mandate and without my knowledge or counter
instructions.

On 28/01/2008 and 31/01/2008 maven asset bought 4050 @ N49.89and
3540@ N49.31 (Total 7590) units respectively of UBA at as replacement
of the illegally disposed 7500 units of UBN. This was after several
communications with Maven asset (see attached letter). Maven asset
still went ahead to place my account into debit of N177,989.15 (Being
transaction charges and the shortfall from the illegal disposal of UBN
shares acquired @ N42.05 but sold @ N39.02

On 15/04/2008, maven asset went ahead again to disposed the 7590
units of UBA shares without my my mandate nor consent.

All attempts to ensure Maven resolve this issue have proved abortive.
I would appreciate if this forum could useful guidiance on the way forward

for me i dont think u've paid visits like u said cos if u did u'll not be here sending this mail cos it would either be dat u're in the police station or still in their office raising hell.

i think what these brokers are doing is really unfair to investors and the authorities are not doing a good job in checking their excesses, though i think its because of these things dat they have decided to recapitalize them so dat we dont have 1 room stockbrokering firms and maybe then we can now be assured of competent firms like the banks

my broda i think u need to go back to dat office and raise real hell, shout, fight ask to see their MD, threthen them with whatever means possible and see to it dat u follow up, dont make them believe or think u are at their mercy more like the other way round. if dat doesnt work then i think u need a lawyer or report to authorities

dats my take hope others who have had the same experience as urscan help u out

[olusolakemmy]

Originally Posted by topetrade777

This is serious issue,please can anyone advise me if its possible geting more than one cscs number? Meaning using more than one stock broker...................

the way it is structure now, you dnt need two cscs number but you can have more than one stockbrokers.
you trade with one number but multiple broker.
i have more than one cscs number but i already opened it before it was restructured.