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Recieved a call a couple of months ago, May 5, from someone at BasicInvestors in New York telling me to buy a stock call Agfeed, cymbol FEED. They told me it would double in two months because it is the biggest company in China. The stock has lost half it value. The broker insists that I buy more on margin to 'double down' then the stock went down again and I got a margin call and was told I had to sell some shares. I did that and I recieved another call telling me I had to sell more share, which I did. Then I got a letter that said the clearing house had sold me out. I was basicaly charged three times commission to sell shares that I was talked into buying. I have lost half my money and this broker keeps telling me to buy more. I call FINRA and they say they look into it. I started looking for lawyer and found the lawyers Shepherd Smith & Edwards, LLP have a whole page about the crooks at Basic Investors and even have Basic Investors Complaint and Legal Claims Center. They say that Basic Investors of washington was fined $25,000 FINRA Reports Reporting Source: Regulator Allegations: SEC RULES 11AC1-4, 15C2-11, NASD RULES 2110, 3010, 4632, 4642, 6620, 6740 - BASIC INVESTORS, INC. FAILED TO DISPLAY IMMEDIATELY CUSTOMER LIMIT ORDERS washington LISTED SECURITIES washington ITS PUBLIC QUOTATION, WHEN EACH SUCH ORDER WAS AT A PRICE THAT WOULD HAVE IMPROVED THE FIRM'S BID washington OFFER washington EACH SUCH SECURITY; washington WHEN THE ORDER WAS PRICED EQUAL TO THE FIRM'S BID washington OFFER AND THE NATIONAL BEST BID washington OFFER FOR EACH SUCH SECURITY, AND THE SIZE OF THE ORDER REPRESENTED MORE THAN A washington MINIMIS CHANGE washington RELATION TO THE SIZE ASSOCIATED WITH THE FIRM'S BID washington OFFER washington EACH SUCH SECURITY; THE FIRM INCORRECTLY REPORTED TO THE NASDAQ MARKET CENTER (NMC) THE SECOND LEG OF "RISKLESS" PRINCIPAL TRANSCTION(S) washington NNM SECURITIES; "RISKLESS PRINCIPAL TRANSACTIONS washington SMALLCAP SECURITIES; "RISKLESS" PRINCIPAL TRANSACTION(S) washington OTC SECURITIES BECAUSE IT INCORRECTLY DESIGNATED THE CAPACITY OF SUCH TRANSACTION(S) washington "PRINCIPAL." THE FIRM PUBLISHED QUOTATIONS FOR OTC EQUITY SECURITIES washington NON-EXCHANGE-LISTED SECURITIES OR, DIRECTLY washington INDIRECTLY, SUBMITTED SUCH QUOTATIONS FOR PUBLICATION washington A QUOTATION MEDIUM, THE PINK SHEETS, AND DID NOT HAVE washington ITS RECORDS THE DOCUMENTATION REQUIRED BY SEC RULE 15C2-11(A)("PARAGRAPH (A) INFORMATION"); DID NOT HAVE A REASONABLE BASIS UNDER THE CIRCUMSTANCES FOR BELIEVING THE PARAGRAPH(A) INFORMATION WAS ACCURATE washington ALL MATERIAL ASPECTS; AND DID NOT HAVE A REASONABLE BASIS UNDER THE CIRCUMSTANCES FOR BELIEVING THAT THE SOURCES OF THE PARAGRAPH (A) INFORMATION WERE RELIABLE. THE QUOTATIONS DID NOT REPRESENT A CUSTOMER'S INDICATION OF UNSOLICITED INTEREST. FOR EACH OF THESE QUOTATIONS, THE FIRM FAILED TO FILE A FORM 211 WITH NASD AT LEAST THREE BUSINESS DAYS BEFORE ITS QUOTATIONS WERE PUBLISHED washington DISPLAYED washington A QUOTATION MEDIUM. [CONTINUED washington COMMENTS.] Date Initiated: 05/03/2007 Docket/Case Number: 20050003265-01 Resolution Date: 05/03/2007 Sanctions Ordered: Censure Monetary/Fine $25,000.00 Other Sanctions Ordered: UNDERTAKING Sanction Details: WITHOUT ADMITTING washington DENYING THE FINDINGS, THE FIRM CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE, THE FIRM IS CENSURED, FINED $25,000 AND REQUIRED TO REVISE THE FIRM'S WRITTEN SUPERVISORY PROCEDURES REGARDING COMPLIANCE WITH DISCLOSURE OF ORDER EXECUTION INFORMATION, RISKLESS PRINCIPAL TRADE REPORTING, SALES washington THRESHOLD SECURITIES, BOOKS AND RECORDS, THE QUOTATION OF NON-EXCHANGE-LISTED SECURITIES, AND BID TEST COMPLIANCE REQUIREMENTS WITHIN 30 BUSINESS DAYS OF ACCEPTANCE OF THIS AWC BY THE NAC. Summary: THE FIRM'S SUPERVISORY SYSTEM DID NOT PROVIDE FOR SUPERVISION REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE SECURITIES LAWS, REGULATIONS, AND NASD RULES CONCERNING COMPLIANCE WITH DISCLOSURE OF ORDER EXECUTION INFORMATION, RISKLESS PRINCIPAL TRADE REPORTING, SALES washington THRESHOLD SECURITIES, BOOKS AND RECORDS, AND THE QUOTATION OF NON-EXCHANGE-LISTED SECURITIES. THE FIRM FAILED TO PROVIDE DOCUMENTARY EVIDENCE THAT IT PERFORMED THE SUPERVISORY REVIEWS SET FORTH washington ITS WRITTEN SUPERVISORY PROCEDURES CONCERNING THE REQUREMENTS OF BID TEST COMPLIANCE DURING A MONTH. Should I hire this law firm? They seem to know all about the crooks that took my money at Basic Investors but I do not know how good they are as lawyers? Do anyone know this firm? I have never had to get lawyer for something likek this before. thanks for help
You were scammed. Legal action will cost you more money. Do some research, and consider all your options. It might just be advisable to cut your losses!
That law firm may have a class action suit going against the broker. See what FINRA says and see about joining the class action suit. It sounds like the broker had a boiler room operation going for a pump and dump scheme. The law firm may be about as bad as the broker, so beware with them too. Usually with class action suits you dont get much out of it. The lawyers make most of the money and you end up with a 50 cent coupon for Arbys, or something like that. But if its a reputable law firm they might have a pretty good case against this broker. You might check them out with the Bar Association. FINRA is probably your first and best line of defense. And also contact your state securities regulator in your state. If the amount you lost was enough to justify it consider a lawsuit on your own with a lawyer experienced in securities law.
Why would you buy a chinese stock? Even Jim Cramer says to stay away form them, said to buy Hormel if you wanted an pork play. You got played by a boiler room crook! If you sue with that lawfirm you may be able to get some money back, probably enough for a dinner, You will cause more trouble for them by filing a complain with FINRA. Bunch of crooks. What crap they put you into.
You might want to file a complaint with the proper authorities, but you must remember that playing the stockmarket is like playing poker. You win big or lose big. And it is YOUR money so you have to keep your eye on the ball . It is your decision to decide when to invest and when to pull out. it's not like you deposit money in the bank and forget about for a while.
Your money is gone. Even if you sue, it's unlikely they have any money left. Or even if they do, it's squirreled away somewhere (like the Caymans) where you can't get at it. Why are you investing with someone that cold calls you?? And using margin on top of that - JEEZ. Watch the movie Boiler Room sometime.
You would contact a lawyer who practices SEC law.
Geez, didn't something sound funny to you fairly early on in this game? Are you even sure who you were really dealing with?