{"id":4463,"date":"2007-06-22T14:56:52","date_gmt":"2007-06-22T14:56:52","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/06\/news_flash_brookstreet_securit"},"modified":"2021-09-20T15:41:34","modified_gmt":"2021-09-20T20:41:34","slug":"news-flash-brookstreet-securit","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/","title":{"rendered":"News Flash: Brookstreet Securities Closes its Doors"},"content":{"rendered":"

\t\t\t\tToday was “Black Friday” for Brookstreet Securities, as it closed for business. The firm’s 650 independent contractor brokers have been terminated, says Stanley Brooks, President of the firm. Brookstreet clients are left in limbo, many with huge losses in their accounts. <\/p>\n

As reported earlier this week, Brookstreet Securities Corp, based in Irvine, California, told its agents that “disaster” had struck and it was in eminent danger of folding. The e-mail communication (previously posted on this site) claimed this was as a result of mark-downs on collateralized mortgage obligation securities (CMOs) by Fidelity’s National Financial Services (NFS), which cleared trades and maintained accounts for Brookstreet. <\/p>\n

Some of Brookstreet’s clients report that their accounts continued to fall in value this week. Yet, if they attempted to do anything NFS told them they must to talk to their (Brookstreet) broker, but their broker was not answering the phone. Meanwhile, Some of these clients’ margin accounts slipped into the “red”, meaning not only have these investors’ funds disappeared but NFS now claims the investors owe it money! <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Today was “Black Friday” for Brookstreet Securities, as it closed for business. The firm’s 650 independent contractor brokers have been terminated, says Stanley Brooks, President of the firm. Brookstreet clients are left in limbo, many with huge losses in their accounts. As reported earlier this week, Brookstreet Securities Corp, based in Irvine, California, told its […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3774,3832,3804,3819],"tags":[],"class_list":["post-4463","post","type-post","status-publish","format-standard","hentry","category-broker-dealers","category-brookstreet","category-class-action-lawsuits","category-fidelity"],"yoast_head":"\nNews Flash: Brookstreet Securities Closes its Doors — Investor Lawyers Blog — June 22, 2007<\/title>\n<meta name=\"description\" content=\"Today was "Black Friday" for Brookstreet Securities, as it closed for business. The firm's 650 independent contractor brokers have been terminated, says — June 22, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"News Flash: Brookstreet Securities Closes its Doors — Investor Lawyers Blog — June 22, 2007\" \/>\n<meta name=\"twitter:description\" content=\"Today was "Black Friday" for Brookstreet Securities, as it closed for business. The firm's 650 independent contractor brokers have been terminated, says — June 22, 2007\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"News Flash: Brookstreet Securities Closes its Doors — Investor Lawyers Blog — June 22, 2007","description":"Today was \"Black Friday\" for Brookstreet Securities, as it closed for business. The firm's 650 independent contractor brokers have been terminated, says — June 22, 2007","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/","twitter_card":"summary_large_image","twitter_title":"News Flash: Brookstreet Securities Closes its Doors — Investor Lawyers Blog — June 22, 2007","twitter_description":"Today was \"Black Friday\" for Brookstreet Securities, as it closed for business. The firm's 650 independent contractor brokers have been terminated, says — June 22, 2007","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"News Flash: Brookstreet Securities Closes its Doors","datePublished":"2007-06-22T14:56:52+00:00","dateModified":"2021-09-20T20:41:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/"},"wordCount":370,"articleSection":["Broker-Dealers","Brookstreet","Class Action Lawsuits","Fidelity"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/","url":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/","name":"News Flash: Brookstreet Securities Closes its Doors — Investor Lawyers Blog — June 22, 2007","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2007-06-22T14:56:52+00:00","dateModified":"2021-09-20T20:41:34+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Today was \"Black Friday\" for Brookstreet Securities, as it closed for business. The firm's 650 independent contractor brokers have been terminated, says — June 22, 2007","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/news-flash-brookstreet-securit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"News Flash: Brookstreet Securities Closes its Doors"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-19Z","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=4463"}],"version-history":[{"count":1,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4463\/revisions"}],"predecessor-version":[{"id":20215,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4463\/revisions\/20215"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=4463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=4463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=4463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}