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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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I have a question regarding a friend of mine who is in

Customer Question

Hi. I have a question regarding a friend of mine who is in prison. He opened a TDAmeritrade account to start saving money for his release. He had $26,000 wired to this account all legit, legal money. He spoke with customer service on multiple occasions to verify the account and his information. No one ever said there was any issue. The account was recently closed without his knowledge and all funds were wired back to the account they came from. There was never a phone call, email, or letter sent regarding the closing of the account. When he spoke with customer service theysaid it was because he's in prison. The thing is he had an account with them before and even traded stocks and this was not an issue, so why now. He feels that they should not have been able to wire such a large amount of money without his knowledge to an account that doesn't have his name on it and now if he is not able to get a hold of the account holder he's just out $26,000! Is there anything legally he can do?
Submitted: 1 year ago.
Category: Legal
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.

He is going to have to review, or have a lawyer review, TDAmeritrade's terms of service and agreements so that he will know whether it allows them to do what they did.

If the agreement doesn't allow them to do so then he can sue them for breach of contract. If it allows them to do this then, of course, there is no lawsuit possible.

He also needs to look over the rules of the prison system. Some states, such as Texas, prevent a person who is incarcerated form being involved in any money making proposition while they are incarcerated. The reason for this has been explained as they don't want people "continuing to operate criminal conspiracies" while imprisoned and it is too easy to hide the illegal activity inside of other activity.