Customers of Interactive Brokers file class action complaint over management of portfolio margin acc

Gambit said:
A reasonable plan I suppose when dealing with a broker like IB. But what would you do if IB made an error on a stock trade that costs you a small fortune?

I just see a pattern of behavior. I'm sure it is possible to find settlements against other brokerage firms but it's rare to see something this egregious.

This poor gentleman is now a resident of Bergen county jail. He owes about half a mil in child support and will have to pay 51000 a month in alimony for a long time. Imputed income I'm guessing. Google it. I doubt he'll ever recover from this...
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You sound like you have no experience with IB and don't care about details. I've actually had trades not execute or execute "wrong" on IB and have received compensation for the trades as the mistakes were clearly theirs. The mistakes were on the execution side and I had no way of knowing they would happen, nor had any reasonable alternatives to avoid them.
This Cerisano guy, did. He could've looked at a couple more website to get the exact date of expiration, simple as that.

OT: $51,000 a month in child support? Does the child eat gold and platinum for breakfast?
 
d08 said:
You sound like you have no experience with IB and don't care about details. I've actually had trades not execute or execute "wrong" on IB and have received compensation for the trades as the mistakes were clearly theirs. The mistakes were on the execution side and I had no way of knowing they would happen, nor had any reasonable alternatives to avoid them.
This Cerisano guy, did. He could've looked at a couple more website to get the exact date of expiration, simple as that.

OT: $51,000 a month in child support? Does the child eat gold and platinum for breakfast?
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End of the day, this topic always ends up in an "Agree to Disagree" situation. I do want to point out, the ruling was against IB in this case. Which I don't think happens often considering all the rights a consumer signs away when they become clients of any broker. But at least the facts are out there and people can make their own decision. No broker is perfect but people should know each broker's official and unofficial business practices.
 
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OT: Insomnia sucks. And I highly encourage all non married men on this thread to read about imputed income. Debating IB's policies is one thing but we can all agree that men need to know the risks of signing a marriage contract. I'm not pro or anti marriage contracts but it seems like a lot men don't know what they're agreeing to.
 
d08 said:
You sound like you have no experience with IB and don't care about details. I've actually had trades not execute or execute "wrong" on IB and have received compensation for the trades as the mistakes were clearly theirs. The mistakes were on the execution side and I had no way of knowing they would happen, nor had any reasonable alternatives to avoid them.
This Cerisano guy, did. He could've looked at a couple more website to get the exact date of expiration, simple as that.

OT: $51,000 a month in child support? Does the child eat gold and platinum for breakfast?
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I have traded with IB before btw.
 
Gambit said:
OT: Insomnia sucks. And I highly encourage all non married men on this thread to read about imputed income. Debating IB's policies is one thing but we can all agree that men need to know the risks of signing a marriage contract. I'm not pro or anti marriage contracts but it seems like a lot men don't know what they're agreeing to.
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I don't understand who really marries at this day and age. Unless you're combining your kingdoms, either real or business, you shouldn't marry without a prenup. Love blinds people and one should never trust their judgment in an inebriated state such as that.
 
Robert Morse said:
I was told by a member here that he lost 7 figures from a liquidation of LEAPS. It was system error. Why would anyone want the broker to act without the opportunity to reduce himself.
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Clearly IB isn't a good choice for traders with large notional holdings vulnerable to marking errors.
 
OT: I want to visit this Vix trader in prison and ask him about his strategy. I bet I could trade a pack of Marlboros for the keys to the kingdom :).
 
d08 said:
I don't understand who really marries at this day and age. Unless you're combining your kingdoms, either real or business, you shouldn't marry without a prenup. Love blinds people and one should never trust their judgment in an inebriated state such as that.
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OT: Spoken like a rational man. Save up money for great nursing care, eat well, lift weights and hire a nice filipina caretaker if needed. I've seen so many widows and widowers just in my own life. Marriage is no guarantee of anything. Yes a good woman is worth her weight in gold but if you're trying to find one in the U.S., god help you.
 
truetype said:
Clearly IB isn't a good choice for traders with large notional holdings vulnerable to marking errors.
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Everyone should explore the alternatives. Look, I get it..if you're trading Zambian index futures you need to trade at IB. However if you're trading standard exchanges and even some exotic frontier markets, there are other options. With better rates and service in some cases.
 
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