sidedraft
15 years ago
Today, after all of these months without any stated policy, Zecco sends this email:
Thread-Topic: Worthless Security
Thread-Index: AcnP8COVZQQyp1pyRRCMd7TaNOHcgg==
From: "Customer Service" <customerservice@zeccotrading.com>
Dear Investor:
The Depository Trust and Clearing Corporation (“DTCC”) deems a security worthless and non-transferrable when a security does not have a transfer agent or Company contact for a period of six years or more. DTCC will charge all Zecco Trading customers for holding worthless and non-transferable securities monthly.
Each month, DTCC furnishes a list of all security ids (CUSIPs) that are worthless and non-transferrable. The report is compared to trading activity for each CUSIP. In some cases, a security may be trading, but is still deemed worthless by DTCC. The accounts that hold a CUSIP deemed worthless or non-transferable will be charged a fee of $7.50 per CUSIP per month unless Zecco Trading receives a written request to sell this position to worthless. You will need to send that request directly to Zecco Trading for receipt by the 22nd to avoid that month’s charge. All accounts that hold a CUSIP deemed worthless or non-transferable will be charged $7.50 per CUSIP per month at the end of each month. To request a worthless security to be removed from your Zecco Trading account:
Print and fill out a Request for Disposition of a Nontransferable Security form
Send it to Zecco Trading:
Fax to (626) 529-7077 -or-
Email to customerservice@zeccotrading.com* -or-
Mail to: Zecco Trading, PO Box 60670, Pasadena, CA 91116, USA
If DTCC receives information that a new transfer agent is assigned to the security, they will re-instate the position and we will do the same for the account.
Sincerely,
Zecco Trading, Inc
sidedraft
16 years ago
After three email exchanges, here is what I got today"
Dear Mr. xxxxxxx,
Thank you for contacting Zecco Trading. After further researching this matter it appears your securities were deemed worthless because it is no DTC eligible. We may reinstate these securities however it will be a $15 fee and $7.50 per month. If you have any additional questions please contact us. I hope you have a great day.
Best Regards,
Heather
So they stole my shares, but they are now admitting that they are not really gone, simply held ransom. So If I pay their ransom of $15.00 they will give me back my shares, if I pay them $7.50/Mo. to keep them in my account.
Proof positive that the SEC condones criminal activity by brokers, Zecco has kidnapped my shares!