Elio Stock Drs Issues

[Chris F]

Update:
Dear Jerry,

Stock In Question: Elio Motors Inc. (ELIO)

Thank you for your inquiry. Based on TD Ameritrade's understanding of guidance from industry regulators regarding Over-The-Counter Bulletin Board and/or pink sheet securities, we are unable to accept shares from this Issuer at this time. TD Ameritrade does not disclose the criteria used in the review.

You are welcome to check back in the future to determine if the status changes. If so, please follow the instructions below for transferring your shares to TD Ameritrade.

We must receive a TD Ameritrade Transfer Form with a signed transfer agreement dated within the last 90 days. Please complete the External Transfer Form that has been attached to this e-mail for your convenience.

In addition, TD Ameritrade requires a recent Direct Registration Advice, Investment Plan Statement, or a Summary of Account Holdings dated within the last 90 days from the delivering firm. Please note this document must show the following information: the complete delivering account number, the name of the stock, how the shares are held in your account with the transfer agent (e.g. DRIP, book-entry, certificated, etc.), the complete account title/registration, and a current date, dated within the last 90 days.

You may fax your transfer form and statement to Attn: DRS - 866-468-6268, mail them to P.O. Box 2760, Omaha, NE 68103-2760, or send them back as attachments in response to this message.

If you have any questions or concerns about your account, or if we can be of any assistance, please call a Client Services representative at 800-669-3900. We're available 24 hours a day, seven days a week. You can also e-mail us by replying to this e-mail. A representative will respond to your query through your Message Center inbox.

We continue to value your business and look forward to serving your financial needs for many years to come.

Erica Arias
DRS Transfers, TD Ameritrade
Division of TD Ameritrade Inc.

I got the same. The back-office at TD hasn't gotten up to speed with the new Regulations. However, there is no way you are going to change their minds in a hurry.

 

[TMOSteel]

Talked to a Scottrade broker this evening. The stock transfer to my account will take a couple of days. No fees to transfer .

Please let us know how it goes; I've been waiting since Monday for Scottrade to process my request. Going to contact them today to follow up.

 

[Travelbuzz1]

I got the same. The back-office at TD hasn't gotten up to speed with the new Regulations. However, there is no way you are going to change their minds in a hurry.

I went over to Scottrade

 

[MARK MONTGOMERY]

Well, I just got the news that Ameritrade will NOT take ELIO shares. Does anyone know who does ? Mark

 

[Travelbuzz1]

Please let us know how it goes; I've been waiting since Monday for Scottrade to process my request. Going to contact them today to follow up.

Scottrade now is not taking Elio.

 

[TMOSteel]

Well, I just got the news that Ameritrade will NOT take ELIO shares. Does anyone know who does ? Mark

Did they say why? Scottrade advised that because Elio Regulation A stock is not registered under the 1933 Securities Act, which Regulation A is exempt from in the first place, they won't take it.

 

[Jambe]

I know some people have used Charles Schwab successfully.

 

[MARK MONTGOMERY]

Scottrade now is not taking Elio.

Hi. Is that for sure. I opened A Ameritrade account and then they told me that don't accept ELIO shares

 

[MARK MONTGOMERY]

Did they say why? Scottrade advised that because Elio Regulation A stock is not registered under the 1933 Securities Act, which Regulation A is exempt from in the first place, they won't take it.

Ameritrade said it is a risk

 

[Travelbuzz1]

Hi. Is that for sure. I opened A Ameritrade account and then they told me that don't accept ELIO shares

I sent this to Scottrade, but there are another 8 that presumably will...see threads.
I just received this information from another stockholder with your company....Scratch Scottrade off your list, they will not accept stock not registered under the 1933 Securities act nor stock purchased "inside" that has to be held for 1 year.

Dear Jerry:

That is correct. We will not accept restricted stock for deposit into our accounts.
Restricted stock is stock that has not been registered with the Securities and Exchange Commission (SEC). Restricted stock may not be sold in the open market, unless it is registered with the SEC and the restriction is removed. Scottrade® does not facilitate the removal of restrictive legends on certificates or on shares held in book-entry form.

Generally, to deposit such stock into an account you would need to deal with a full-service brokerage firm.

Sincerely,
Kevin K.