(02-03-2024, 09:32 AM)The Real Marty Wrote:

(02-03-2024, 02:42 AM)p_rushing Wrote: 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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What Happens When a Stockbroker Goes Bust? (investopedia.com)

If a big one fails, you wouldn't get shares back. Insurance most likely doesn't cover it because they don't have enough money. Shares should be there but for them to fail, something bad would have to be going on so they probably don't have enough shares. At best you end up with cash value at the point of failure.

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