Suspected victim

[aaclarke]

Hi all,
I feel i may be the victim of share pumping. I bought (with 2 other people) 10,000 shares of a company called Ozolutions Inc. paying $0.27 per share.

These shares are currently worth between $.60 - $0.65 each at the moment.

I have not received my share certificate and was wondering if i need it to sell the shares.

I have read on a few sites about pumping and this company was listed as one of them.

Although the amount is relatively small it would still be nice to get my initial investment back.

1. Is it possible to trade without a certificate?
2. Is it possible to use a reputable broker?
3. Do you think i have been shafted?

Any help would be gladly received.

 

[neil]

oh dear

Ermmm.

The shares were down to 0.55 cents today.

 

[options]

Hi AA,
I wonder if you'll be going to the AA meetings after this.
Must admit it doesn't sound too promising.
Okay what made you buy the shares in the first place?
If it was a sweet talking american who phoned you up out of the blue, then yes you have been a prat.
If it was on the advice of one of the other two involved after research into the company, then maybe it will turn out to be a good trade.
How long ago was it that you bought the shares? Ring the broker (I'm assuming it was a broker) and ask him where the certificate is. It might have gone to one of your other partners. If all three of you are tied in you might have a problem selling anyway.
If you paid 0.27 for the shares and they are now 0.55 according to Neil, you are in profit and if you feel uneasy, a good time to get rid of them, (weather all your costs are covered or not).
Oh, and Neil? Let's have a bit more input then 'Ermmm' and then stating the obvious please mate. Not much help to a newbie is it?
1) It is possible to trade without the certificate in your possesion. Better to trade through the broker who handled the first deal, because he will know (or should know) where the certificate is.
You should at least be able to tell whoever, when you expect to have the certificate in your possesion. It is also important to note that these shares may be difficult to sell anyway.
2)If you know you are going to have the certificate in your possesion tommorow or the next day, then a reputable broker may make the trade for you. (Asuming he can place the trade). Though in reality, until you have the certificate will not trade for you just on your say so. Even if your word is your bond.
3)Do I think you have been shafted? You will be able to answer this question yourself the second you try to sell them. If the bloke on the other end of the phone roars with laughter, then you may just have to put this down to experiance. If on the other hand he says 'yes sir, did that for you as we speak. Sold for 1.24. please forward the certificate within 5 days' You may have got away with it.
I must ask though. What on earth made you take a trade on, that you didn't feel comfortable with?
Were you talked into it?
Let me know how you get on please.

John.

 

[aaclarke]

Thanks for the reply,
Simple answer is yes i was a prat and got sweet talked.
The problem is i saw the pound signs flashing and these people could sell sand to an egyptian.

The long and the short of it was that the amount we put in was a pretty small, this was due to the fact that we were a bit sceptical.

The shares are fluctuating around the 55cents 65cents mark.

I feel that we will have trouble getting the certificate in a short amount of time. (what is the normal time span for a certificate to be delivered).

I spoke to a few helpful guys in the chatroom yesterday, they cam up with a similar response to yours.

At the end of the day i suppose there is no quick fire way of making money when you trust someone else to do it, they are only there to line their own pockets.

 

[options]

The speed at which you get the certificate will depend on your broker really. The contract note, you should get the next working day. 2 at most.
Using the same people to sell with; even without certifcate should not be a problem.
You should be able to buy and sell within minutes regardless.

John

 

[neil]

How not to be a Pratt

Well AA.
Options thinks I should offer more advice.

I have tired lately of trying to push the eager but ignorant (In the real sense) potential trader onto the right path.

However, I am impressed that you had the intelligence to realise you had dropped a "clanger," no doubt your companions compounded the error.

In your mitigation it must be noted that you all were sceptical. Good for you.

If something seems to be too good to be true - it is.

Scour this site for books and threads on trading. Try The Motley Fool, many members of whom post here.

Don't go on expensive trading courses. Much material is freely available on the web.

Bounce questions and ideas off members on this bulletin board. Loiter in the chatroom. Watch prices.

Learn TA, but bear in mind that TA is full of many esotoric indicators and theory. Keep it simple.

trade via Finspreads (Pennies per point). If you start making profits consistently on Fins that is a good indication you are ready for the main sharkpool

Remember that no question is stupid. It is stupid not to ask in this game.

I would write more but my fingers are smoking.

Others on this board know far more than I. read their posts.

Good luck and welcome to the den.