I bought this penny stock and now no brokerage firm will hold it. I’ve tried E-trade, Ameritrade, Morgan Stanley, etc and there compliance departments will not allow the deposit. I spoke to the owner of the company CGAQ and he has no suggestions. Please tell me how I get this off my hands. Thank you.
Hey everyone, Gary here. Just a little run down about me. Stock trading was never my forte'. In fact, I lost tens of thousands of dollars listening to stupid advice and letting other people trade for me. Bad mistake. I traded futures, options, e-mini futures contracts, etc. It was okay and I barely broke even.
Then I discovered penny stocks. Not the penny stocks that are sold from boil rooms in some sweat shop in New York. I am talking about real companies listed on major stocks exchanges that were beat down and sold for $5 or less a share. Most of the good stocks this year sold for under $5. I got wind of a few good online penny stock newsletters that let me make my own decisions. The rest is history. I make a comfortable living because I invest in companies that have value.
3 Comments
July 22nd, 2010 at 11:55 am
How did you buy this stock if not through a brokerage account?
It is shown as trading on the pink sheets but if none of the brokers will allow you deposit it for compliance reasons it appears you have been ‘hoodwinked’ into buying a worthless piece of paper.
Since the company is offshore, there is likely nothing you can do if the company won’t buy it from you.
July 22nd, 2010 at 11:55 am
I think that I have found your problem. It appears as though this company is not registered with the SEC, and thus not able to be publicly traded in the US.
You can try to locate the market maker that sponsored the company with Pink Sheets or the one that sold it to you or an off-shore Pink Sheets member and see if they will purchase or arrange for a sale of those shares.
You might want to check that a company is registered with the SEC before purchasing it in the future.
July 22nd, 2010 at 11:55 am
I think you should start filling out schedule D on your 2010 taxes specifically capital losses. Or get the instructions for IRS form 4684. And write it off.