Securities Law Consultant for Stock Broker Compliance
We are seeking an experienced legal consultant specializing in securities law to assist with a dispute involving E Trade and Morgan Stanley. Hello. We have multiple estate matters to resolve. But the current most important one is regarding my family member's account at E Trade Morgan Stanley. My family member and I have been using her individual account to make stock trades for many years. Recently something happened on E Trade's end and they incorrectly balanced the primary stock account and said that we had a day trade margin call. We were happy to pay the margin and requested that the margin call be cancelled due to the account dashboard being unusable for several hours during the period in question. However, because I am not officially the owner of the account, E Trade refused to speak with me about the matter. My mother was unable to communicate about the matter because a recent medical matter. E Trade locked the account and would not allow me, or my family member to pay down the margin amount, or even discuss the matter until my family member's personal identity had been verified by E Trade. We did have a video chat with E Trade and verified her identity and the issue. E Trade stated that they would unlock the account so that we could pay the margin call and also open the correct, joint user account. However, they still have not done that and the margin call is persisting and may become a legal issue. E Trade demands that we pay them, yet will not allow us to make any actions, including opening the correct joint account, so we cannot pay them. This is a violation of the same FINRA laws that regulate margin lending and margin calls. The account is current fully liquid and has $0 stocks owned. All of the account is in cash. We also have external cash available to pay the margin call. e need to compel E Trade to honor the obligations as our broker and provide us access to our assets.
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