Broker sold shares without my permission???

flipper50

Hi,

Where do i stand if a broker sold shares i did not own.
I sold out of my shares completely yet they sold an additional X amount.
I have since then traded again using the proceeds. The broker is now claiming a 4 figure sum on the large side.

I have now disovered that the broker may have been deducting 2-3% of shares that i have sold since without my permission or knowledge.

Can the broker sell my remaining shares without my permission to recoup their loss?

thanks

ixus

I'm wary of leaving this thread open.

I think you need to visit your broker if possible and get a detailed summary of all your transactions and to reach a resolution. You need clarity with your broker.

If you are not getting that, I believe it could be a legal matter.

From what I can gather, you were given more money in your funds than you should have been.
Unclear if you knew that at the time.
You spent it.
Broker wants it back and may be taking it out of other transactions.

They made an error, but are entitled to their money back. Same as a bank accidentally transferring too much money into your account.

I'm not sure what more can be added to this thread.

flipper50

ixus wrote: »

I'm wary of leaving this thread open.

I think you need to visit your broker if possible and get a detailed summary of all your transactions and to reach a resolution. You need clarity with your broker.

If you are not getting that, I believe it could be a legal matter.

From what I can gather, you were given more money in your funds than you should have been.
Unclear if you knew that at the time.
You spent it.
Broker wants it back and may be taking it out of other transactions.

They made an error, but are entitled to their money back. Same as a bank accidentally transferring too much money into your account.

I'm not sure what more can be added to this thread.

Thanks for the reply. I not looking for advice just some opinions.

The problem lies with the broker withdrawing money from me in small amounts to cover their loss without any notification. This is surely unprofessional to say the least.

I would have thought this is a clear case of negligence on the brokers side?

Onikage

Have you queried this with the broker?

flipper50

yes i have but i've been informed of very little so far.
I was told that they had oversold x amount of shares which doesn't add up because if they claimed the oversold shares i'm effectively back to square one of a few months of trading.

Can anybody suggest a solicitor seasoned in these matters?

ixus

I'd suggest you check out www.askaboutmoney.com to spread your wings. You might get additonal experience there on this, if you don't get it here.