American Capital Partners - Michael Prendergast Ripoff Unauthorized Trading bought & sold stocks without permission Hauppauge, New York
I have been the victim of "Unauthorized Trading" practices which has resulted in the loss of $12,795. I was under the impression that "Unauthorized Trading was against the law; however all the Agencies I have contacted fail to respond to my allegations. I have filed complaints with the: SEC (Securities & Exchange Commission), NASD (Dispute Resolution), DANY (District Attorney NY/Special Prosecution Bureau), Federal Trade Commission, Nassau County District Attorney's Office, Better Business Bureau and FBI White Collar Crime Center.
Stocks were bought and sold by Michael Prendergast of American Capital Partners without consultation and/or my authorization. I was put into a Margin Account against my wishes. I contact Eric Drewes a Branch Manager of the Company and his solution was that I invest additional money into the account.
I was referred to NASD by the Securities and Exchange Commission. NASDA suggested a Mediation Dispute Resolution; however American Capital refused to agree to Mediation.
I contact Senator Charles Schumer's office in May and have received not response.
The NASD lists: "Purchasing or selling securities in a customer's account without first contacting the customer and the customer did not specifically authorize the sale or purchase..."; Misrepresenting or failing to disclose material facts concerning an investment..." and "Removing funds or securities from a customer's account without the customer's prior authorization". Michael Prendergast of American Capital has been guilty of these and other "Prohibitive Practices" and yet he has not been investigated nor penalized.
I've been going around in circles with this for over 2 years no government agency I have contacted has attempted to investigate the allegations.
How can I resolve this matter? Can you help or recommend any government agency which would have jurisdiction and/or be will to pursue an investigation?
Richard
New York, New York
U.S.A.
3 Updates & Rebuttals
Amy
Kansas City,Missouri,
U.S.A.
Contact NASD's regulatory arm
#4Consumer Suggestion
Sun, October 22, 2006
You can mail your complaint to NASD's regulatory arm, not the dispute resolution, which is a different company and they will investigate. They don't guarantee that the company will reimburse you and they can't demand payment, but at least something can be done.
Search for NASD on Google, then, at their site, search for "complaint." They have an online filing form. I entered all that because I don't know if it will allow me to enter their link, but it's http://complaint.nasd.com. Or, you can also contact them via:
NASD Investor Complaint Center
1735 K Street, NW
Washington, DC 20006-1506
Fax: (866) 397-3290
I hope this helps! They're good people in the complaint center.
Good luck.
Amy
Kansas City,Missouri,
U.S.A.
Contact NASD's regulatory arm
#4Consumer Suggestion
Sun, October 22, 2006
You can mail your complaint to NASD's regulatory arm, not the dispute resolution, which is a different company and they will investigate. They don't guarantee that the company will reimburse you and they can't demand payment, but at least something can be done.
Search for NASD on Google, then, at their site, search for "complaint." They have an online filing form. I entered all that because I don't know if it will allow me to enter their link, but it's http://complaint.nasd.com. Or, you can also contact them via:
NASD Investor Complaint Center
1735 K Street, NW
Washington, DC 20006-1506
Fax: (866) 397-3290
I hope this helps! They're good people in the complaint center.
Good luck.
Amy
Kansas City,Missouri,
U.S.A.
Contact NASD's regulatory arm
#4Consumer Suggestion
Sun, October 22, 2006
You can mail your complaint to NASD's regulatory arm, not the dispute resolution, which is a different company and they will investigate. They don't guarantee that the company will reimburse you and they can't demand payment, but at least something can be done.
Search for NASD on Google, then, at their site, search for "complaint." They have an online filing form. I entered all that because I don't know if it will allow me to enter their link, but it's http://complaint.nasd.com. Or, you can also contact them via:
NASD Investor Complaint Center
1735 K Street, NW
Washington, DC 20006-1506
Fax: (866) 397-3290
I hope this helps! They're good people in the complaint center.
Good luck.