halle1@houxz.UUCP (10/25/83)
Has anyone had any dealings with or have any knowledge of First Jersey? Are they any good or are they overblown? What is their track record? Any recommendations? Thanks.
pvl@houxh.UUCP (10/26/83)
I posted my opinions of First Jersey Securities about 6 months ago. It appears to be time to do so again. Before I start, remember that noone should strictly take someone else's word regarding an investment. *YOU* will ultimately be responsible for the results, so take the following for whatever you decide it's worth (no more and no less). I dealt with First Jersey for a little over a year. My advice is to avoid them at all costs. The dealings often had a taste of "not quite right" like offerings that I bought for $500 and sold for $625 one week later. That sounds great except that the broker nearly insists that you roll the proceeds over into another investment. Given that I was dealing in "penny" stocks, my paper gains the first year were impressive. Then, on a whim, I called another broker to find out what my holdings were worth. Since penny stocks are so cheap, the spread between the asked price (what 1st Jersey quotes you) and the bid price (what you can really get for it) is often 50% of the value of the stock. I decided to get out with what I had, and, after 30 minutes of unsuccessfully trying to convince my 1st Jersey broker to sell out (he simply *wouldn't* do it), I sold my holdings thru E.F.Hutton. I have a nice-sized short-term capital loss to write off this year. Others I know who have dealt with 1st Jersey in the past also now avoid them. Beware. Pete LaMaster Holmdel, NJ (201)949-0040
z@rocksvax.UUCP (10/27/83)
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