Stockal’s US Trading Row: Missing Consent, A Chinese Microcap, And Unanswered Questions
Indian investors who held Apple, Amazon, Tesla, and Nvidia shares allege they logged into their Stockal accounts to find those…
Indian investors who held major US stocks like Apple, Amazon, Tesla, and Nvidia say their accounts were altered on October 15, without their permission. Nearly 30 people claim their US stock holdings were sold and the proceeds used to buy shares of a thinly traded Chinese microcap called Zhibao Technology. One investor said $3.1 million worth of securities were sold and replaced within minutes.
The dispute centers on how the accounts were accessed, whether security measures failed, and who is responsible. An investigation is underway, with Borderless Investing stating unauthorised access occurred through the Stockal app, involving 13 accounts. DriveWealth, a US brokerage partner, reportedly froze the accounts after learning of suspicious activity.
Zhibao's share price plummeted after the trades, leading to significant reported losses for the affected investors.
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