THIS MOTTO COULD BE YOUR FIRST LINE OF DEFENSE IN PROTECTING YOUR INVESTMENTS FROM THEFT AND FRAUD.
Stories abound throughout the internet about how FINRA (the self-proclaimed Financial INdustry Regulatory Authority) is not effectively regulating its “members” (see our article FINRA OK’s Broker Fraud and other sites: Sense on Cents, Litany of Failures, Another FINRA Fail, and Harry Markopolos).
But in our opinion, it’s not because FINRA is incompetent. On the contrary, FINRA appears to be comprised of highly skilled linguists and spin doctors who get paid a lot of money to look the other way while its largest “members” commit financial crimes upon millions of unsuspecting retail investors.
How else do you think TD Ameritrade was able to post record profits and construct a $250 million high-tech building during the worst market slowdown since the great depression?
One reader suggested that TDA was engaged in excessive Churning and Burning during that time. Unfortunately we are unable to confirm his facts because unlike court complaints, FINRA arbitrations are confidential.
One thing we can confirm is that in a recorded telephone conversation between a retail customer and Thinkorswim’s “Trade Desk” the trader told the customer that his group was focusing on the Firm’s interests more than the customer’s.
That is a direct violation of FINRA Rules, and it illustrates how some firms have become perhaps “Too Big to Regulate.”
Don’t wait until you become the next victim, because even though you may have the law on your side, you already agreed to resolve all disputes through FINRA arbitration, the world’s largest kangaroo court, where Federal laws can be ignored, witnesses can lie under oath, and unexplained decisions are made by non-judges, with your chances for appeal are between zero and none.
So what can you do? Complaining won’t help. The SEC won’t help. Take action NOW, while you still have access to your money. Move your investments to another broker before your account is Churned and Burned away as the next market correction approaches, which most experts say is just around the corner.
And for those of you who feel that you cannot trade without the Thinkorswim software, you should know that it does not always calculate Options’ theoretical values correctly, leading you to take trades that appear to be headed for profit but quickly shift to reveal losses just before the Options expire.
And what did Thinkorswim do in response to the customer’s complaint? They directed him to the section in their contract that agrees not to hold them liable for the accuracy of data its systems present to you.
Disclaimer: Nothing on this page is to be construed as investment advice of any kind. We are not professionals or licensed investment advisers. We are real people who have been “burned” by TD Ameritrade and Thinkorswim, and we share our stories to help you avoid becoming the next victim.