I went long with whatever I had plus margin early this week on this stock based on a friend's advice. I now have a $930,000 margin call that I can not pay. I do not know how to tell the story to my wife and children when I go home. Anybody knows what happens if I do not have the money to pay for the margin call? I literally have no assets to liquidate to pay this debt. Should I call an attorney for my options?
They never would have given you that much margin if you did not have any assets. Nice try. If you did lose your lunch money for school, maybe you can find some sucker who might believe your sob story and share his lunch with you.
since you are broke.....get a high priced lawyer......since you won't be able to pay one anyway.....might as well get the best advice possible.....of course the facts you present him might cause him to think "How will I get paid?"
No broker would allow you to buy more stock than the value of your portfolio. If they did, everyone would be gambling with the brokers money, and the brokers would be out of business. If your broker actually did allow you to buy more than what you had in the account, there is a very simple solution. Close your account. How are they going to do a margin call on a closed account with no funds?
If this story it's true ? Take care of your health and mind. and off courses your family ... you've risked a big money that you d'ont own ....???? too riskiers take care .... consult your attorney right now ...
Sentiment: Strong Buy