The Advocate
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With grave concerns, Cliff, check out this answer. I have a 50 + year old UNC Chapel Hill grad former friend. He worked for EF Hutton and Oldie, plus one other I do not remember, set up offices for Oldie. Worked about 15 years, told me every client he ever had lost money in the stock market. In spite of him, I have done OK.
Check this out, I just recently corresponded with a couple of discount brokers, suggested by a yahoo contact, MB Trading, Choice Trade. I asked where the money I might send in to my account is on deposit, they answered it might be in a Scudder Fund or with Penson Financial. Bottom line, I learned it might be in a desk drawer at Penson Financial. It is not FDIC insured and no guarantees with these two Brokerage houses.
Another example, Schwab at least owns a bank, Scottsdale Securities at least deposits your money in a bank in St. Louis. Be cautious when you first set up is my advice. You may be sending your money into the next world or a secretary's desk. |
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