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#1 |
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Posts: n/a
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I left my previous employer back in January and in March I initiated a transfer of my company's stock that I was 100% vested in. I was initially told that this process would take 3-6 weeks to roll these certificates into an IRA brokerage account. After 4 weeks, I started raising alot of concerns due to my asets not being available. I was told by the brokerage firm that this was normal and the process would in fact take 4-8 weeks. After 8 weeks I again started raising alot of concern. It was then disclosed to me that the bank holding the certificates had not released them yet and the issue was with them. Upon contacting that bank, I was again steered in the opposite direction that it was my brokerage's issue. After several 3 party calls it was then disclosed that I needed to transfer the company's stock from class A shares to Class B shares. In order to do this I would have to submit a special form. After about a week I received the form and when I inquired to the information needed, I was once again told that this wasn't the process and an completely different form was needed, and that this needed to be submitted from the brokerage firm only. Again a 3 party call was made and the arrangements were made to have this form faxed to my IRA Brokerage admisitrator. It has been almost 14 weeks now, my stock have lost almost 18% in their value and I still do not have any control over my assets. What are my legal rights to recover any of my losses?
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#2 |
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Senior Member
Last Online:
07-21-2008 09:30 AM Join Date: May 2008
Location: Sydney
Posts: 16
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where the certificates deposited under any instructions?
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#3 |
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Top Level Member
Last Online:
11-16-2008 01:08 PM Join Date: Feb 2007
Posts: 723
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You will not get compensated for change in the stock price, but perhaps you should have legal counsel or a financial planner intervene and verify what is really happening. It sounds a bit odd frankly and worth checking...
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