Did Fidelity Cheat Its Own Client Out of Millions of Dollars?

[newwurldmn]

Undoubtedly, Deutsch is trying to get Fidelity to pay for his bad bet, using everything that happened as an excuse.

i guess it depends on what the rules are about shares already lent out of a margin account which are then moved to a cash account. How long does Fidelity have to recall and were they ever in violation of the customer's instructions?

Also, what legitimate reason could Fidelity possibly have to prevent Deutsch from buying more? Their suggestion that they suspected manipulation sounds like bullsh1t and it's more likely that, as another poster suggested, they didn't want prices to go higher as they were getting the shares back.

The thing is that he is claiming he could have changed the fate of the company if he had a controlling interest. If you were doing that, however, you would probably have lawyers and traders on the line. Taking control of a company to manage it's bankruptcy is a tricky process with lots of legal issues to account for I would imagine.

You don't do it with an ipad sitting on a lakehouse porch sipping yellowtail wine.

 

[Martinghoul]

The thing is that he is claiming he could have changed the fate of the company if he had a controlling interest. If you were doing that, however, you would probably have lawyers and traders on the line. Taking control of a company to manage it's bankruptcy is a tricky process with lots of legal issues to account for I would imagine.

You don't do it with an ipad sitting on a lakehouse porch sipping yellowtail wine.

Yeah, completely agreed. That's one of the reasons why I mentioned in an earlier post how Deutsch was behaving as part-investor, part-trader, which is an uneasy mix.

 

[ScalperJoe]

The thing is that he is claiming he could have changed the fate of the company if he had a controlling interest. If you were doing that, however, you would probably have lawyers and traders on the line. Taking control of a company to manage it's bankruptcy is a tricky process with lots of legal issues to account for I would imagine.

You don't do it with an ipad sitting on a lakehouse porch sipping yellowtail wine.

"he is claiming he could have changed the fate of the company."

Yes, and that was quite wishful thinking on his part. The company...

* filed a chapter 15, which apparently helps shield a company from U.S. lawsuits and creditor claims.

* had over $400 MILLION in unsecured debt governed by Cayman Islands law (ya, good luck with getting any of that, lol).

* an official in charge of the liquidation said the "money is missing."

Deutsch bought the common stock of a piece of turd, so all he would have been left with is, well, the common stock of a piece of turd.

http://www.bloomberg.com/news/artic...ical-technologies-files-chapter-15-bankruptcy

 

[CBC]

You don't do it with an ipad sitting on a lakehouse porch sipping yellowtail wine.

 

[prc117f]

The reason he used FFOS was because they played his ego. He liked the ass kissing and the "yacht trips" etc. I guess he was too dumb to realize the yacht trips and fancy wine parties come from his pocket.

his ego blinded him to the fact that when a bunch of suits are knocking on your door and hard selling, playing your ego etc.. they are the sharks after your money. They are not your buddies.