bodik: Thanks for your responses, what i am saying is they actually bought some stocks for me but chop the remaining balance i think one can report them to sec please if you know modalities let me know.

suggary: Npf,lawyer can't really help u,u would only end up spending more.have u printed your current cscs to know if it has been rectified.the best way is to report to second or nse and they would be given an ultimatum to repay u or their lisence would be redrawn.were are located so I give u an address to report to.

bodik: Please any other advice
Thanks

bodik: Hello house,
I paid a stockbroking firm some money to buy me stocks for over 3years, now they bought stocks less than what i gave to them and since then they have been playing me come today come tomorrow for the balance, please how do i seek redress
Thanks

perp: pls I am in the same boat with the poster and I stay in port harcourt. What do I do?

ifyalways: @OP,what do u mean by come today come tomorrow?what do they tell you?
Before u start exposing,i hope u have proofs of payment?
I think reporting them to NSE is a good step.

SimonTemp:

There is a department in the Nigerian Stock Exchange set up especially for this purpose. I think it is called BDR (broker, dealer relationship).

Go to the NSE building on Customs street, off Broad Street, ask for the department and file a complaint.

Some brokers get their licenses suspended because of acts like this.

lagerwhenindoubt: 1: Do you have an online CSCS Account NO[b][/b]

2: Did you pay in cheque or cash - if cash, do you have payment receipts CASH INTO THEIR BANK ACCOUNT, I HAVE MY TELLER[b][/b]
3: Did you pay in the Stockbroking House name or in the name of the Stockbroker in question STOCKBROKING HOUSE NAME[b][/b]

A CSCS Account is your right and a good stockbroker will ensure you register to have an online CSCS account where you can monitor trades made on your behalf.
If you do not have it, too bad, you will need to wait on the broker to tell you what you have from their in-house system or their CSCS account

If you paid cash and have no receipts then you have no proof of this transaction, if you paid cheque to the Broker, then you have something to hold on.

lagerwhenindoubt: @OP, it is safe to say that you have been horn-swaggled -i.e duped. please tell me it is not AIMS

bodik:
I WILL RELEASE THEIR NAME AS SOON AS I LODGE A FORMAL COMPLAIN

lagerwhenindoubt: 1: Do you have an online CSCS Account
2: Did you pay in cheque or cash - if cash, do you have payment receipts
3: Did you pay in the Stockbroking House name or in the name of the Stockbroker in question

A CSCS Account is your right and a good stockbroker will ensure you register to have an online CSCS account where you can monitor trades made on your behalf.
If you do not have it, too bad, you will need to wait on the broker to tell you what you have from their in-house system or their CSCS account

If you paid cash and have no receipts then you have no proof of this transaction, if you paid cheque to the Broker, then you have something to hold on.

netotse:

@op

lagerwhenindoubt just about has it right, in this CSCS age, when you want to buy shares you go to a stockbroker and they open a CSCS acct for you (and might subscribe your number for tradealert: if they do, CSCS then sends you a text telling you an account has been opened and they tell you your clearing house number <CHN> and that they will alert you when trades are carried out on your behalf). Whatever stock is bought on your behalf will be domiciled in your CSCS account.

If you subscribe to the CSCS online service you can check your account details by yourself (it costs NGN2500 a year but only your broker can apply to CSCS for this on your behalf. Personally I dont think it's all that useful, trade alerts are okay but if you want to be able to check your portfolio whenever you can get it.)

Most brokers have an online account system(not the CSCS one o, it's peculiar to the stockbroker) you should be able to login and view how much money you have with them and the stocks they have bought for you and all. Even if they dont, you can walk into your brokers office at anytime and ask them to print a CSCS account statement for you(I'm sure about this cos I have done this more than once).

NB: I cant say if it's compulsory for stockbrokers to sign you up for tradealert however, I use two brokers , one signed me up for tradealert free, the second didn't but I have a CSCS online account(paid for it myself, the brokers just submitted the proof of payment with my details).


The way forward; (IMO)
1. Go to your broker, ask them to print your acct statement showing when your shares were bought and at what price or the date the trade was executed (it's important you dont mention anything about your issues with them.

2. Collate the tellers showing your payments and reconcile your holdings with the amount you paid.

3. Contact SEC(http://sec.gov.ng/protect-yourself--alert-us--file-a-complaint-2.html) they have a tribunal called Investment and Securities Tribunal, IST http://www.ist.gov.ng, setup to deal with issues like yours, (stockbrokers dey fear them o)

All the best.

P.S. why dont you drop the brokers name, we can make small noise now, brokers dont like bad PR

BetaThings:
Trade Alert is compulsory. You pay for it for every transaction you do
Tell your second broker to put you on trade alert. It is your right, you have paid for it
Having a CSCS account does not mean that the broker cannot hold onto your money
After 1 year, if the broker cannot give proof of what they have done, what further proof does the OP need that he/she has been scammed
Let the OP start with the Institute, it is cheaper