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TD Ameritrade Holding Corporation Message Board

  • cchaker cchaker Nov 9, 2004 10:24 AM Flag

    12 brokerages including AmeriBest.....

    SEC probes stock trading ethics at American Express, five other
    Brokerages
    Nov 09, 2004 (Pioneer Press � Knight Ridder/Tribune Business News
    American express Financial Advisors in Minneapolis said Monday that
    It is one of more than a dozen stock brokerages firms contacted by the SEC
    for information regarding whether it secured the best possible price for stocks
    it was trading for customers. Other firms include Charles Schwab, Morgan Stanley
    Merrill Lynch and Ameritrade.
    This probe, reported Monday by the New York Times, focuses on �best execution�
    practices, which by law requires a brokerage firm to provide the best price available
    to the customer. Brokers have an absolute responsibility to give their customers
    best executions.
    American Express Financial Advisors, which manages $378 billion in assets for more
    than 2 million customers, agreed in February to pay $7.4 million in penalties and
    reimbursements for not giving sales discounts to large mutual fund customers.

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    • How long will it take and how deep will the gov go with their investgation.?????

      • 1 Reply to mitchgree
      • It sounds a little bit weak with regard to financial impact on stock price because it involves every broker on the block...

        Maybe it will clean some things up but I doubt it. Then, we will no longer have a marketplace. Where will the true scam artist traders work? I compare it to the flee markets in Mexico. There has to be a spread and if the guy on the other corner is a little late on things he won't be in business long. For people to complain about getting the wrong price, I would like to know if it was in their favor or not? 50/50 shot on where the price goes after they bought or sold...

        Fundamentally speaking this investigation doesn't have much merit unless, and a big unless, they find deliberate skimming. In such case, the company should be fined heavily and the account holders should be given 100% on top of their original money.

        It sounds to me like the only wrongdoing may be the speed at which the client receives data, otherwise the client is shopping on the wrong steetcorner or should do some comparison shopping...the only problem with that is generally people are too lazy - especially the one complaining.

        Disclosure: Tied up in cash just watching. Stopped out last Monday when I was busy - actually working.

 
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