Hopefully, today investors will start thinking with their heads rather than running with a scared pack. QPP is solid. I have been investing in QPP since 3p and topping up along the way. I have followed the strategic development of the organisation and, being in the claims / insurance industry know many of the protagonists. QPP is unique in its offering and that offering is clearly very very attractive to insurers. There is going to be a long term cap on margins but its efficiency and place in the market guarantees a significant growth in market share. Rob Terry as an individual is a bit of an arse but he has a great vision for the business and has recruited a strong team around him who really understand the industry and have great networks. The business fundamentals point to the organisation trading successfully, lets hope the marker realises that as I am in for the long term.
I've been in Quindell since 7p and have been following this board for a long time however this is my first post.
On the way down yesterday I sold my entire holding with a view to buying in at a cheaper price. I was QUOTED 28.3p by Natwest with the standard 15 second countdown which I confirmed.
It turns out Natwest sold my shares for 19p and I bought back in at 23p.
I was cautious not to sell 'at best market price' as I knew the price would fall a lot lower than 28p which is why I sold at the QUOTE I was given at 28.3p.
My question is where do I stand with Natwest? My holding is now a lot lower than what it was before and if I had known that I would get 'at best market price' I would not have submitted the trade. Surely if i was given a quote with 15 seconds to accept the quote I should sell the shares at that amount?
I was sickened and appalled by what happened yesterday. Luckily I managed to move quickly and save my open position, but I fundamentally abhor this kind of orchestrated attack. They have done this before and were not held to account, prosecuted or shut down as they should have been. So, in my mind, this means they know they can get away with it, and will therefore do it again. This just undermines everything the stock market stands for, in my opinion. This is not just a case over excited playground joshing - this is much more serious and sinister than that, with real, hard earned money they are stealing off decent folk.
I have sent a complaint to the FCA calling for an investigation and a referral to the Serious Fraud Office. This behaviour completely goes against the concept of fair play and brings disrepute to the market - that in itself should be enough to have them in court. I have signed the e-petition supporting the call to abolish shorting on shares, not because I fully support the notion but more as a call for support for better regulation to prevent this kind of obscene, orchestrated activity happening in future. It really must be challenged with conviction and determination.
I will also be contacting my local MP to call for questions to be raised in Parliament to further tighten up regulation or at least ensure that investigations are carried out in these cases, and heavy punishments dished out to deter these bullies from engaging in unfair, anti-competitive and morally corrupt behaviour. In my opinion these people should have their assets frozen, they should be prosecuted, ordered to repay all those who lost out and be imprisoned for illegal manipulation of the stock market. Otherwise, we as investors can have no faith in the market - where would we be as an economy then? I think there should be zero tolerance of this sort of activity. May they be burned more fiercely one day soon than they have burned their victims!
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