I have been approached to sell stock in a USA company. I am willing to do this. People who approached me are P.A.N Securities LP and the deal is I pay $16K into an escrow account with TMR Escrow and Clearing of Washington DC. However banking instructions are that payment is to be made to TMR Trading Ltd in Hong Kong.My question is (1) is it normal for sale of stock in US company to require payment by seller into escrow company and (2) how do I have any hold over payments FROM that account ? At present the escrow account has been set up by PAN
System of Law: England-and-Wales
I did not advertise. I received a phone call from PAN.
Thank you. Sorry for the confusion. You are being asked to sell this stock? Which country are they asking you to sell it in? The UK? Have they offered you an Escrow agreement and what bank are they proposing you use? Kind regards AJ
Country of sale not certain !
I am resident here. P.A.N are in Washington DC and escrow company are in US but payment is to be made to them in Hong Kong.
The proposal is I pay $16K by way of "deposit" or good faith bond into TMR in Hong Kong. Once sale is completed TMR forward full purchase price (inc return of deposit) to my bank account in UK.
Hi, Thank you. Are you looking to transact this arrangement under English Law? You can certainly use English law for the escrow and possibly for the share transfer to an extent but you would need to fulfil the formalities of a share transfer under US Law.
The escrow agreement has been set up by P.A.N. I have had no input in that.
Hi, Thank you. You are in an English Law forum I am not sure what assistance we can be. I am going to opt out and have this relisted in the US lawyer forum. Kind regards AJ
US law applies
I would be vary wary of this company.
They were censured by the SEC in 2007. See here: http://brokercheck.finra.org/Support/ReportViewer.aspx?SearchGroup=Firm&FirmKey=104823&BrokerKey=-1
It has the markings of being a scam.
18 yrs trial attorney, professor of criminal law and ethics
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