unresolved case
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My case has been on-going for 18 months and yet it is nstill ot resolved.
My securities firm sold my shares wrongly 18 months ago and I suffered huge losses. I wrote in to them to appeal to return me the wrongly sold shares, however they rejected my appeal.
Subsequently, I approached FiDrec for help. FiDrec took more than 6 months to hear my case under their adjudication process. The adjudicator dismissed my case, even though there are sufficient evidence that the company sold my shares wrongly. I was extremely disappointed, but I perservered and wrote in to Mr Prime Minister and MAS for help.
MAS claimed that they are not able to help, which I simply cannot understand why. If they can't, who can??
PM's staff provided me alternatives which could not work at all, either the legal institution do not handle disputes regarding stocks or the mediation fees is exhorbitant. He also suggested that I appealed to the CEO of FiDrec, of which FiDrec's answer was that the adjudicator's decision was final, so there was nothing they can do about my case. Subsquently, I wrote back to Mr Prime Minister because I really have no solution and noone else to turn to. However, it has been 3 months since I wrote to him and no reply so far.
My case has dragged for 18 months and it was a tedious and long appeal process. However, I am not giving up hope. I really hope through this channel, I can get some response for my case. It was handled unjustifically and yet noone is able to help. I cannot believe this is Singapore and the system seems to just close the door on you. I feel so helpless even though I am a pure Singaporean and the Singapore Government has always claimed that they do their best for their citizens, but in my case, I do not get such treatment at all. What I get is no-reply to my emails and behind shut doors, and no solution and punishment to the securities firm for their wrongful deed.
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Welcome to Singapore. That's the reality of singapore.
All the 'high ranking' people can talk, but hardly few can walk.
hmmm. got a lame idea if you wanna try. Make your case big. Get your MPs involved. Since GE is coming next year, i believe they have to solve it when your case is the focus.
I just got this thoughts suddenly. lols.
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lame . you should go to CASE.
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Originally posted by Lcl27:
My case has been on-going for 18 months and yet it is nstill ot resolved.
My securities firm sold my shares wrongly 18 months ago and I suffered huge losses. I wrote in to them to appeal to return me the wrongly sold shares, however they rejected my appeal.
Subsequently, I approached FiDrec for help. FiDrec took more than 6 months to hear my case under their adjudication process. The adjudicator dismissed my case, even though there are sufficient evidence that the company sold my shares wrongly. I was extremely disappointed, but I perservered and wrote in to Mr Prime Minister and MAS for help.
MAS claimed that they are not able to help, which I simply cannot understand why. If they can't, who can??
PM's staff provided me alternatives which could not work at all, either the legal institution do not handle disputes regarding stocks or the mediation fees is exhorbitant. He also suggested that I appealed to the CEO of FiDrec, of which FiDrec's answer was that the adjudicator's decision was final, so there was nothing they can do about my case. Subsquently, I wrote back to Mr Prime Minister because I really have no solution and noone else to turn to. However, it has been 3 months since I wrote to him and no reply so far.
My case has dragged for 18 months and it was a tedious and long appeal process. However, I am not giving up hope. I really hope through this channel, I can get some response for my case. It was handled unjustifically and yet noone is able to help. I cannot believe this is Singapore and the system seems to just close the door on you. I feel so helpless even though I am a pure Singaporean and the Singapore Government has always claimed that they do their best for their citizens, but in my case, I do not get such treatment at all. What I get is no-reply to my emails and behind shut doors, and no solution and punishment to the securities firm for their wrongful deed.
Your case was official closed when the adjudicator gave his verdict, but your judgement is that the securities firm is guilty of wrongful deed. Who do we believe, your honour?
Before you go around appealing to everybody, do you have a case?
What is this selling wrongly? how did it happened? I know it is wrong to sell shares when prices are low, 18 months ago, STI was around 1700. One should be selling instead of buying, but at that time, did you see a solution to the financial crisis in the tunnel? was selling your decision or a mistake of your securities firm. If it is yours, it is your wrong judgement, though hard to swallow. If the securities firm acted without your approval resulted in your loss, it is criminal breach of trust, if you have proof beyond doubt, then you can sue them till cow comes home.
if you want help, you got to come up with facts and truth. You are in the right place if you want to appeal to the anti government sentiment, you will get a lot of people who pity you and spit on the government, but that won't bring back your money!
Dont' bother with the government, they are not paid their exorbitant salaries to look after your wrong investment, unless you are one of those ah soh, ah peh who got conned by the banks into buying shares of US companies that collapsed. Anyway, you make money on stock you also don't pay tax.
what is pure singaporean?
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Originally posted by voltrons.:
Welcome to Singapore. That's the reality of singapore.
All the 'high ranking' people can talk, but hardly few can walk.
hmmm. got a lame idea if you wanna try. Make your case big. Get your MPs involved. Since GE is coming next year, i believe they have to solve it when your case is the focus.
I just got this thoughts suddenly. lols.
better learn from the dai yi long on how to collect bad debts.
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Originally posted by Lcl27:
My case has been on-going for 18 months and yet it is nstill ot resolved.
My securities firm sold my shares wrongly 18 months ago and I suffered huge losses. I wrote in to them to appeal to return me the wrongly sold shares, however they rejected my appeal.
Subsequently, I approached FiDrec for help. FiDrec took more than 6 months to hear my case under their adjudication process. The adjudicator dismissed my case, even though there are sufficient evidence that the company sold my shares wrongly. I was extremely disappointed, but I perservered and wrote in to Mr Prime Minister and MAS for help.
MAS claimed that they are not able to help, which I simply cannot understand why. If they can't, who can??
PM's staff provided me alternatives which could not work at all, either the legal institution do not handle disputes regarding stocks or the mediation fees is exhorbitant. He also suggested that I appealed to the CEO of FiDrec, of which FiDrec's answer was that the adjudicator's decision was final, so there was nothing they can do about my case. Subsquently, I wrote back to Mr Prime Minister because I really have no solution and noone else to turn to. However, it has been 3 months since I wrote to him and no reply so far.
My case has dragged for 18 months and it was a tedious and long appeal process. However, I am not giving up hope. I really hope through this channel, I can get some response for my case. It was handled unjustifically and yet noone is able to help. I cannot believe this is Singapore and the system seems to just close the door on you. I feel so helpless even though I am a pure Singaporean and the Singapore Government has always claimed that they do their best for their citizens, but in my case, I do not get such treatment at all. What I get is no-reply to my emails and behind shut doors, and no solution and punishment to the securities firm for their wrongful deed.
There must be some form of indication that you have given any kind of approval to your securities firm to go ahead and trade your shares on your behalf.It is possible that your approach towards your case is wrong.
Instead of trying to find evidence to support your own claims, you should always ensure that you place the ball on the securities firm's court.
You should request and demanded that the securities firm PRODUCE THE EVIDENCE that you have given them your approval to go ahead and trade those shares on your behalf.
It could come as a form of phone logs retrieved from telephone provider, sms messages, emails and etc...
If the securities firm is unable to produce the evidence to trade those shares on your behalf, then it is likely that the case will lean towards your favor.
Use your helplessness to benefit your own case.
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whats the name of the security firm?
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18 months ago = market trough..
He most probably bought his shares on margin and the firm ended up forceselling his shares when prices fell below the threshold limit..
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Go to the press and have your plight published to the public. Mentioned every government agencies you approached and their inability to administ justice. And if with the GE coming, someone have better got a good answer to protect their reputation.
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Where is the proof?
Have it or not.
The the adjudicator decides on proof. Not on your emotions that comes from your loss.
You must have the proof. If you made money, you should still be able to accuse the securities firm of selling your shares without authority, and claim damages.
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no head no tail, only your ranting here, and you expect people to buy your story ?
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yeah her story part part only. people don't know what is going on.
18 months and suffered some losed going thru some proccess to reclaim the loss?
how much loss? $500. what securities firm? why can sell your share without your approval?
U ALLOW THEM TO SELL BY SIGNING OFF SOME DOCUMENTS? so no one will help you of course.
no head no tail no blame i anyhow guess.
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TS 1 post then disappear le...
Can provide more info??
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self own at its best
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I also hope the press can help me. Can anyone advise how I can reach the press?
I tried writing to the ST Forum, but maybe my English not good enough, don't think they published my article.
I did give instruction to sell, but the firm sold the wrong set of shares!
I did try to claim via FiDrec, and during the trial, it appeared that internally their departments did not communicate, which resulted in my shares wrongly sold, yet the adjudicator did not let me win the case. I wrote in again to FiDrec, but they said the adjudicator's decision is final. Come on, my fate was sealed just based on one person's judgement?!
My shares were worth about $50,000 when I bought them and if the firm did not sell wrongly, the shares are worth $100,000 today. And when they sold wrongly, I suffered $1,000 lost.
These are all a lot of money, but after my shares are sold, I am left with nothing now so I can't bring the firm to court. I thought I could seek the government's help, even wrote to Prime Minister and MAS, but no help. Really disappointed with the Singapore system and government. I always thought our system is different from other countries' and we are protected but now I know we are not. Very sad and disappointed.
Lastly, the firm is Phillip Securities.
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btw, CASE does not handle cases related to shares trading, FiDrec does.
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Originally posted by Lcl27:
I also hope the press can help me. Can anyone advise how I can reach the press?
I tried writing to the ST Forum, but maybe my English not good enough, don't think they published my article.
I did give instruction to sell, but the firm sold the wrong set of shares!
I did try to claim via FiDrec, and during the trial, it appeared that internally their departments did not communicate, which resulted in my shares wrongly sold, yet the adjudicator did not let me win the case. I wrote in again to FiDrec, but they said the adjudicator's decision is final. Come on, my fate was sealed just based on one person's judgement?!
My shares were worth about $50,000 when I bought them and if the firm did not sell wrongly, the shares are worth $100,000 today. And when they sold wrongly, I suffered $1,000 lost.
These are all a lot of money, but after my shares are sold, I am left with nothing now so I can't bring the firm to court. I thought I could seek the government's help, even wrote to Prime Minister and MAS, but no help. Really disappointed with the Singapore system and government. I always thought our system is different from other countries' and we are protected but now I know we are not. Very sad and disappointed.
Lastly, the firm is Phillip Securities.
Check Yellow Pages, one of the numbers there will eventually lead you to the press or ending up in the newspapers.Either way, you get to tell your story.
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I remember that there is an section called Forum in The Straits Times where you can share your story. If you want to write in to them, your letter should be no longer than 400 words and must include your full name, address and phone numbers.The Forum editor reserves the right to edit a letter.Otherwise you can e-mail your story 's letter to [email protected] or fax it to them at 63198274. If you prefered to send an hardcopy by post,the address are : The Straits Times Forum editor,Singapore Press Holdings, 1000 Toa Payoh North, News Centre, Podium, Level 2,Singapore 318994.
Other info: News Tips : 1800-8282828 and news video: www.razortv.com.sg ,Hope it help !
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but thought if you got solid evidence, then you can sue them? if you think can win, then maybe find the money to bring them to court? will the losing party have to pay the other party's legal fees?
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call the 晚报 lol
check out the number on the newspaper lo. i am sure they state this somewhere
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Thank you all. I have tried calling Wanbao, they didn't want to write about my case. And I tried writing to Forum too, my article was not published :(
We all thought it is easy to get our agony heard right? but in reality, it's not the case! We see the Wanbao like to publish articles like youngsters behaving intimately in public carparks but come to serious matters, they do not think it's sensationalised enough. Sigh, seems like this is the end of my case, unjustified and I have to suffer in silence.....so what if election is coming, the government don't care! I am just an individual, so my vote won't matter to them at all :(
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Originally posted by Lcl27:
Thank you all. I have tried calling Wanbao, they didn't want to write about my case. And I tried writing to Forum too, my article was not published :(
We all thought it is easy to get our agony heard right? but in reality, it's not the case! We see the Wanbao like to publish articles like youngsters behaving intimately in public carparks but come to serious matters, they do not think it's sensationalised enough. Sigh, seems like this is the end of my case, unjustified and I have to suffer in silence.....so what if election is coming, the government don't care! I am just an individual, so my vote won't matter to them at all :(
U not happy U can always vote for the opposition...if U get the chance lar...
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were your instructions to sell given by via a phone call? all brokerage firms record conversations between the client and the brokers. so there should be evidence of who is right and wrong.
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i am sure the adjudicator gave you documents on why the verdict wasnt awarded in your favour. i suggest you seek legal opinion. just opinion, not sue anyone. ask the lawyer if you have a case. there are many rules in the stock market. a lot in fine print. brokerage firms arent stupid. make sure you have a case. dont go around speaking ill of the brokerage firm and end up with more problems. asking just for an opinion wont cost you a lot of money and its more sensible and realistic. if there is no case, move on.
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If you want to be heard and don't mind to be interview , I suggest you can bring forward your story to programmes like Money Week (财�追击) from Channel U, email : [email protected], or BlogTV from Channel News Asia. email : [email protected] .Hope it will be your last hope !