Stock broker refuses to answer my phone call

[EIC]

I got this email from a visitor of this site. Any suggestions that can be of assistance to him/her ?

********

Please help,

I maintained a stock account with a Stock Broker in Abuja. In the past 30 days I have requested for my account statement and details of Stock purchased for me from the account they have been elusive. They even refused to take my calls any more. I live and work in Burundi. Please advice.

[Apache]

Originally Posted by EIC

I got this email from a visitor of this site. Any suggestions that can be of assistance to him/her ?

********

Please help,

I maintained a stock account with a Stock Broker in Abuja. In the past 30 days I have requested for my account statement and details of Stock purchased for me from the account they have been elusive. They even refused to take my calls any more. I live and work in Burundi. Please advice.

Let him tell tell us the name of the company. If possible their address also so that one of our members living in Abuja can check it up for him

[faoogoke]

Originally Posted by Apache

Let him tell tell us the name of the company. If possible their address also so that one of our members living in Abuja can check it up for him

I'll be willing to do it for him.

[obaje sadatu]

Thank you all for standing guard for the integrity of the Nigerian Stock Market. I am enlivened by the speed of response to my request for help. For some of you to personally volunteer to meet with the stock broker in Abuja on my behalf is more reassuring of the fact that we as a people are moving forward nationally.

When I requested for the help a week ago, I equally sent an email message to the stock broker intimating him of my unstoppable intention to seek for external and professional help if I received no response from him in one week. In addition, after some trials on phone he eventually picked my call yesterday 16th June 2008 with the excuse that he does not pick calls after 5.pm Nigerian time. What about my email messages in several days ? , he claimed he has not read them.

However, he promised to send statements of my account and stocks purchased for me today 17th June 2008.

If by 19th June 2008, he failed to respond as he promised, then I will release all his contact details for the necessary help.

I am grateful for your willingness to volunteer.

[Apache]

Originally Posted by obaje sadatu

Thank you all for standing guard for the integrity of the Nigerian Stock Market. I am enlivened by the speed of response to my request for help. For some of you to personally volunteer to meet with the stock broker in Abuja on my behalf is more reassuring of the fact that we as a people are moving forward nationally.

When I requested for the help a week ago, I equally sent an email message to the stock broker intimating him of my unstoppable intention to seek for external and professional help if I received no response from him in one week. In addition, after some trials on phone he eventually picked my call yesterday 16th June 2008 with the excuse that he does not pick calls after 5.pm Nigerian time. What about my email messages in several days ? , he claimed he has not read them.

However, he promised to send statements of my account and stocks purchased for me today 17th June 2008.

If by 19th June 2008, he failed to respond as he promised, then I will release all his contact details for the necessary help.

I am grateful for your willingness to volunteer.

@sadatu,
You are welcome. In this forum, we consider ourselves one big family and you are welcome to join in.
However, it will be very useful for us to know the identity of these broking firms so that members who are interested in opening accounts will know where and where not to go to.
Hoping to hear from you and looking forward to your contributions on this thread.
Welcome once again

[Gbike]

Guys how do I go about changing my stockbroker and transfering my existing account to a new stockbroker.

[Avocado]

Gbike: it'll be smart to find a new broker first; you'll then get the assistance to complete the necessary forms. There's a thread about rating stockbrokers: Choosing/Rating Stockbroker you could find useful hints there.

Appears your present broker 's wronged you; you could share your experience for others to be informed.

[Gbike]

Thanks for yourr help pal. I would most certainly share the experience as soon as I have finished my investigations, I am not known for condoning incompetence backed up by the useless excuss that this is naija service. We need to begin moving forward and the sooner we all realise this basic fact and demand higher quality service the sooner we would begin to recieve it and the better for us all. We can not remain stuck in the past and watch the rest of the world leave us behind.

[Gbike]

If it is established that my stockbroker haad been in the wrong what are all the option I have to pursue a case against him and his company i.e forums, press, regulatory bodies, law etc.

[Gbike]

still waiting for any useful response to my previous 2 postings o! make una help una brother make sweat money no go waste for nothing.

[Apache]

Originally Posted by Gbike

still waiting for any useful response to my previous 2 postings o! make una help una brother make sweat money no go waste for nothing.

If you have decided to press charges against your stockbroking firm, a lawyer will be in the best position to give advice. Personally, i won't advice you go through this route cos of the inefficiencies of our judicila system. You can write a letter to SEC depending on the gravity of the wrongdoing done by your broking firm.
I will advice you just change your brokers of which the besyt way i have seen so far is to open an account with the broker of your choice and sell the stock you have with the current broker, collect the monies and place orders with your new brokers. It faster and less stressful (though it carries the risk of cashing out).

Othersa can lend their voices if there are better suggestions

[Gbike]

Originally Posted by Apache

If you have decided to press charges against your stockbroking firm, a lawyer will be in the best position to give advice. Personally, i won't advice you go through this route cos of the inefficiencies of our judicila system. You can write a letter to SEC depending on the gravity of the wrongdoing done by your broking firm.
I will advice you just change your brokers of which the besyt way i have seen so far is to open an account with the broker of your choice and sell the stock you have with the current broker, collect the monies and place orders with your new brokers. It faster and less stressful (though it carries the risk of cashing out).

Othersa can lend their voices if there are better suggestions

Is it possible to transffer my account from one stock broker to another without having to sell off first?

[hispy99]

Originally Posted by Gbike

Is it possible to transffer my account from one stock broker to another without having to sell off first?

I believe it is...but i think you need to have your current broker sign-off on the transfer, which as you can imagine, might not be as easy as it sounds. Maybe guys that have done this before can shed more light on it.

[Apache]

Originally Posted by Gbike

Is it possible to transffer my account from one stock broker to another without having to sell off first?

It is very possible but it takes a long time to effect (sometimes as long as 2-3 months) and within this period, you can't buy or sell.
That's why i said the best way i have seen so far is to sell and buy from your new broker. this can be done under a week