IRA DRS - Information regarding Custodial Registration via APEX
Posted Dec 10, 2021, 2:27 AM UTC
4140
God help me with Reddit Formatting
All transaction must be done in writing with the signature of the authorized individual from APEX with medallion stamp as they are the listed custodian in this account.
The shares are are directly registered to Computershare under an IRA registration so it means that this is not directly into your name.
I think that's all you need to know on this.
I'm direct transferring my other Rollover IRAs to my Computershare account and taking the tax hit come March.
Linking discussion on this: https://www.reddit.com/r/Superstonk/comments/rcdkdo/credit_to_ukittiesplustitties_ira_discussion/ u/kittiesplustitties
Edit: I suck and had to remove email info off the pic because ... you know why I'm smooth as smooth gets. Thanks u/rainman24588
10
Fuck Apex!
I really hope this info gets out!
10
I was a stash holder, never again will I ever touch that account.
3
Huh, Fidelity doesn’t want to give us access to chat transcripts…
7
I called ComputerShare. I asked whether custodial IRA shares are DRSed. The agent told me it is beneficial ownership and not removed from DTC.
7
so, no ally to drs ira shares?
6
I’m still doing it. The shares will still be DRSd. That is the most important thing, the shares aren’t setting in apex’s account as a liability and where they can sell them with a click of a button. They are off their books and in CS
Edit:I’m not risking a tax hit that I cannot afford. Rather have tax free money. If you believe apex will sell shares held in computershare then the entire system will have broken down and option contracts would be voided eland brokers would liquidate all their users accounts
3
Stop spreading misinformation, this is not what the post is about, it clearly says the shares are not registered under your name, sure, they can't sell it. Good attempt trying to misdirect the audience, but that's not the point
As long as the shares are not in your name, you have no idea whether they can lend it out, like all the brokers who are lending out behind our backs without us knowing
Lending is the key here, not selling
Edit: shares being held by a custodian (Apex in OP's case) falls under BENEFICIALLY OWNED SHARES in the image of ComputerShare's structure in this DD
r/Superstonk/comments/q0mu9l/computershare_cs_now_has_a_diagram_that_shows/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
That means the shares are not removed from DTCC as Apex is a DTCC participant and they can potentially still lend your shares
If necessary, do your own checks with ComputerShare
2
You can’t lend computershare stocks what are you talking about?
2
It's not registered in your name as per the chatlog above. What are YOU talking about?
4
the shares aren’t setting in apex’s account as a liability and where they can sell them with a click of a button.
They actually are and it's been confirmed that Apex is the legal owner of the shares. They're being rehypothecated out to IRA owners.
Stop lying. You keep repeating this FUD.
1
i saw your post after the fact that i transferred my roth out of fidelity, jumped the gun on it cause not much was known on the whole situation initially with drsing retirement accounts…so maybe now thinking about taking the tax hit
1
Please do the necessary checks with and ask the important questions to ComputerShare so that you can be sure you're doing the right thing
This comment thread might help you to ask the right questions (https://www.reddit.com/r/Superstonk/comments/rcxt3p/comment/hny30wo/)
Some questions you might wanna ask
-
Are these custodian shares under my name?
-
If Apex is a member of the DTCC, does that means the shares are not removed from Cede and Co? (See last row in the image attached to the DD)
-
dividends stuff
r/Superstonk/comments/q0mu9l/computershare_cs_now_has_a_diagram_that_shows/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
2
Thanks for doing the hard work of verifying! This is very important information
Below are my thoughts on Aldrin C's replies in brackets
Aldrin C.: The shares are are directly registered to Computershare under an IRA registration so it means that this is not directly into your name. (so not registered in my name, still under street name, they can do whatever the f they want without my knowledge. I have no idea what illegal crap they can pull to lend out my shares)
If the company will pay dividends, it will be sent to the address on records. All transaction must be done in writing with the signature of the authorized individual from APEX with medallion stamp as they are the listed custodian in this account. (what do 'transactions' cover? Also, it sounds like as long as the authorized individual from APEX says yes, anything can be done to my shares? I have no control over this)
Aldrin C.: You’re welcome. Is there anything else for today?
You: If I wanted to move these shares out of custodial status and into my name directly, that would be a conversation with Apex or with Computershare?
Aldrin C.: To reregister the account, APEX needs to complete a Computershare transfer request form. (Oh fuck, this sounds bad, can't they just refuse to complete it? Citing technical error, manpower issues all kinds of bullshit excuses, holy crap)
5
Thank you for posting, even if it is bad news for IRA DRS. I hope this doesn't get downvoted to oblivion.
3
I understand now that these shares are STILL not under my name, they are under Ally's as a custodian as "beneficially owned shares".
So a few days ago I emailed Ally my LOI to move my traditional IRA shares to CS.
Should I reverse the process? Or wait until Jan? I'm not sure of the tax implications.
Am I supposed to take an in-kind distribution of my shares out of my rollover traditional IRA?
Is that the only way that I can get my IRA shares to be DRS'ed and not under Cede and Co.?
2
I don't have a move for myself at this time that is a perfect fit. I don't have any financial advice.
I am going to take a hit on one of rollover IRAs as I don't have enough registered shares.
2
I think apes really need to read through the very thorough description of the OG of Ally DRSing of IRAs: https://www.reddit.com/r/Superstonk/comments/r0zpsa/drs_for_ira_stepbystep/
You can very clearly see in images in this post that stocks the words "DTC STOCK WITHDRAWAL (DRS)" in regards to the shares in this FBO account.
That's all I need to know that DRSing through Ally is doing what I want it to do, removing stock from the DTC.
2
IMPORTANT POST LINKS
What is DRS and why should you care? || What is GME and why should I consider investing? || What can I do to support the company and local communities
Please help us determine if this post deserves a place on r/Superstonk. Learn more about this bot and why we are using it here
If this post deserves a place on r/Superstonk, UPVOTE this comment!!
If this post should not be here or or is a repost, DOWNVOTE This comment!
1
I am confused about this post which mentions something about being debunked, and from the previous post
But I added link to this comment here too.
1
Apex halted trading.
They are the clearinghouse that was protected in January.