Just a warning to everyone who uses MB Trading. They have completely toasted my account for the past week just because I held a stock overnight that split before the open (4 for 1). Of course, they did not credit me the split, so when I sold the correct amount of shares (to flatten my position), they had me going short! Then, by incompetence, after I told them to fix it, they doubled my short position! What this did was tie up all my equity so that I could not trade for two days because of their inability to hand a simple split! They blamed Southwest, which is probably correct given that it is there clearing house, but the fact remains it was a ridiculous fiasco.
So, finally, after 4 days and repeated phone calls, it seems to be all cleared up, when lo and behold I get a f*&#ing marginal call (even though I have no positions) because of their mistake on the split. UFB!
So be careful when holding a position overnight with these guys. Check your margin reports everyday! |
