SIPC
SIPP INDUSTRIES INC NEW
stock OTC

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What about having multiple accounts under same person? Does SIPC cover each account $500K?

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That situation is not where SIPC would come into play. SIPC is only at play when your brokerage firm goes insolvent AND they lost record of you ever owning shares. Fraud could be a factor in the firm going insolvent (looking at you, Bernie Madoff). I. The CAs you presented, where someone fraudulently depletes your account, that’s where a firms own internal polices would kick in. In the case of Schwab, they have their security guarantee.

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

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>The shares belong to you, not to Schwab
Yes and no. A client is the rightful owner of the shares they hold in a brokerage account. But the brokerage is the actual custodian of the shares, registering and holding them on your behalf.
I think the best comparison to make with brokerage is the transfer agent. If you buy shares via the transfer agent, you hold the stock directly, there is no intermediary. A common term they use is "direct registration", meaning the shares are registered in your name.
The risk with brokerages isn't that they will go out of business (legitimately), it's fraud. Suppose your account gets hacked and everything is liquidated to cash and then transfered to an external account that is later emptied. This is where SIPC coverage would come into play.

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This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
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This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #8: **no taboo topics**.
In the interest of keeping things civil and allowing us to focus on providing customer care, we ask that you seek out alternative subreddits for engaging in topics regarding politics, race, religion, violence, drug use, and sexual themes.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

What about having multiple accounts under same person? Does SIPC cover each account $500K?

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

That situation is not where SIPC would come into play. SIPC is only at play when your brokerage firm goes insolvent AND they lost record of you ever owning shares. Fraud could be a factor in the firm going insolvent (looking at you, Bernie Madoff). I. The CAs you presented, where someone fraudulently depletes your account, that’s where a firms own internal polices would kick in. In the case of Schwab, they have their security guarantee.

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This was removed for violating rule #1: **do not post personally identifiable information (PII)**.
To protect our customers, we prohibit the posting of any private or confidential information, whether it’s yours or another individual’s. This includes names, account numbers, Social Security numbers, email addresses, phone numbers, or any other information considered PII.
Reposting the contents of information shared via private messages (PMs), modmail, and private subreddit chat is also prohibited.
Please make sure any posts (especially screenshots) don’t include visible PII before posting.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

>The shares belong to you, not to Schwab
Yes and no. A client is the rightful owner of the shares they hold in a brokerage account. But the brokerage is the actual custodian of the shares, registering and holding them on your behalf.
I think the best comparison to make with brokerage is the transfer agent. If you buy shares via the transfer agent, you hold the stock directly, there is no intermediary. A common term they use is "direct registration", meaning the shares are registered in your name.
The risk with brokerages isn't that they will go out of business (legitimately), it's fraud. Suppose your account gets hacked and everything is liquidated to cash and then transfered to an external account that is later emptied. This is where SIPC coverage would come into play.

This was removed for violating rule #10: **keep posts within the scope of customer care, market news, or general investing discussion**.
The focus of this community is investing education and Fidelity customer care, including discussions about money movement, transfers, and trading. This sub is not intended to address inquiries that go beyond the scope of normal service.
Please consider if your question is one you’d ask to a Fidelity support representative. Off-topic posts may be removed.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*