That seriously is what they told me, I called back later and the next guy told me while that doesn't help them, that isn't why it is not trading.
He said that there was a complaint against them to the SEC and until that is resolved, the DTC will not continue services on them.
Getting a different answer an hour later doesn't give me a warm and fuzzy feeling about my broker. I have seen so many different reasons put forward by people that it makes me wonder if anyone really knows the reason for this and when it can continue trading again. Pretty frustrating if you ask me.
Also, Etrade told me I could transfer the shares to another broker (I heard others say they couldnt from Etrade), but then again, this broker may have been wrong.
OK; as an Etrade broker ill tell you all that the reason for the suspension wss that a formal complaint was filed by the SEC regarding the fraudulent sale of stock by an SFIO insider. This is the same story we all already know, as Schroepfer is liable for conspiracy to commit securities fraud he is also liable for disgorgement ordered by the SEC and the FBI, under what I believe to be SEC reg FD. What this means is that whatever Shcropfer stole from us since this is actually our company who we trusted to this greasy $$$$, he is liable to repay up to 3 times that amount. The shortest likely period for this suspension is T+3 settlement. You may transfer your shares to another broker if another broker will allow you to buy and sell, or you may contact the companies transfer agent to see if shares can be transferred via DTC/DWAC.
If the Etrade broker was talking about a transfer agent being unavail, he was either making it up or had access to information the brokerage did not circulate, was speculating all together, or didnt say this at all. Remember if you want to transfer your shares to another broker; 1st, it can take a long long time and by the time the shares are transferred the stock may very well have recovered, 2. The broker you are transferring the stock to likely uses the DTCC as well.
Gar, Your at the discretion of TDCC, SEC,and individual brokerage houses till this thing is resolved.Some instances have taken longer to reach a resolution, and others are cleaned up in 72 hours.Let's hope trading will resume within a resonable amount of time.luck tro