Unless you agreed to allow your portfolio manager to use your assets as collateral, this should not occur in your account unless you do the trades yourself. He could be doing naked puts (fool.com). This is a dangerous strategy. You need to fully understand what you're doing. Believe me, whoever is doing this on your behalf has no clue. They only know it's a bet. They're using your assets to cover their bets. I suggest you start reading your contracts to see if you authorized this kind of transaction. Then run for the exits. Tell your fiduciary (your broker) that you need all of your money now. In other words take your money out of this account now! This sounds suspiciously like Bernie Madoff. This crook used his client's money in a ponzi scheme for decades.
I don't believe he's a Bernie. He's been managing money for my extended family for a long time and he's known my uncle for 50 years and been his money guy for 30. The only time I see the TRADE TYPE: MARGIN is when I ask him to sell some stock for me, not at random times.
The stocks that were sold, were they going up in value or down?
They're part of my portfolio. I said "BOB I need x amount of money this many times over the course of the year" so he broke it down into small sales. Wether up or down it didn't matter he just sold it. I only noticed the MARGIN thing this time 🤷
Hummm...
I'll ask him what the deal is soon. I know someone on here knows what he's up too.
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