Stock broker error in my favour

This is a discussion on Stock broker error in my favour within the Brokerages forums, part of the Commercial category; Hi all Not sure where I stand here so can you please advise I purchased some shares on friday at ...

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Old Jul 1, 2012, 10:21am   #1
 
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Joined Jul 2012
Stock broker error in my favour

Hi all
Not sure where I stand here so can you please advise

I purchased some shares on friday at a cost of 0.29 per share now I wanted 3k worth to which my broker bought
I received my contract note and he purchased 1 million at a cost of .0029 which equates to nearly 400k in value to a cost of my 3k

Morally I feel bad but the deed is prob done, and the plus side I'm 400k richer

Do I advice them there error ?
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Old Jul 1, 2012, 10:36am   #2
Joined Oct 2011
Re: Stock broker error in my favour

erm, I'm pretty sure you need to settle the account with him..
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Old Jul 1, 2012, 10:42am   #3
 
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Joined Jul 2012
Re: Stock broker error in my favour

Gmtsweb started this thread Hi
I have settled my account of 3k. To which the purchases should have been 10000 shares aprox
He put the . Point in wrong place. 0.0029 instead of 0.29
Im sure after the initial trade ( end of day ) no changes can be made.
There is no way I can afford the 1 million shares but this is his error.
If I advise on Monday really would it make any difference.

Or do I keep quiet and see if they spot there error
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Old Jul 1, 2012, 11:13am   #4
 
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Re: Stock broker error in my favour

Gmtsweb

You're only 400k richer on paper!! You'd better get it unscrambled because there's no way your broker is not going to notice a 397K hole in his accounts if he's made an error in the contract note.
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Old Jul 1, 2012, 12:34pm   #5
 
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Re: Stock broker error in my favour

Just do the right thing.

Simples.
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Old Jul 1, 2012, 12:46pm   #6
Joined Sep 2008
Re: Stock broker error in my favour

If you ignore it or feel it's justly yours because the broker made an error you are going to get screwed up the @zz bigtime.

Peter
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Old Jul 1, 2012, 12:48pm   #7
Joined Sep 2008
Re: Stock broker error in my favour

Do you mind telling us what the stock was?
Just curious. I'm always highly suspicious of penny stocks. Way too easy for market makers to manipulate them.

Peter
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