Someone Sold Two Of My Stocks In My Schwab Portfolio

[rhinefire]

Two of my stocks were illegally sold from my portfolio though no fault of my own. The money amount was recovered but Schwab put it into a money market account. I asked why they did not return it to the stocks. They said they cannot. One of the stocks went up 5 1/2 points in that two week period Schwab took to investigate. The cost me $600+ and now because I bought both this year I will have to tax on short term.

 

[Kblaster49]

Two of my stocks were illegally sold from my portfolio though no fault of my own. The money amount was recovered but Schwab put it into a money market account. I asked why they did not return it to the stocks. They said they cannot. One of the stocks went up 5 1/2 points in that two week period Schwab took to investigate. The cost me $600+ and now because I bought both this year I will have to tax on short term.

Did you bring this up? What did they say?

https://www.aboutschwab.com/security#:~:text=Our%20security%20guarantee%20promises%20Schwab,accounts%20due%20to%20unauthorized%20activity.

Our security guarantee promises Schwab will cover losses in any of your Schwab accounts due to unauthorized activity. Learn more at schwab.com/guarantee

 

[dmpi]

Really?! How did this happen? Someone got into your account? If it was me, I'd just be happy to get your money back. Sorry about the tax consequences though.

 

[Hari Seldon]

Two of my stocks were illegally sold from my portfolio though no fault of my own. The money amount was recovered but Schwab put it into a money market account. I asked why they did not return it to the stocks. They said they cannot. One of the stocks went up 5 1/2 points in that two week period Schwab took to investigate. The cost me $600+ and now because I bought both this year I will have to tax on short term.

That's insane. At least you didn't wake up and find a negative 49 billion dollar balance like that one lady.

 

[StillBallin75]

You might want to dig into how your account security was compromised.

At least that's what I'm assuming when you said they were "sold illegally through no fault of your own."

 

[Felis Leo]

Two of my stocks were illegally sold from my portfolio though no fault of my own. The money amount was recovered but Schwab put it into a money market account. I asked why they did not return it to the stocks. They said they cannot. One of the stocks went up 5 1/2 points in that two week period Schwab took to investigate. The cost me $600+ and now because I bought both this year I will have to tax on short term.

Damn, that is frightening. Did you have two-factor authentication enabled for your account's security? I make sure that I have that done on all our accounts, even though it is kind of a pain checking on them.

 

[gdgyva]

I assume you took this to upper level management?

What exactly occurred on the account? Do they know yet? Making you whole would seem to me to be one of their priorities....which in some ways they did, but in others....not. Did you bring this up with someone in upper management?

I had TD Ameritrade which was switched to Schwab when they merged....i havent had any issues with our two accounts....but both have two factor authorization....and i only log in from 2 places.

If you havent spoken to higher ups, that would be my move. Not sure of your account balance....but i have had zero issue getting assistance when needed including floor managers and above.

 

[Lord Tammerlain]

I assume you took this to upper level management?

What exactly occurred on the account? Do they know yet? Making you whole would seem to me to be one of their priorities....which in some ways they did, but in others....not. Did you bring this up with someone in upper management?

I had TD Ameritrade which was switched to Schwab when they merged....i havent had any issues with our two accounts....but both have two factor authorization....and i only log in from 2 places.

If you havent spoken to higher ups, that would be my move. Not sure of your account balance....but i have had zero issue getting assistance when needed including floor managers and above.

I will take a guess and say a schwab employee did it to cover a short position illegally

 

[dockside]

I will take a guess and say a schwab employee did it to cover a short position illegally

I assume you took this to upper level management?

What exactly occurred on the account? Do they know yet? Making you whole would seem to me to be one of their priorities....which in some ways they did, but in others....not. Did you bring this up with someone in upper management?

I had TD Ameritrade which was switched to Schwab when they merged....i havent had any issues with our two accounts....but both have two factor authorization....and i only log in from 2 places.

If you havent spoken to higher ups, that would be my move. Not sure of your account balance....but i have had zero issue getting assistance when needed including floor managers and above.

I had one of my retirement accounts at TD Ameritrade which were transferred there from Scottrade when it "merged." I wasn't happy at TD with their website and other things. When the next "merger" happened, I went to Fidelity as I wasn't, for many reasons, going to be sucked into Schwab. Just say I'm not surprised this happened to the OP and wish him well in getting ALL of his losses paid for.

 

[Ahlevah]

That's insane. At least you didn't wake up and find a negative 49 billion dollar balance like that one lady.

Or the 20-year-old kid who was told by Robinhood he faced a $750,000 loss on stock options and had a $170,000 margin call. He then frantically emailed the broker’s customer service four times, got the brushoff, but then received the good news via automated email that it was all just a big misunderstanding—one day after he committed suicide:

Great news!" The email read, "We're reaching out to confirm that you've met your margin call and we've lifted your trade restrictions. If you have any questions about your margin call, please feel free to reach out. We're happy to help!"

Alex Kearns died thinking he owed hundreds of thousands for stock market losses on Robinhood. His parents have sued over his suicide.

In the wrongful death suit, Alex Kearns' parents accuse the company of targeting unsophisticated traders like their son.

www.cbsnews.com