Wanted to share a story quick about a family member’s bad experience with Keane Financial (Google the name…you’ll quickly see he’s not alone).
My family member was contacted by Keane Financial a few months ago about shares held at a company’s transfer agent. He had been receiving and cashing dividend checks for this particular stock for years. Everything had been working fine and was status quo until he received an intentionally opaque letter in the mail from Keane Financial saying something to the effect of “we’re not sure you are receiving your dividend checks so if you would like we can sell your shares and mail you a check for the account balance”. Of course they don’t know if he’s receiving the dividend checks. My family member had no association with Keane Financial whatsoever and this they would not have had access to his checking account to verify deposit.
Not really understanding the letter my family member unfortunately signed the transfer request form and allowed Keane to liquidate the position…which they did, for small (sarcasm) commission of 10%!!!!!!
It seems to me that Keane’s business model is to troll transfer agents to find positions that have had no activity for extended periods of time and try to trick those stockholders into selling their positions so they can generate a one time 10% commission.
I’m honestly not sure how this is not illegal, it seems like they’re blatantly taking advantage of the uninformed, but either way, a sincere Fuck you to Keane Financial. Your organization is a colossal piece of shit that gives the finance community a bad name.