Fidelity Brokerage Servicesretrieval of funds following sale of company and funds held by foreign government

B May 27, 2019 Review updated:

Can you please help me!

Around approximately 2nd quarter 2018 Intel corp (INTC) purchased a company called Mobileye (MBBYF) that I owned stock in. The stock was purchased through the broker Fidelity Investments Company under my account X83680564. During the acquisition process I elected not to transfer my Mobileye stock to Intel stock consequently, my account was closed, stock sold, and all proceeds transferred to Dutch Ministry of Finance Consignment Office. To obtain my monies from the Dutch Consignment Office on 30th July 2018 I sent an email to [email protected] that included a number of documents i.e. account information, evidence of account, power of Attorney, etc. Since sending this email I have not received any feedback that my claim in being processed and when I will receive payment despite numerous attempts to progress the claim. For example,
1) From my initial conversations with Fidelity it appears my documentation has been received.
2) Several months later in an attempt to find the status of my request, I contacted the Dutch Consignment Office. They informed me that they do not deal directly with the public and work through a transfer agent.
3) After further discussions with Fidelity they acknowledged that a company called AST was acting as Mobileye transfer agent but they lacked the appropriate information to contact Mobileye on my behalf.
4) After contacting AST they also confirmed that because I did not have an AST account or share certificates they were unable to help me, and I should go back to my broker, but they did say there are acting as Mobileye's payment agent and may be able to help me if I could provide the share certificate numbers.
5) Again, after further discussion with Fidelity, Fidelity are unable to provide my share certificate numbers.

I hope my description is not too convoluted, but I've been trying to progress this claim for nearly a year, and despite after numerous Fidelity chat sessions I feel that I've fallen foul of the preverbal catch 22. Fidelity are saying they can't help me because they don't have sufficient information to ask ASF on my behalf, although I'm not sure what information is required, and ASF can't respond because I can't provide ASF with proof of account information i.e., certificate numbers which for some reason Fidelity say they are unable to disclose.

Can you please tell me, for stock that was initially purchased by Fidelity on my behalf and subsequently surrendered back to Mobileye, how I recover my funds and what is Fidelity's responsibility in an international cash transfer from a foreign government? Could you also please provide me with my stock certificate numbers so I can progress the transfer with ASF.

I am sure you can understand my frustration. I have spent countless hours trying to access my funds and am getting nowhere.

Additional info:
1) Fidelity account: Individual, account number X83680564
2) Mobileye N.V Corporate Action Notice
a. Date: August 1st 2018
b. Control number: [protected]
c. CUSIP Number: N51488117
d. Job number: E09243
3) Communications
a. Fidelity chat line: I have transcripts of chat sessions if required
b. American Stock Transfer & Trust Company, LLC (AST)
i. Tel: 800 937 5449
ii. Email: [email protected] | astfinancial.com
c. If you need transcripts of chat sessions

Thank you in advance for your help.

  • Updated by Baglin's · May 27, 2019

    I have no idea if my original complaint has been submitted: no webpage feedback conformation, no email, etc. If this original email has gone through please ignore.

Responses

  • Do
    docgoldman Jan 21, 2020

    I have had the same problem with them. I have been trying to get the funds for 2 years. they are unresponsive and I have no idea if they have received the funds and are hoding them.

    1 Votes
  • Ca
    Cassidyyyyyy Jan 03, 2020
    This comment was posted by
    a verified customer
    Verified customer

    Baglin,

    Have you been able to resolve this issue to date? Please advise.

    0 Votes

Post your comment

    By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions

    IN THE NEWS

    Unhappy consumers gather online at Complaintsboard.com and have already logged thousands of complaints.
    If you see dozens of complaints about a certain company on ComplaintsBoard, walk away.
    One of the largest consumer sites online. Posting here your concerns means good exposure for your issues.
    A consumer site aimed at exposing unethical companies and business practices.
    ComplaintsBoard is a good source for product and company gripes from especially dissatisfied people.
    You'll definitely get some directions on how customer service can best solve your problem.
    Do a little research on the seller. Visit consumer complaint websites like ComplaintsBoard.