Why are you belaboring this to such an extent? You've heard our opinions, now get on with your life.
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Negligent Broker... what to do?
- Thread starter bangorsky
- Start date
is this related to the same problem you had a few months ago? if not why did you keep trading with them after having problems previously with margin calls?
For your current situation couldn't the broker just say that you had a margin call and liquidated the position your self and if you wanted to keep the stock you should of deposited more money to meet the margin call?
For your current situation couldn't the broker just say that you had a margin call and liquidated the position your self and if you wanted to keep the stock you should of deposited more money to meet the margin call?
Quote from Sanjuro:
Close your account and move to another broker.
Sue them in Small Claims court for $3000.
Only cost around $15-30.
$3000 is better than nothing.
Good Luck!
I'll give it one more try...Brownco has been BOUGHT out by e-trade...simply put...the ppl that work for Brownco are either moving on and out...or are trying to get positions at E-trade. I had an account with both Harris direct (bought out by e-trade AND had accounts with Brownco....since transfered) You just will not get satisfaction at this point in time because the ppl at Brownco have moved on and E-trade is too busy to care. Best of luck to you but you will not have much luck imo.
The most informative post of the day! thx Ebo
-Dan
Quote from FaderTrader:
Why are you belaboring this to such an extent? You've heard our opinions, now get on with your life.
You presume that I wanted your opinion. Re-read my post, son. I was asking for tips on how to proceed, not your infantile & pedantic commentaries.
Quote from dwl603:
The most informative post of the day! thx Ebo
-Dan
*sigh*
Same response applies to you, kid. You & Ebo go occupy yourselves with Playstation now, ok? The grownups are talking.
Quote from jasonc:
is this related to the same problem you had a few months ago? if not why did you keep trading with them after having problems previously with margin calls?
For your current situation couldn't the broker just say that you had a margin call and liquidated the position your self and if you wanted to keep the stock you should of deposited more money to meet the margin call?
That's a good point, and I'll be prepared for that argument. My stance is that I didn't have any additional funds to deposit, so liquidation was the only option. I'm pretty sure the judge (or arbitrator) will have to agree with this.
And yes, it is the same problem I brought up back in January. Except back then I hadn't had all the facts (in my old post I believed there was a margin call, but I know this now to be untrue). I haven't made a single trade with them since the error; however I haven't closed out my account yet, because I know the minute I do, they'll bury all my records and refuse to give customer support. (As if things are any different now!)
Quote from DonnaV:
I'll give it one more try...Brownco has been BOUGHT out by e-trade...simply put...the ppl that work for Brownco are either moving on and out...or are trying to get positions at E-trade. I had an account with both Harris direct (bought out by e-trade AND had accounts with Brownco....since transfered) You just will not get satisfaction at this point in time because the ppl at Brownco have moved on and E-trade is too busy to care. Best of luck to you but you will not have much luck imo.
Got ya. Sorry I didn't catch your original meaning. That's good information. One thing to note though is that both Brownco & E-Trade are still subsidiaries of JP Morgan, and I would hope that JP Morgan still has an ounce of integrity in managing their satellite businesses. We'll see. Maybe I should take this right to the top (JPM) instead of dealing with Brownco/E-Trade.
Quote from bangorsky:
I think you missed my point: I sold the positions because they said I had to. Imagine the bank telling you that you have to sell your home; you sell it; then they say, "Oh, accounting error, sorry." You would want your damn house back, yes?
Re: Brownco & serious trading. So you're implying that a trader's seriousness is determined by his/her choice of broker? Isn't that like saying a driver's skill is determined by what car he/she drives? I have to strongly disagree there.
No, I didn't miss your original point. If you were so certain about not needing to liquidate your positions all you needed to do was present your evidence to support your position. I can't imagine being in a position where I was unsure of my positions and /or a possible margin call. Why didn't you document your positions and fax it to Brownco? Can't you check your positions online on a daily basis? Don't you receive trade confirmations? Don't you keep your own records at the end of the trading day re: cash position, open positions, short, long, etc. If my broker told me I had a margin call I'd have gone back to research my trades to determine who was in fact correct.
As far as better brokers; I trade through MB Trading and I think IB (Interactive Brokers) would also be a decent choice. I doubt many people who trade for a living would trade through someone like Brownco, just my opinion.
Quote from DHOHHI:
Why didn't you document your positions and fax it to Brownco? Can't you check your positions online on a daily basis? Don't you receive trade confirmations? Don't you keep your own records at the end of the trading day re: cash position, open positions, short, long, etc. If my broker told me I had a margin call I'd have gone back to research my trades to determine who was in fact correct.
Yes, yes, yes, yes and yes. For 3 days I repeatedly told Brownco this but was denied. This is heavily documented. That's why I have such a great case, according to the lawyer. Brownco, threatening legal action against me for failure to meet the fictitious margin call, left me literally no alternative to liquidation. Seriously, what would you expect me to do? I'm curious.
Quote from bangorsky:
Yes, yes, yes, yes and yes. For 3 days I repeatedly told Brownco this but was denied. This is heavily documented. That's why I have such a great case, according to the lawyer. Brownco, threatening legal action against me for failure to meet the fictitious margin call, left me literally no alternative to liquidation. Seriously, what would you expect me to do? I'm curious.
I don't believe you previously stated you had documented everything and sent it to Brownco. Or if you did I apparently missed it. In any event, did you ask to speak to a manager or some higher up that the typical customer service rep to plead your case? Personally I'd have stood my ground if I knew 100% I was right (no margin call). And I'd have also strongly stated such and threatened them with getting things corrected .. again, only if I knew I were right.
Only thing that I think could hurt you is that they'll say you went and sold your positions and it wasn't they who liquidated them.
Quote from DHOHHI:
Only thing that I think could hurt you is that they'll say you went and sold your positions and it wasn't they who liquidated them.
I know. In retrospect, I probably should have stood my ground & waited for the forced sale. Then this would be an airtight case. But you know how it is, when big red ACCOUNT RESTRICTED warnings and threatening emails start pouring in, it's hard to be a rock.