Stock broker error in my favour

Jul 1, 2012
2
0
11
#1
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 ?
 
Jul 1, 2012
2
0
11
#3
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
 

barjon

Well-known member
May 6, 2003
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#4
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.
 

YouAreNotFree

Well-known member
Jun 16, 2011
1,279
222
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#5
Just do the right thing.

Simples.
 

wackypete2

Well-known member
Sep 24, 2008
10,140
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New Jersey
#7
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