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My broker issued me a security based loan without my

Customer Question
My broker issued me...

My broker issued me a security based loan without my permission. I told him to sell my stock and put the $ in my checking account. Instead I found that he had issued me a loan! I don't even know what the terms are! what can I do

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

North carolina but the broker is in Pennsylvania

Lawyer's Assistant: What steps have you taken so far?

Wrote to the broker, reported to SEC and FINRA I just want to know WHAT the law is. Do they have to tell you before they do this? Don't they have to inform you of the rate etc.

Submitted: 2 months ago.Category: Legal
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5/26/2018
Lawyer: INFOLAWYER, Attorney replied 2 months ago
INFOLAWYER
INFOLAWYER, Attorney
Category: Legal
Satisfied Customers: 63,663
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Customer reply replied 2 months ago
Oh for God's sake, just tell me the law regarding issuing loans on a security you hold in a brokerage account WITHOUT BEING TOLD YOU ARE GIVEN A LOAN. You believe your securities have been sold to generate the funds
Customer reply replied 2 months ago
I can clearly see you know absolutely nothing about securities law, so forget it and cancel my account immediately
Lawyer: INFOLAWYER, Attorney replied 2 months ago
Any loan must be authorized and confirmed in writing by the client. Broker violated terms by acting otherwise.If you need any clarification on your answer please just reply back and ask me. I will be glad to comment further. If you have a follow up, please hold off on rating and you can rate once in the end when I address your follow up. There may be a short delay if I am helping another customer or have internet issues but I will be back to you if you need me
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Customer reply replied 2 months ago
that was such a STANDARD bogus legal question
Customer reply replied 2 months ago
thank you for that answer. that is all I was looking for. Where can I find that law?'
Lawyer: INFOLAWYER, Attorney replied 2 months ago
The broker terms and conditions would require such loans to be in writing. Broker cannot bind you to a loan it has no proof you authorized. You also can complain to his employer and finraPlease let me know if the reply is acceptable by responding “yes” or “acceptable”
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Lawyer: INFOLAWYER, Attorney replied 2 months ago
Awaiting your reply, thank you!
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