Fidelity Investments5 Jan 2021 17:29
I couldn't find the old thread to link to, so this is a new post. US shareholder since June 2020...
Back in April, I tried buying PHE through my Fidelity Investments account. A regular taxable brokerage account suitable for international trading that I have used to purchase shares on LSE, ASX and TSX, not just the ADRs on the NYSE. I have bought and sold other AIM shares that are not listed or registered with the US Securities Exchange Commission.
Fidelity told me 3 times that there was a trading suspension from the SEC. After verifying with the SEC that this was incorrect, I was able to purchase shares in June, and then twice more in July and September. Fast-forward to December, my investment has done well. However, now that the shares are in my account, Fidelity has gone back to telling me there is trading suspension from the SEC. When I asked to be linked to that document, they direct me to the same dead end, a license revocation from 2016 for a different company, similar name "Powerhouse Energy Corp" address in Canada.
Fidelity has actually reversed trades I made, selling 20k shares on Dec 22 and buying back 27k shares at a slightly lower price on the Dec 23. My efforts to get those trades reinstated have not been successful. Seeing the price up again yesterday, I tried to sell again, this time a different lot from the trades in Dec. I was guessing correctly that there would be a retrace and maybe I could buy back cheaper today. No luck, Fidelity says the won't let me trade this share.
I actually talked to the associate that handled the trade back in June, who had apologized for the mistake back then and had credited my account for the rise in share price from when I had first tried to place an order. No luck, his recollection does not match mine, and he tells me again the share is suspended from trading by SEC. I am waiting for a response from the manager who handled my complaint before and will also pursue the issue through the SEC again. Luckily I still have the ticket number and email chain from the SEC attorney. When I went through this before, I was frustrated in buying into a company that caught my interest. Now, I have the shares in my account, the price has tripled, I can't buy or sell, and my frustration level has gone way up.
If there are any on here who use Fidelity to hold this share, I would be interested to hear their experience. I understand Fidelity International or fidelity.co.uk users based outside the US are dealing with a different company, though presumably same parent company.
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