[mkjelenbaas]

Your financial institution (by treating you like this) is telling you something you need to listen to! They don’t care about your business - time to draw your money out and go to someone you can trust!!

[blueash]

The Vicar has told us that the settlement day was Oct 22nd. But he has not told us where that cash from the sold stocks was deposited. Did it go into a cash account at the broker? Was the broker told to close out the cash and transfer it to a second institution? Did he have a checking account at the broker?

We are told in post #1 that he expected it to be available in a checking account from which it was to be wired for the closing. But then in post #15 he writes that he was going to go to their office to pick up the money. Those two scenarios do not seem identical. Perhaps the going to the office was to do some paperwork to get the sale arranged not to pick up a check?

Either way, you have no damages unless you suffered a loss. Did the closing go through either on the 1st or the 2nd? Or did you loose the opportunity to buy the property?

Brokerages carry "Errors and Omissions" insurance for protection when they make a mistake.

The location of the cash between Oct 22, the settlement date, and Nov 1, the closing date needs some exploration. Either way, you were poorly treated. Perhaps you didn't understand some requirement or where to find your money. But I think it was their obligation to clearly explain to you how the cash was getting from your account to the closing.

[rtinder]

Originally Posted by vintageogauge

Last year I had Edward Jones sell of a bunch of stuff and they did it a day late resulting in a loss of $6,000.00 due to a drop in the market value that day. The agent that I dealt with for years absorbed the $6,000.00 and brought my account up to where it should have been if sold the day before as instructed. It's nice when someone you trust with money is honest enough to admit they made a mistake.

Who was your broker. So good to hear of a positive experience!

[Goinghiway]

Never had a problem with Fidelity…..

[catholmes99]

You do have recourse and there is a procedure for handling your complaint. As soon as you voiced your complaint to them, they should have followed the procedure for handling it, which is dictated by their Broker/Dealer's Compliance Dept. and the SEC. This brokerage firm, Whitaker & Associates, must process all securities trades through their Broker/Dealer (B/D). The B/D is listed on your monthly statement. Their B/D is Newbridge Securities Corp and the phone number is 877-447-9625. Ask for the Compliance Dept. I was a broker for 35 years before I retired. My B/D was very strict (a good thing!) and I was expected to report to my B/D if I ever had a client complaint lodged against me. (never happened) The fact that you complained to many people at that firm, including Michael Whitaker, and no one took you seriously is not at all acceptable. Calling the Compliance Dept at the B/D should get the ball rolling. You can always check out brokers and broker/Dealers through FINRA. Just type a person's name in the search box and you can see if there have been other complaints. In searching for Newbridge Securities Corp I discovered some interesting info, such as a $225,000 fine assessed against them by the SEC in2019. This may be a B/D that doesn't properly supervise the brokers who place business through them. If you don't get a satisfactory answer from the Compliance Dept then write again on this forum and then I'll give you step 2. Step 1 should work. Good Luck!




QUOTE=VICAR OF DIBLEY;2024610]I am an octogenarians in need of suggestions how best to handle this situation involvingone of my brokerage firms, Michael Whitaker and Associates, LLC.

I have been a client of Michael Whitaker and Associates for well over a decade, and for the first time, I needed to sell stock in what had to be a very timely matter—for the closing of a real estate purchase.

I contacted Michael Whitaker’s office to explain the situation, giving the specific date by which I absolutely had to have the funds available—November 1, 2021—as well as the amount of funds I needed available. No problem, I was told; I was given instructions how to accomplish this.

I followed through on the instructions to the letter, as I could not take a chance on any errors occurring. In fact, I adjusted the date to make it even earlier—October 29, 2021—just in case there was a delay. Again I was assured that the funds would definitely be available even before I actually needed them. To be on the safe side, I verified the dates and instructions with Michael Whitaker’s staff.

To make a long story short: On Friday, October 28, the funds were not available in my checking account from which they were to be wired to the closing company. Figuring on a routine delay, since Michael Whitaker had all the information AND I had gone over it with his staff, on Monday morning, November 1, 2021—the day of the closing—I was not able to wire that portion of funds, as they never appeared in my account!

Urgently I sought to contact Marcia at Michael Whitaker’s office, whom I had been told would be my primary contact person, starting the calling at 9:00 AM, and until 9:45 I kept getting a recording saying that the office would reopen at 9:00 AM. Finally, someone answered, and I said I needed to speak with Marcia immediately.

I was told she was with a client. I explained that this was an emergency situation, to please interrupt her. She finally picked up the phone and told me she would call me back ‘later.’ She finally did call me back and told me she had no idea why the funds weren’t there and she could do nothing about it.

This was a far cry from being told not to worry, that everything would be done as needed, that what I was doing was fairly routine. Unfortunately, Marcia took no responsibility for the major problem about which no one in Michael Whitaker’s office could—or would—do anything about.

Essentially Michael Whitaker’s staff did absolutely nothing and offered no possible solutions. I was left high and dry, facing a closing and not being able to have my bank wire the funds as was required by the company handling the closing. What was I to do? Whatever I did, it was with zero support from Michael Whitaker and Associates, LLC!

The thought crossed my mind: Am I being taken advantage of because of my age, because someone was making the assumption that I would not realize what was going
on? I was unbelievably upset, as I had no idea what to do, and hard as it is to believe, no one at Michael Whitaker’s firm even offered a suggestion! These are the people whom I had trusted with my assets and cash over the years.

I spoke directly with Michael Whitaker as well as several of his staff. He essentially shrugged off the problem—not what I would have expected from a company which I hadtrusted and relied on. Now I’m asking myself if I have any recourse to being treated like this by Michael Whitaker and his staff.The funds are there today—Tuesday, November 2, 2021. But the closing was yesterday. In terms of recourse, I would very much appreciate your suggestions. Thank you.[/QUOTE]

[Carla B]

Plus, with a company like Fidelity, or Schwab you can go on line to look at your account and trade, if you wish. And you can always run down to their office if you need in-person help.

[Queenie504]

Time for a new broker.

[walterray1]

Originally Posted by VICAR OF DIBLEY

Edward Jones sounds like someone who I could trust.
By his actions, I would feel he is honest.

Check out Charles Schwab.

[Jayhawk]

Originally Posted by Queenie504

Time for a new broker.

You need to go NOW, TODAY, and find a more stable company. The one you are with is part of the Newbridge Family of investors and the look is not good. You have a tiny local family-run advisor (at least half the employees are family) supported by a mid-size investment house with weak financial results.

More 'doubt' about this broker-dealer's future - InvestmentNews


At the end of 2019, the firm had an accumulated deficit of $9.2 million and net cash used by operations, a cash flow metric, of $928,000, according to its annual audited financial statement on file with the Securities and Exchange Commission.

That puts the firm in an unenviable position, according to the filing. “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” according to the filing, known as a Focus report. Although Newbridge filed the report at the end of February, it did not become publicly available until recently on the SEC’s website.

The firm has about 175 registered reps and 50 branches.

In the Focus report for 2018, Newbridge’s auditor said the firm had sizable financial problems. “The company has a large accumulated deficit and negative cash flows from operations,” according to a letter from Liggett & Webb, which was addressed to the firm’s board

[Jayhawk]

More bad -

In this article you will find a running list of links to news stories about Newbridge Securities customer complaints and regulatory actions. We have also documented several of the most significant cases involving Newbridge Securities broker misconduct.

Newbridge Securities: Information on Complaints & Regulatory Actions

[VICAR OF DIBLEY]

Originally Posted by rsmurano

AJ32162 stated it correctly. you never get your money the same day you sell investments. Some brokerages allows you to sell then buy stocks the same day but never allow you to take the money out.
One interesting note that makes this whole story fall apart was that the OP stated he checked his "checking account" for the funds that he sold and they weren't there. You know that it requires a move from the brokerage account into a checking account which can take a day or 2 in itself especially if they have to transfer the funds to another bank. Or, the OP is confused and thinks the brokerage account where his funds come out of is a checking account, either way, doesn't look good for the OP.
I use a brokerage firm that can wire directly out of my taxable accounts. So when I need to wire money, I talk with my brokerage firm and tell them I need you to wire the funds a day or 2 before the closing date and they will tell me when I need to sell so the funds are ready for wire in time. Done this a dozen times with no issues but I always wire the funds days before they should be there

I had informed Michal Whitaker’s firm the exact date I needed the funds in my account.
I relied on them. I notified them nearly a month before I needed the funds in my account.

[VICAR OF DIBLEY]

[QUOTE=catholmes99;2024812]You do have recourse and there is a procedure for handling your complaint. As soon as you voiced your complaint to them, they should have followed the procedure for handling it, which is dictated by their Broker/Dealer's Compliance Dept. and the SEC. This brokerage firm, Whitaker & Associates, must process all securities trades through their Broker/Dealer (B/D). The B/D is listed on your monthly statement. Their B/D is Newbridge Securities Corp and the phone number is 877-447-9625. Ask for the Compliance Dept. I was a broker for 35 years before I retired. My B/D was very strict (a good thing!) and I was expected to report to my B/D if I ever had a client complaint lodged against me. (never happened) The fact that you complained to many people at that firm, including Michael Whitaker, and no one took you seriously is not at all acceptable. Calling the Compliance Dept at the B/D should get the ball rolling. You can always check out brokers and broker/Dealers through FINRA. Just type a person's name in the search box and you can see if there have been other complaints. In searching for Newbridge Securities Corp I discovered some interesting info, such as a $225,000 fine assessed against them by the SEC in2019. This may be a B/D that doesn't properly supervise the brokers who place business through them. If you don't get a satisfactory answer from the Compliance Dept then write again on this forum and then I'll give you step 2. Step 1 should work. Good Luck!



Thank you for this information. I will follow through with it.
I am learning a lot the hard way.

[VICAR OF DIBLEY]

Originally Posted by Jayhawk

You need to go NOW, TODAY, and find a more stable company. The one you are with is part of the Newbridge Family of investors and the look is not good. You have a tiny local family-run advisor (at least half the employees are family) supported by a mid-size investment house with weak financial results.

More 'doubt' about this broker-dealer's future - InvestmentNews


At the end of 2019, the firm had an accumulated deficit of $9.2 million and net cash used by operations, a cash flow metric, of $928,000, according to its annual audited financial statement on file with the Securities and Exchange Commission.

That puts the firm in an unenviable position, according to the filing. “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” according to the filing, known as a Focus report. Although Newbridge filed the report at the end of February, it did not become publicly available until recently on the SEC’s website.

The firm has about 175 registered reps and 50 branches.

In the Focus report for 2018, Newbridge’s auditor said the firm had sizable financial problems. “The company has a large accumulated deficit and negative cash flows from operations,” according to a letter from Liggett & Webb, which was addressed to the firm’s board

Thank you. After reading what you wrote, perhaps I am fortunate I received the funds, albeit late.

[Boomer]

Vicar, please carefully note post #35 by catholmes99 and posts #39 and #40 by Jayhawk. They are giving you extremely valuable information.

If you want to start finding a connection to a new brokerage now, Fidelity and Schwab are right here and you can talk to someone in person. They can give you as much or as little advice on investments as you want. They can definitely help you with transfers though if you want to get that done before you proceed with anything further.

[Warren]

Do you think it would be appropriate to hear from Mr. Michael Whicker?