Stock Basis

[tonia2021]

New client inherited some money back in 1998. Invested it all in stock market - stocks were doing well and invested additiona money. Now stock is worthless. Problem, client has no documentation regarding how much he invested. He has tried called the brokerage firm - they have no cost basis info either. Their broker has switched companies so cost basis didn't follow. He can't get a hold of the broker either.

Client did get statement from saying 10000 shares are worthless from one company. Plus, a second statement saying 41 shares from company 2 are worthless.

Is there anything we can do? We are talking about at least $20000 on the original investment.

[JohnH]

Copies of canceled checks? It might take a while to get info that far back from the bank, but it's a starting point.

Were the securities held in street name or issued to the client? If issued to the client, the company's investor services dept might be able to help. Also, if the client participated in a DRP then the DRP administrator might have full or partial info - at least something to build on.

[FEDUKE404]

We don't need no.....

....stinking records??

Let me get this straight: Client inherited a bunch of shares and also made several new purchases thereafter, BUT has no records of these events?

"You just can't fix stupid."

FE