Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I am so frustrated right now. 16 years ago, when I was 15, I…

Customer Question
Dennis, I am so frustrated right...
Dennis,
I am so frustrated right now.
16 years ago, when I was 15, I traded stocks in my DAD's ameritrade account. I traded $5000 worth for a month, and got the balance to $100K. The SEC accused me of running a pump and dump, and we settled with them by returning the ill gotten gains. Again, I was a kid, it was 2000.
Fast forward 16 years.
I filed bankruptcy in 2009, & have unpaid student loans of 40K that I have ignored since 2008, with no affect to my life. So, my credit score is horrible, & I live my life on cash.
With Ameritrade, opened a ROTH IRA in December. Funded it $5500. In January, funded it $5500 more. So 2 tax years covered, trying to make up for lost time. Put all 11K on Blackberry shares/
Tried to then open an individual account with Ameritrade so I could invest more money on Blackberry. Ameritrade denied my account opening. Would not specify reason.
I decided to leave Ameritrade, and in fact, had 30 days to move my ROTH IRA because Ameritrade said they would not be my custodian anymore.
Got my e-trade accounts opened, transferred my ROTH IRA to e-trade, and funded my individual account with etrade for $3000. Shortly after, they restricted my account stating they can close an account whenever they want and I had 30 days to move my accounts or they would sell off my shares & that would penalize me big time with my Roth IRA.
Went to Trade King, tried to transfer my accounts to them, but etrade had a restriction on my account so the transfer was blocked. I called, they removed the restriction, and said I could proceed with the transfer. Before I could tell Tradeking to re-initiate, they too just closed my accounts stating:
As part of TradeKing’s account verification program, all accounts are verified against a number of third-party databases. This verification is done to confirm the account holder’s identity along with additional background information including, but not limited to, criminal activity, unpaid debits with financial institutions, or diplomatic affiliation.
Your account includes information that may match one or more of the events mentioned above. Regretfully, based on this information we are closing your account.
So at this point, I do not know what to do. At the moment, my accounts with etrade are accessible again, & I even funded my individual account another $6,000 and bought more shares of Blackberry.
I don't know if etrade is going to follow through on their threat to close my account, or if I now slipped through the cracks, but I don't see what my options are. Will Charles Schwab or Fidelity allow me to have an account? How can I be prevented from having even a roth ira!?!?!
Submitted: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 18 hours by:
2/26/2016
Financial Professional: Lev, Tax Preparer replied 2 years ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 33,319
Experience: Personal Investment, Tax Preparation
Verified

Sorry for your situation.

You may NOT be prevented from having Roth IRA account and may not be discriminated according to the US law - means - the reason for closing your account may not be based on prohibited reason such as race, gender, disability, etc.

HOWEVER - any vendor may refuse from serving you on any other reason and is not required to provide any explanation.

So far - they did provide some explanation and based on your history - you kind of could guess what is the reason.

Unfortunately - there is not much you may do in such situation...

I might suggest to discuss with your bank and fully disclose the history to the banker.

Some small banks might be willing to have you as a prospective client.

There will not be a simple and guaranteed resolution.

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 33,319
33,319 Satisfied Customers
Experience: Personal Investment, Tax Preparation

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I'm transferring my FolioFirst brokerage acct. to Schwab
I'm transferring my FolioFirst brokerage acct. to Schwab brokerage. I understand the fractional shares held will be liquidated which amounts to over $1,300. Can you detail for me what happens to those… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,602 satisfied customers
This question is about my IRA. It matured last month, and I
this question is about my IRA. It matured last month, and I would like to know if there would be a penalty and what it would be if I took the funds out of this CD account and put them into a Savings I… read more
Lev
Lev
Tax Preparer
Bachelor's Degree Equivalent
33,319 satisfied customers
I am purchasing a new home, closing in November. I wish to
I am purchasing a new home, closing in November. I wish to withdraw $10000 from my Roth IRA. I haven't owned a home in the past two years. In 2015, I transferred my Roth IRA from one brokerage (Amerip… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I have a question about roth IRA for non working spouse. I
Hello,I have a question about backdoor roth IRA for non working spouse. I am a married self employed physician with high income. My wife had a job early this year but quit in the summer to take care i… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I recently married and am now making more than the married
I recently married and am now making more than the married amount for my wife and I to contribute to our Roth IRAs. We already Max our 401Ks so losing the ability to sack away the extra 5500 in our Ro… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I was going to do several IRA transfers to diversify my
Hi, I was going to do several IRA transfers to diversify my portfolio. When I tried to transfer directly from my original IRA account, the routing number didn't work. As a result, my IRA custodian sug… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Re: IRA /Roth IRA Children ============================ Dear
Re: IRA /Roth IRA for Adult Children ============================ Dear clever people, Please, I seek advice about setting up IRA accounts for my two children. - the elder is 22, full time employed, wi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My wife inherited some stock. I want to sell it by putting
My wife inherited some stock. I want to sell it by putting in a sale order at a fixed price. where can i do this? which co that has the best prices for that services and a good reputation. Is there an… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a Simple IRA plan with my employer. The plan is run
I have a Simple IRA plan with my employer. The plan is run through Fidelity Advisors. My employer matches 3% of my salary into the plan. The average Fees, including 12b-1 fees for each of the Funds is… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Dennis, I was convicted of a felony in the preparation
Dennis, I was convicted of a felony for aiding in the preparation of a tax return last year. A lot of companies have now dropped my IRA's accounts. Do you know of any company that will accept my appli… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
Hello, it has come to my attention that a portion from one
Hello, it has come to my attention that a portion from one of my (deceased) grandfather's funds is being distributed among the family members. To avoid a significant tax payment each member's portion … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Im looking for help regarding withdrawing from a Roth IRA
I'm looking for help regarding withdrawing from a Roth IRA for using that money as a down payment on a house (first time homebuyer). I'm aware I'll have to treat the withdrawal as taxable income, but … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
Good morning. I am planning to invest in Facebook IPO – FB.
Good morning. I am planning to invest in Facebook IPO – FB. I am opening an Ameritrade account (or can you recommend a better company) Would you please remind me of the steps to be taken? Are the offe… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
I have ten thousand to invest. I dont want to lose it and
I have ten thousand to invest. I don't want to lose it and I plan to not cash it out for many years. I have three choices. Buy 250 shares of disney stock and add it to my 1000 shares or buy 250 shares… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I d like to know how things be reported to IRS for retirement
I 'd like to know how things be reported to IRS for retirement account. When fund goes into account of Tradition IRA, SEP, Simple or Roth IRA, those are reported on Form 5498. When fund comes out from… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I have a small bussiness corporation where only I and my wife
I have a small bussiness corporation where only I and my wife work no emplyee. We have individual 401K plan with brokarge company. I am the administater. I opened this 401k account in 2009. I was not … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
We are retired. We have an IRA with Merrill Lynch. I want ...
We are retired. We have an IRA with Merrill Lynch. I want to pull out $100,00 to invest in the stock market on my own. Is there some way to do this withou having to pay all those tax liabilities? LuAn… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I want to sell some Nordstrom Stock ASAP! How do I go about it
I have 20 shares of Nordstrom stock valued at over $55 dollars a share and I want to sell it ASAP because of a cash flow emergency.… read more
The Geezer
The Geezer
Master's Degree
120 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x