Marvin At NASD
I talked at length with Marvin at the NASD regulations
department. Again, I urge you to call and apply pressure.
This time, I simply started with the bottom line. I explained
almost all brokers are denying trades to customers but their
market makers continue to trade, presumably bringing in profits
for their companies at individual traders expense.
Marvin cited the standard line about "bonafide" market maker
activity and how they have a right to make a market for a
security even when individuals are denied a right to trade.
I explained my opinion is market makers are cornering the
market for profit by trading while not allowing individuals
to trade. I advised him I am trying to point blank prompt
him to admit market makers are engaging in unlawful trading.
He advised he cannot comment on that notion.
My opinion is it is a securities violation and is a
civil violation for market makers to trade securities
and deny the public a right to do the same.
Market makers are robbing individuals of potential profits.
Marvin idicates they are aware of the situation and both
the NASD and SEC are investigating. He could not provide
a time frame for resolution.
Responses I am receiving from various regulatory bodies is
it is legal for market makers to trade securities, for
profit or loss, while not allowing individuals to trade.
Previous phone number at the NASD I was provided is,
1 800 925 8156
I talked with Kevin (name coincidence) at that number.
He said he could not answer my questions and transferred
me to another department, for which Marvin spoke.
That number, the different department is,
1 240 386 5105
A number was provided for the SEC, for reporting violations,
1 800 SEC 0330 (1 800 732 0330)
Marvin suggests complaints be filed through both the NASD
web pages and the SEC web pages. Please review my old
articles for the best NASD page to use. Most of their
pages respond, "This is a SEC matter" but there is a
generic category at the NASD web site through which you
can sneak in a complaint.
Again, I urge you to apply pressure. No actions will be
taken in a timely fashion unless hundreds of people make
contact and "annoy" them.
Squeaky wheel gets the grease.
Once again, if you do nothing, you will get nothing.
Purl Gurl
