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Microcap & Penny Stocks : TCMM..".ELEVEN " Acquisitions pending
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To: STEVE G who wrote ()8/29/1999 11:39:00 AM
From: doc   of 21
 
Maybe some of you long time traders can enlighten me. I always believed that a confirmation from a broker was like a valid contract. Now E*Trade tells me that a transaction in not valid for 72 hours. This is not a theoretical situation. I had a transaction which was confirmed by telephone. Four different calls with four different E*Trade representatives. E*Trade entered the stock in my Online account. E*Trade sent me a written confirmation of the transaction. Then, one week after the transaction, E*Trade sent me a written notice that the transaction was cancelled and the money was returned to my account. I would like to know how many of you experienced traders have ever had this happen to you. If this is legal, I would think the entire security system would collapse. What if I had sold this stock and bought another with the money. Would all of these transactions been invalid? Please let me hear of any similar experiences.
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