Can I sue a broker for doing this?

Quote from traderNik:

It's very surprising to see an apparently level-headed contributor suggest that this is a 'muddy' situation. Obviously you don't believe that MBT hasn't drawn up its contract in such a way that it is essentially their discretion as to whether they liquidate once valid conditions are met? Someone posted, with regard to a complaint about IB, that brokers cannot simply take money from your account and then claim its covered in the contract you signed, and that an arbitrator might find in favour of a client if there was an obvious and aggregious disregard for the rights of the client.

In this situation, could it be clearer that this is the clients fault? It seems that the client was ridiculously overleveraged, had no concept of position size relative to capital, and essentially created this problem. You seriously think that he would stand a chance in arbitration?

I feel it is actually bad advice to tell this person to go to a lawyer. It'll just be more money down the drain.

Please see sarah_iru's post above. Is this an accurate description of the circumstances? If so, it's game over.


Are you suggesting that it's the brokers responsibility to babysit the client's positions? If that's the case, it's a bizarre idea. If I'm misunderstanding you, I apologize in advance.
More...

Where the hell did you come up with 'MBT'. This has nothing to do with them.
 
Quote from zorro1:

Where the hell did you come up with 'MBT'. This has nothing to do with them.
More...

You accidentally posted as 'akeyla' (see above). Lon Eagle noticed this and apparently you have some problem with MBT, posting as akeyla in another thread. I just assumed. You are akeyla and you have some problem with MBT. You are zorro1 and ... you have some problem with another broker?

Wouldn't surprise me.

Must suck when you forget to log in under the right username.

You're getting batted around here. When the markets bat you around, stop trading. When we bat you around, stop posting. And next time, don't go short 20,000 shares of a $6 stock with $25,000 in equity.
 
Quote from traderNik:

You accidentally posted as 'akeyla' (see above). Lon Eagle noticed this and apparently you have some problem with MBT, posting as akeyla in another thread. I just assumed. You are akeyla and you have some problem with MBT. You are zorro1 and ... you have some problem with another broker?

Wouldn't surprise me.

Must suck when you forget to log in under the right username.

You're getting batted around here. When the markets bat you around, stop trading. When we bat you around, stop posting. And next time, don't go short 20,000 shares of a $6 stock with $25,000 in equity
More...

Well your assumption is wrong and I don't have any problem with MBT Einstein aka Clairvoyant.
 
Quote from zorro1:

Well your assumption is wrong and I don't have any problem with MBT Einstein aka Clairvoyant.
More...

So your problem with a broker as 'akeyla' isn't related to your current problem as 'zorro1' with this unnamed broker?

Oh, okay, thanks for clearing that up.

Sorry to hear you're having problems with so many different brokers.
 
Quote from traderNik:

So you're problem with MBT isn't related to your current problem with this unnamed broker?

Oh, okay, thanks for clearing that up.

Sorry to hear you're having problems with so many different brokers.
More...

Ahh. I am so touched by your concern. What a caring, intelligent and perceptive human being
 
Quote from zorro1:

Ahh. I am so touched by your concern. What a caring, intelligent and perceptive human being
More...

No problem! There are a lot of good posts here which go over good risk management practice. Do a search and check them out. You can avoid this situation in the future by correctly sizing your positions and sticking to predefined stops.

Also, you can probably avoid posting under the wrong username by having two web browsers and sticking to one of them for one username.

Good luck.
 
Quote from traderNik:

You accidentally posted as 'akeyla' (see above). Lon Eagle noticed this and apparently you have some problem with MBT, posting as akeyla in another thread. I just assumed. You are akeyla and you have some problem with MBT. You are zorro1 and ... you have some problem with another broker?

Wouldn't surprise me.

Must suck when you forget to log in under the right username.

You're getting batted around here. When the markets bat you around, stop trading. When we bat you around, stop posting. And next time, don't go short 20,000 shares of a $6 stock with $25,000 in equity.
More...


And an exceptional mathematician to boot.
 
Quote from zorro1:

My god, how can people be so stupid. I did not and cannot exceed by day trading buying power. I exceeded my overnight buying power. As for the other guy the broker has no right to get me flat by the end of the day. You are allowed to exceed your overnight buying power. It will result in a reg T call and I am well aware of that. Will you people please go and read up on the rules before making such outrageously inaccurate statements.
The 2nd violation will result in freezing your account for 90 days during which you are only allowed to liquidate positions.
More...

I never implied you exceeded your daytrading buying power (The broker would never allow a trade that exceed DTP).
I clearly stated that you used daytrade margin to hold a position overnight, you used margin money in a way it was not meant to be used.

I can see you've been googling about Reg T, so now you know about it.

So, after your research, it's fair to assume you know the answer by now:
Q: Can I sue a broker for doing this?
A: No. They were right.

I'm glad to help.

As for people being STUPID, I guess you're referring about yourself, and not about the people who took time to reply and enlightened you about Reg T, and margin calls.
 
You guys have no understanding how multi personalities operate.
Sibyl didn't know the other people that lived within her, and couldn't remember what each of them did or said to the Doctor.
So give the guys a break.
 
Quote from traderNik:

No problem! There are a lot of good posts here which go over good risk management practice. Do a search and check them out. You can avoid this situation in the future by correctly sizing your positions and sticking to predefined stops.

Also, you can probably avoid posting under the wrong username by having two web browsers and sticking to one of them for one username.

Good luck.
More...

Also kindly refrain from telling what and what not to do. I'll do as I please and couldn't care less what you have to say about it.
 
You must log in or register to reply here.
Back
Top