Someone used my IB account to trade!!!
- Thread starter gurzilla
- Start date
gurzilla,
I think it's a good idea that IB has frozen your account - for your own protection. If all brokers froze accounts that traded a "pump and dump" stock, then it becomes easy to see who profitted from the scam and equally easy to take action against them by seizing their accounts. There is a greater possibility that victims will be refunded if all accounts that traded the manipulated stock are frozen and investigated. Also, installing a minimum time limit for wiring funds out and/or closing an account makes it difficult for crooks to quickly steal and disappear.
I think it's a good idea that IB has frozen your account - for your own protection. If all brokers froze accounts that traded a "pump and dump" stock, then it becomes easy to see who profitted from the scam and equally easy to take action against them by seizing their accounts. There is a greater possibility that victims will be refunded if all accounts that traded the manipulated stock are frozen and investigated. Also, installing a minimum time limit for wiring funds out and/or closing an account makes it difficult for crooks to quickly steal and disappear.
Can you really blame them? If you cant reliably secure your own PC you really shouldnt be trading, you're a liability to them just be glad they return the funds to you.
Just being honest.
Someone used my retail account to trade as well a few years ago. I was not so mad due to that but that the person outperformed me by 7.8% for the period I followed along...