(02-03-2024, 12:06 AM)Jaguarmeister Wrote: You would have signed an advisory agreement allowing them to do that and neither of those two companies engage in margin trading on client accounts in their advisory arms. Otherwise, just having a self directed account at the big firms doesn’t allow them to do any of that or exert any other type of control of what you invest in with your account (unless it’s restricting access to certain private investments), nor can they settle their debts with securities registered in your name.  If Fidelity or Schwab fail as companies and you own Apple stock in an account with them, you still own those shares whether Fidelity or Schwab cease to exist or not.

The last part is not true. The only way to ensure you own the share is to direct register it. For Fidelity, they can do whatever they want with the share you supposedly own. There is an option that supposedly stops them from lending your share but you have to set that and most people don't.

Retail buyers don't really own any of the shares and we have no clue what would happen if a company like that failed.I doubt you keep your shares if they fail.




For the Jags, Fanduel does have some responsibility to confirm the money was legal. For what he was losing, they should have known he didn't have the income for it. He even had a vip rep assigned to him. They finally told the NFL about him and that's when the Jags found out. A simple check of the credit card would have shown it was a business card and not a personal one.

I don't know why the transactions weren't flagged by the credit card company but maybe they did and he told them it was fine.

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