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US Brokerage Unilaterally Changes Client’s Investments to US T-bills
A client of ours living in Ecuador, recently sent me a disturbing piece of news. He wrote: “We were recently talking to our next door neighbor who told us they were taking a trip to the US. The reason for the trip was because they attempted to transfer some of their moneyoverseas and were told by the bank that they had to appear in person to make the transfer.”
This was brought about because of what their broker/brokerage firm did several months ago. When they looked at their brokerage statement they discovered that some of their equities had been sold (without their permission) and that they had purchased US Treasuries (also without their permission)! When they questioned the broker he told them he was told by his superior to do this and NOT to tell his clients about it! The icing on the cake is that they will have to pay capital gains tax on the equities they sold. Neat eh?
https://www.dollarvigilante.com/blog/2015/08/12/the-us-government-has-gone-full-rogue.html