Can anyone with knowledge on this subject area help me with some information please.

Background of the story is Mr J has several share holdings held electronically with A stockbroker. B stockbroker ask for an inter-member transfer of Mr J's holding to them as Mr J has passed away and they have been authorised by his estate. A stockbroker contacted Mr J and he informs that he is alive and well and did not authorise any such requests. A stockbroker declines B stockbrokers request.

Fast forward to a month later, A stockbroker realises that CSCS authorised the transfer and all Mr J's holding have bben transfered to B stockbroker. B stockbroker have sold shares worth N23 million with N4 million already completed and N19 million pending. A stockbroker has now written to NSE and we are awaiting the next cause of action. There are still shares worth millions which havent been sold but are now under the control of B stockbroker

My questions are

1. Why did CSCS authorise the transfer?
2. Can the pending transactions be stopped?
3. How do we go about getting the shares transfered back to the A stockbroker
4. who is liable for the losses?

Thank you

how come mr.b no the name mr.a use to open cscsc account and number?

ihedioramma: how come mr.b no the name mr.a use to open cscsc account and number?

You obviously havent got a clue so please reply to questions in your area of expertise only. This isnt Super Story!

@ poster. Mr J should report both stockbrokers †☺ the SEC and not the NSE! Furthermore he should sue the two of them! He will recover his shares back! Ps he must change his stockbrokers due †☺ negligence(I suspect an inside job in A's office for the approval †☺ be given)

B broker must have forged Mr J and A stockbroker's signatures and documents.

@pappilo I work with the CSCS, can u kindly drop your details so that I can reach u further.

Whatever!!!

An unexamine life is not what living according to Socrates.

This is an insider job ooo,don't just wait for the regulatory bodies.effect an immediate transfer of the balance shares. A good lawyer should write a letter to the company not to go ahead with any actions on the pending shares. copy sec and cscs the letter u send to the company.hope its lagos or abj sec offices. U are dealing with.don't waste your time with nse.na mouth those one de. liaise with the cscs guy.he could help u

The problem is internal fraud operating with external, anytime I am sellingg my shares,they ask me provide my passport or driving license with my face on it for photocopy after signing and form complete even despite we have been together for yyears. They problem is origanlly from internal and I heard it could be trace since the paycheck are cross and not open cheque

I'm I d only one confused?

i.:
@ poster. Mr J should report both stockbrokers †☺ the SEC and not the NSE! Furthermore he should sue the two of them! He will recover his shares back! Ps he must change his stockbrokers due †☺ negligence(I suspect an inside job in A's office for the approval †☺ be given)

i go with this post. There is somebody in A's office who must have given the nod for an approval. But take his advice, report both stockbrokerage firms to SEC.

Dis s d 1st time am hearin some one shares wz sold witout his knol n d person had a CSCS acct , den I waz tinkin its neva posible, just like goin to my acct n witdrawin my money , d only person dat can do dat s d bank , in dis case d only person dat can do dis s SEC n not his broker like u pple re sayin, its beyond dem, reportin 2 SEC s a gud idea cuse it wz done by dier inhouse staff n it can b traced or beta stil go 2d police CBS police station dey re incharge of marina department.

I just hate anytin stock dis days since I lost more dan 2milion dier, s beta one invest in tings he can see

suggary: This is an insider job ooo,don't just wait for the regulatory bodies.effect an immediate transfer of the balance shares.

They already moved the whole shares to B' firm, with the assumption that the owner is dead. I think it's SEC that is going to solve this, because it's going to take more than a Lawyer to prove that the guy is not really dead.

I tire for Naija. I thought by now all this kain scam go don stop.

You better report them EFCC
The have records of purchases and sales, they have photocopy of pay out cheque with name inclusion, if they pay out a cross cheque in your name, where is it cash? What is the serial number of the cheque to know the particular bearer who cash it, those behind it are the internal one, they have percentage using external candidate, banks steal that way too. Maybe they think you are dead, let them know you are living in peace and not yett rest

Bro it is macts u are talking about?

Nigeria is a fraud

1. The broker's would need to authorize the transfer for CSCS to execute it.

2. Probably not without an order from Securities & Exchange Commission or the Investments & Securities Tribunal.

3. A decision from the SEC's Administrative Proceedings Committee or an order from the IST.

4. Liability can only be found by the APC or IST.

I don't know much about shares,I only know the followings: bull,bear,stag,brokers,bonds,securities,and one Atete orumah,etc.

So apply the names given above where necessary. Thanks.

hv you pple forgoten the term acct frozen? this is what has happened, but in this case its stock. when they tell you this things they do it angrily and seriosly. the guy shd make sure he has pple in high places and in the SEC, for his case to be heard.

tony1980: An unexamine life is not what living according to Socrates.

what do you mean?

iyoti: @pappilo I work with the CSCS, can u kindly drop your details so that I can reach u further.

Drop your suggestions/recommendations/advise on here.
A whole lot of others would gain.
Your post could raise red flags!

pappilo:

1. Why did CSCS authorise the transfer?

CSCS was probably relied on forged documents

pappilo:
2. Can the pending transactions be stopped?

Of course. write to CSCS and copy NSE. A & B too must be officially notified. No verbal complaint

pappilo:
3. How do we go about getting the shares transfered back to the A stockbroker

Mr J should write a letter to CSCS to that effect. He should copy SEC, NSE and CIS (since A & B are stockbrokers)

pappilo:

4. who is liable for the losses?

Both and one of the stockbrokers depending on who is negligent

i.:
@ poster. Mr J should report both stockbrokers †☺ the SEC and not the NSE! Furthermore he should sue the two of them! He will recover his shares back! Ps he must change his stockbrokers due †☺ negligence(I suspect an inside job in A's office for the approval †☺ be given)

A stockbroker is not involved. B stockbroker signed a letter of indemnity taking all responsibility for any future claims that may be made against CSCS and thats why they authorised the transfer without approval from A stockbroker.

This kind of system should never be in operation and the NSE/CSCS should stop it henceforth. What stops a disgruntled broker willing to leave the country for good from signing a letter of indemnity and transfering shares of a random investor worth hundreds of millions, selling them and fleeing the country with the funds?

They also still rely too much on paper records beacuse if things were recorded electronically, the refusal by A stockbroker to authorise the transfer a month earlier should have raised red flags even when a letter of indemnity had been signed.

I have a picture of the perps and will post it here shortly. I am wondering if I should name and shame B stockbroker. A quick search on the internet shows they have been involved in big time shares fraud before.

I've been waiting for a post like this for long time now, guys here is an advise, if you have a huge money in the bank, and all of a sudden the bank turn around and invites you for some sort of signature update or any kind, please be watchful, as they offer you tea or coffee, that's how you might end up taking poison, as they know fully well no one on eart tells the next of kin how much he or she has, some next of kin are not even contacted, I don't know if my little advise will help though.

pappilo:

A stockbroker is not involved. B stockbroker signed a letter of indemnity taking all responsibility for any future claims that may be made against CSCS and thats why they authorised the transfer without approval from A stockbroker.

This kind of system should never be in operation and the NSE/CSCS should stop it henceforth. What stops a disgruntled broker willing to leave the country for good from signing a letter of indemnity and transfering shares of a random investor worth hundreds of millions, selling them and fleeing the country with the funds?

They also still rely too much on paper records beacuse if things were recorded electronically, the refusal by A stockbroker to authorise the transfer a month earlier should have raised red flags even when a letter of indemnity had been signed.

I have a picture of the perps and will post it here shortly. I am wondering if I should name and shame B stockbroker. A quick search on the internet shows they have been involved in big time shares fraud before.

Though not legal, Revealing the identity may well prevent others from fraudulent activities from these chaps or coys...... given the history of previous fraud deals.
I worry about our aged relations who have to deal with such ?crooks.

Their reps on NL may well get them to explain their corner and hopefully resolve the case.

Many thanks.

Oga Papilo! My reason here is jointly and severally meaning either stockbroker A or B should be held liable for the fraudulent transfer and sale! If B is found nor to have money what happens to the customer? A should be able †☺ pay!

Sounds complicated cause this guyz are highly monitored now. I think stockbroking firm A is responsible for any form of misdemeanor.

Because they are reponsible for watching over and managing the mans portfolio.

I wonder why he doesnt have is portfolio well followed up by the original stockbroking firm since he has equity worth over 5million naira

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