repayment options for brokerage error

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dameade

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In mid January I was checking brokerage account for a deposit of company stock I was expecting as a bonus.

I saw 300 shares deposited and requested settlement - as I had to catch up on bills, etc.

Please know my annual bonus comes in multiple forms between January and February (stocks and cash.) In February I received the other portion of my bonus.

Late Wednesday 2/25 I listened to voicemail to call the brokerage and returned call Thursday. I was very surprised to learn that the 300 stock deposit was an error on their part and I had to pay them back.

They indicated the stocks were actually deposited months before, but I never noticed. The only time I checked that account was in January to check for my bonus.

Late January, I received another deposit of 150 shares which I did not necessarily find unusual as there have been multiple stock deposits in the past. I had not yet received my bonus statements from my employer so I did not exactly know what I was going to receive.

When I requested settlement for both of these deposits in January - I actually spoke to a brokerage contact to make sure I was making the settlement request correctly (as I am a novice to the process) and I arranged for a wire transfer. No one ever suggested that something looked wrong.

Last week, when I returned the phone call, was the first I heard of the error. The manager who left the message was not there and I spoke with my assigned financial advisor. I explained that I had absolutely no idea that this was not my money and the reasons why I did not find the amounts unusual. The advisor indicated the manager was out and would call me on Monday (3/2) to work with me on repayment arrangements. I indicated that I have already spent that money and I had no way to pay it back immediately. That was Thursday 2/26. Yesterday, Friday 2/27, when I got home from work - I opened an overnight letter from their attorney DEMANDING they receive repayment by next Tuesday (3/3). There is no way I can do this by then!

I now understand that my actual stock bonus was only 150, not the 150 plus the 300. Even when I finally did receive my employers stock bonus statement a couple weeks ago - I looked at it quickly and noted two numbers 300 and 150 (rounded). Apparently 300 were awarded, but w/taxes, etc the actual deposit was just over 150. Unfortunately, I just thought it said two deposits - one for 300 and another for 150. My mistake is that I didn't pay close enough attention to my bonus statement - but did not realize there was anything wrong. I was just busy trying to catch up from Christmas, pay some bills and shed a little debt with what I thought was my bonus money. I don't have access to that cash anymore.

Does anyone know what kind of rights I have here for time to repay. I will likely have to go into my 401K to give this back and that will take time.

I'd appreciate any suggestions - and do I need a lawyer?
 
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