Consumer complaint received 2022-07-05 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: JPMORGAN CHASE & CO.
State: NM

Complaint narrative:
Initial contact was made XX/XX/2022 by XXXX XXXX XXXXXXXX XXXX XXXX  XXXX ( XXXX xt. XXXX ) calling to ask and confirm that I have received and liquidated my private stock options from XXXX XXXX XXXX XXXX XXXX XXXX, XXXX ( also known as XXXX XXXX or XXXX XXXX ). He informed me that I have the option to sell my foreign owned stock. 

He told me I need to contact the accounting department and ask for my " Book Entry Number ''. I tried to call and get through to the accounting department of XXXX XXXX, everyone sounded angry that I was even asking for this book entry number and how did I find out about it, who did I speak to and did I get my letter of notice. I informed them, I never received anything. They put me on hold and then hung up. 

I called XXXX back and he gave me a direct number to XXXX XXXX ( XXXX ) whom he says is handling their accounting. I received the same upset inquisition from XXXX XXXX on how did I find out about this if I didn't receive my letter. After being on hold several times and after many offers to give me a free week at any of the resorts plus other travel benefits. I refused all offers and simply asked for my booking number attached to my XXXX XXXX contract ( XXXX ). XXXX finally gave me, Book Entry Number : XXXX. I asked if she knew how many shares we have, she said of course I know, but it will be better if you trade them for a vacation and let them keep the shares and they will use the funds to make improvements to the properties. She never told me how many shares and then the line disconnected. 

I called back XXXX and gave him the book entry number, he looked it up and said I have XXXX shares, valued at {$850.00} per share. 

He asked if I have a brokerage account with XXXX XXXX or XXXX XXXX as they are the only companies that can hold these private XXXX XXXX XXXX other than XXXX XXXX 's underwriter XXXX XXXX XXXXXXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX. ) Due to the time frame of XX/XX/XXXX expiration it would take too long to set up a new account with those XXXX or XXXX, so I contacted XXXX whom XXXX referred me to. 

I was informed by XXXX XXXX XXXX of XXXX that they require 15 % deposit of value to open a liquidity account which is designed for their client XXXX XXXX ( XXXX ) since I have no plans on using them to invest the funds but only to liquidate the shares. Once the shares are sold by XXXX, they will be deposited to my XXXX account, then I can liquidate the account by wire transfer, which will include the deposit of {$25000.00} plus the {$170000.00}. 
My wife wired the {$25000.00} from XXXX XXXX united States XXXX XXXX XXXX XXXX ) to beneficiary XXXX  JP Morgan Chase Bank I contacted XXXX and he was able to make the sale after about an hour. After the shares were sold by XXXX XXXX on Thursday, XX/XX/2022, XXXX XXXX asked me if I wanted to sell the remaining XXXX shares. I told him, this is the first I am hearing there were more shares connected to my contact. He then says they just need 15 % of the value or {$44000.00} in order to have XXXX XXXX sell and transfer the remaining XXXX shares for an additional {$290000.00}. I simply told him I don't have it. He said, so those shares will have to be forfeited and sent back to XXXX. I said ok. 

After XXXX business days, I still had not seen the wire deposit, I contacted XXXX and was informed the accounting department will not release the funds until XXXX penalties are paid. They said to wire them the money, they will forward to the US treasury and they will pay the tax and or tax penalty to the XXXX XXXX. on my behalf. I informed them I will pay my own taxes, just liquidate and close the account for a total of {$190000.00}

Company response to consumer: Closed with explanation