Cash stolen from thinkorswim accounts, any advice?

[jjj1000]

That is very uncommon occurrence.

If I were you I would contact SIPC http://www.sipc.org/ and FINRA http://www.finra.org/ immediately and fill in a formal complain with them. At least that. Immediately.

 

[psytrade]

Could be a clerical error. Some employee logs in, thinking you are bob smith, and there are 100 bob smiths at the brokerage...etc

I sometimes get insurance checks from people with a similar name on the same insurance coverage. They obviously inputted the wrong data.

Mistakes happen.

 

[SideShowBob]

Quote from psytrade:

Could be a clerical error. Some employee logs in, thinking you are bob smith, and there are 100 bob smiths at the brokerage...etc

I sometimes get insurance checks from people with a similar name on the same insurance coverage.

And you deposit those checks immediately!

 

[rodmike9]

Are u sure it wasn't those IWM puts u bought a few weeks back

 

[wilburbear]

Quote from dis:

Someone added a strange bank to my thinkorswim Rollover IRA account and used ACAT to transfer tens of thousands of dollars to the bank. In addition, cash was transferred from my trading account to the IRA account and from there to the bank.

The thief could have stolen a lot more money had he/she sold the stocks but, apparently, was unable to do so. This, and the lack of e-Mail notifications leads me to believe that the thief did not know the password and that the theft may have been an inside job.

It has been over a week since I reported the incident to thinkorswim's compliance officer Mr.Tim Cullen who promised to fix the problem by the middle of last week, but as of today the money is still missing. I left a voice message to a ToS manager that has not been returned.

Is there anything I can do to compel thinkorswim restore funds to my accounts ASAP?

Did the withdrawal show up as a regular debit, as with a normal withdrawal, or was $10,000 just "missing" after accounting for changes in daily P/L?

 

[rsi80]

Quote from dis:

Someone added a strange bank to my thinkorswim Rollover IRA account and used ACAT to transfer tens of thousands of dollars to the bank.

Does TOS not require you to authorize such transfers using a security device, in addition to your password, ie, a two-factor authentication system?

Is the "strange" bank account in your name or someone else's name?

 

[risky63]

dats right holmes..............

 

[Wayne Gibbous]

Quote from tmarket:

IRS?

Yeah! Da bastids stole hundreds of thousands from me over the years!

 

[the1]

If you knew anything about taxes and if the funds really were stolen you'd know that what you just said is absolutely, positively FALSE! Don't make comments about the tax code unless you know it inside and out and if you don't do the research to find the correct answer. The OP would not be liable for these penalties if he has an accountant who has a shred of knowledge.

Quote from WinSum:

Check if TOS will report the withdrawal to the IRS. If they will report the withdrawal then the IRS expects you to pay 10% early withdrawal penalty from your IRA account and also report the withdrawal as taxable income.

 

[WinSum]

Quote from the1:

If you knew anything about taxes and if the funds really were stolen you'd know that what you just said is absolutely, positively FALSE! Don't make comments about the tax code unless you know it inside and out and if you don't do the research to find the correct answer. The OP would not be liable for these penalties if he has an accountant who has a shred of knowledge.

OK smart guy, why don't you post the IRS code that says funds withdrawn from IRA account are exempt from taxation and penalties and what form of proof is required by the IRS for the exemption.