THIS MOTTO COULD BE YOUR FIRST LINE OF DEFENSE AGAINST BROKER FRAUD AND MISCONDUCT.
TD AMERITRADE (“TDA”) is a huge brokerage with six million customers. As such, this company does pretty much whatever it wants, unhampered by pesky rules and regulations, because they know that their regulators cannot apply the same enforcement standards to this behemoth as are applied to smaller firms.
They also employ an army of lawyers and view their legal fees as a mere operational expense (like rent, electricity and employee salaries).
If you file a formal complaint against this firm, they will engage their lawyers to make the problem disappear. Literally.
We have copies of transaction reports that the firm prepared in response to a FINRA investigation. The reports skipped over the dates in which employees had illegally traded in a customer’s account, but the reports’ page numbers were not broken where the missing dates would have occurred.
“Even worse,” said one of TDA’s victims who wants to remain anonymous, “They’ve got FINRA in their back pocket. Look at those letters you published here. FINRA is supposed to be prosecuting the brokerage for violating its Rules, but instead these so-called regulators are violating their own Rules in their defense of the criminal.”
“STAY AWAY FROM TDA” or “MOVE AWAY FROM TDA”
We cannot stress enough the importance of getting your funds away from the custody and control of this firm. And if you had ever established a link to your checking account, notify your bank that it is no longer authorized. Otherwise TD Ameritrade can withdraw funds from your checking account, which it has done before.