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My 2 cents
#1 Posted : Monday, December 20, 2010 11:51:13 AM
Rank: Veteran


Joined: 6/2/2010
Posts: 1,075
Kaa chonjo kabisa!

This weekend I was speaking to a friend who just confided in me that ALL his shares at a reputable broker were sold without his knowledge and cashed out!

The 'reputable broker' has since agreed to refund all his money. It was obviously an inside job.

At the very minimum, please ensure to subscribe to the CDSC SMS alerts that let you know by 4.00pm every day if any activity took place in your account.

If you are a long term investor like me, you may also consider asking CDSC to FREEZE all your shares until further notice.

I wish I could name the broker but I do not want the possibility of my pants being sued off me. Just know that this broker is not one tied to a bank. But they do have aa good reputation. I have read several members in Wazua praising them.

Please please be careful.
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qw25041985
#2 Posted : Monday, December 20, 2010 11:58:21 AM
Rank: User


Joined: 5/9/2010
Posts: 1,418
Location: Nai
@ My 2 cents . dnt be a dumb ass. This is an Anonymous forum .Kwani your real name is My 2 cents ???? tell us who the broker is so that we can stay clear of him.giving warnings half half doesnt help.

anyway ,advice/warning taken . Thank You.
Your future depends on your dreams so go to sleep !
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PONDI
#3 Posted : Monday, December 20, 2010 12:02:09 PM
Rank: Veteran


Joined: 5/8/2007
Posts: 885
.. aa good reputation huh? gotcha
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jerry
#4 Posted : Monday, December 20, 2010 12:11:27 PM
Rank: Elder


Joined: 9/29/2006
Posts: 2,570
Scary but I believe the problem could be the employees which can be sorted out. It happened at D&B and the online system had to be disabled 'forever'.
The opposite of courage is not cowardice, it's conformity.
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jerry
#5 Posted : Monday, December 20, 2010 12:14:23 PM
Rank: Elder


Joined: 9/29/2006
Posts: 2,570
PONDI wrote:
.. aa good reputation huh? gotcha

I don't think he meant the broker is AA. It was aa! typo.
The opposite of courage is not cowardice, it's conformity.
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kadonye
#6 Posted : Monday, December 20, 2010 12:17:04 PM
Rank: Elder


Joined: 5/30/2009
Posts: 1,390
Happens with 'dormant' accounts.Staff sell your shares at a high price then buy the units for you when the price falls
What a wicked man I am!The things I want to do,I don't do.The things I don't want to do I find myself doing
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sheep
#7 Posted : Monday, December 20, 2010 12:24:05 PM
Rank: Veteran


Joined: 7/24/2008
Posts: 781
kuna notice warning of one peris formely of suntra,hope ndio hiyo...na hii tangaza money ati security certificate has expired!!!! how safe are they kwanza na hii mambo ya online trading????
The utimate goal of investing is to buy low sell high;if we re-write this core equation in psychology terms it becomes buy fear sell greed.
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bartum
#8 Posted : Monday, December 20, 2010 12:29:23 PM
Rank: Veteran


Joined: 8/11/2010
Posts: 1,011
Location: nairobi
jerry wrote:
PONDI wrote:
.. aa good reputation huh? gotcha

I don't think he meant the broker is AA. It was aa! typo.

wow my mbroker?
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TUPAC
#9 Posted : Monday, December 20, 2010 12:33:17 PM
Rank: Member


Joined: 12/8/2009
Posts: 274
Location: Ltktk
My 2 cents wrote:
Kaa chonjo kabisa!

This weekend I was speaking to a friend who just confided in me that ALL his shares at a reputable broker were sold without his knowledge and cashed out!

The 'reputable broker' has since agreed to refund all his money. It was obviously an inside job.

At the very minimum, please ensure to subscribe to the CDSC SMS alerts that let you know by 4.00pm every day if any activity took place in your account.

If you are a long term investor like me, you may also consider asking CDSC to FREEZE all your shares until further notice.

I wish I could name the broker but I do not want the possibility of my pants being sued off me. Just know that this broker is not one tied to a bank. But they do have aa good reputation. I have read several members in Wazua praising them.

Please please be careful.

@2cents what is the procedure of freezing shares@cdsc? any charges? do you freeze all shares or one is free to freeze the stock he wishes?
...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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mzeekijana
#10 Posted : Monday, December 20, 2010 1:31:27 PM
Rank: Member


Joined: 11/12/2010
Posts: 111
Location: MOMBASA
Sad where is Ocampo to read this? These are the gays to be taken to hague..Shame on you
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Gordon Gekko
#11 Posted : Monday, December 20, 2010 1:38:08 PM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
mzeekijana wrote:
Sad where is Ocampo to read this? These are the gays to be taken to hague..Shame on you

Wewe, keep the gays out of this, after all Obama is about to allow them to serve in the military...
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Aguytrying
#12 Posted : Monday, December 20, 2010 1:41:19 PM
Rank: Elder


Joined: 7/11/2010
Posts: 5,040
I subscribed to the sms notification by CDSC, it didnt work, it took alot of my money just activating. this will make me try agian.
The investor's chief problem - and even his worst enemy - is likely to be himself
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The Merchant
#13 Posted : Monday, December 20, 2010 2:16:43 PM
Rank: Veteran


Joined: 5/24/2010
Posts: 846
Location: KENYA
kadonye wrote:
Happens with 'dormant' accounts.Staff sell your shares at a high price then buy the units for you when the price falls

WHAT! They short sell your stocks! We should all work for brokers then. How crafty...Sad
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Sober
#14 Posted : Monday, December 20, 2010 2:26:06 PM
Rank: Elder


Joined: 11/27/2007
Posts: 3,604
this happened with my safcom shares had bought with D&B during the IPO. i never followed them, just stopped going there.
i was told that they deactivate accounts if you don't trade for 6 months. WTF
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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MaichBlack
#15 Posted : Monday, December 20, 2010 3:08:14 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,561
The Merchant wrote:
kadonye wrote:
Happens with 'dormant' accounts.Staff sell your shares at a high price then buy the units for you when the price falls

WHAT! They short sell your stocks! We should all work for brokers then. How crafty...Sad

This happens A LOT. Some brokers actually do this on a large scale and the s#*t hits the fan when the price goes the other way for good. Take a situation where a broker sells a tonne load of AK shares at 16/= hoping to buy them back at 11/= and pocket the difference only for the price to go to 25/= [Against all odds - due to some new info or 'peculiar' Kenyan habits] and 'refuses' to come back down! That is when you start hearing stories all over. When the plan works, you hear nothing!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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My 2 cents
#16 Posted : Monday, December 20, 2010 3:18:15 PM
Rank: Veteran


Joined: 6/2/2010
Posts: 1,075
My friend had not aaccessed his aaccount for quite sometime. Someone must have thought he was dead.

Even if you do not trade for a while, make sure to access your account once in a while. Just to let potential thieves know that you are 'on top' of your account.

Please contact CDSC for information on how to freeze your shares. This can be specific to some shares if that is how you want it.
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mikejonson143
#17 Posted : Monday, December 20, 2010 3:28:32 PM
Rank: New-farer


Joined: 12/18/2010
Posts: 8
Location: United States
My 2 cents wrote:
Kaa chonjo kabisa!

This weekend I was speaking to a friend who just confided in me that ALL his shares at a reputable broker were sold without his knowledge and cashed out!

The 'reputable broker' has since agreed to refund all his money. It was obviously an inside job.

At the very minimum, please ensure to subscribe to the CDSC SMS alerts that let you know by 4.00pm every day if any activity took place in your account.

If you are a long term investor like me, you may also consider asking CDSC to FREEZE all your shares until further notice.

I wish I could name the broker but I do not want the possibility of my pants being sued off me. Just know that this broker is not one tied to a bank. But they do have aa good reputation. I have read several members in Wazua praising them.

Please please be careful.

Can you explain what is 'reputable broker'?
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sheep
#18 Posted : Monday, December 20, 2010 3:33:03 PM
Rank: Veteran


Joined: 7/24/2008
Posts: 781
aaccessed his aaccount


waaaaaa...kumbe si typo and the way I have idle cash lying there...though I checked my balance last month and everything was intact.
The utimate goal of investing is to buy low sell high;if we re-write this core equation in psychology terms it becomes buy fear sell greed.
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muganda
#19 Posted : Monday, December 20, 2010 3:36:51 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,906
I've once experienced this issue. My account was mysteriously marked as Discretionary at a certain broker affiliated with a bank - meaning they sell/buy when they see fit to make me more money.

Lakini, they sold Jubilee which I think had split/dividends since then, bila habari. The only option was to refund.
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My 2 cents
#20 Posted : Monday, December 20, 2010 3:42:28 PM
Rank: Veteran


Joined: 6/2/2010
Posts: 1,075
sheep wrote:
aaccessed his aaccount


waaaaaa...kumbe si typo and the way I have idle cash lying there...though I checked my balance last month and everything was intact.

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