Important Note to Short Sellers at Cybercorp
I started my tax prep yesterday and discovered something
very troubling while researching a problem with some Penson
data. This applies if you short sell. Ive spoken with
a few people with Series 7's, as well as my attorney, and
all say something is quite amiss here.
Here is the scenario:
All on the same day, all in stock XYZ
short 500, buy 500, short 300, buy 1000, sell 700
the net posi is square.
Cybertrader reports square as well.
Well much to my suprise, while checking for the day a stock
split was reflected, I discoved that Penson ran a
short 300 XYZ against a long 300 XYZ in my margin accounts
until settlement. It would appear that they were unable
to correctly match the first 300 shares of the 1000 share
purchase against the open short of 300. Consequently, my
buying power for those days was reduced and I was apparently
charged margin interest on the long shares and mark to
market short.
Cyber initially thought it was a joke when I asked for a
complete margin reconcilliation for December, as well as
why this had occured. I bumped it up the ladder and have
somebody researching it now, but I've not yet heard back.
The only way you can see if this has happened to you also
is while on the penson site, you must do Queries/Positions
and put in the day of your trade (and those after until
settlement).
If you do this kind of trading - flipping a short to long -
PLEASE CHECK THE PENSON SITE. I rarely do, I take my
positions out of cyber, and only download my trades from
penson once a month to check my bro. |
