JB Oxford, Lombard, Etrade Message Board

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Non-Tech : JB Oxford, Lombard, Etrade

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To: BobbleUnc who wrote (270)	6/29/1997 1:56:00 AM
From: bhakta	of 396

Hello Every One, I need some advise from the knowledgeable people here. May be I am wrong in which case please do point it out. I seem to have lost a lot money through etrade. What happened was that when I was placing a trade for selling 7 call options on ESST (2 days before expiry). Here is what happened. 1) I bought 7 calls options (700-shares-options at 2 7/8) in April expiring in June on 5/1/97. 1) Two days before expiry, my portfolio summary showed me that I have 2100$ (meaning that they were pricing each share-option for $3). 2) Since I was nearing the expiry date on these options so I sold my shares electronically. When I entered my order, and pressed the "preview" of the order (this is necessary to do in the etrade software) then it also showed me that I will get $2100 if I sell my options. The date is 6/17/97. 3) I sold my options but only got 9/16 for each optins (so got around $400 after commission). REASON: The quote at that time was only 9/16 and not 3. 3 was an erroneous quote. It was obtained because the last trade executed that day happened at $3. I was told by etrade customer serice later that even that was erroneous since that day it should not have been traded at 3 but only at 9/16 and they think that this is an error in reporting the number by some one at some brokerage firm, and etrade used the same price. I asked them to return my money and they said that we cannot because you should have checked the bid price at that time which would have showed me that the bid is 9/16 and not 3. But there I have a comment. First is that if bid is the measure of accuracy by which I should measure what I will get for my trade then why does their software calculate the portfolio price as well as the ESTIMATED SALE-PRICE (which is what I got WHEN I CLICKED "YES" ON THEIR ELECTRONIC BUY/SALE software) using the last trade price. So, that means that their software is designed deffectively since they themselves know that the bid price is what is important and not the last trade price. And some one can be misled by this erroneous information. And I was actually and honestly misled and I really was under the impression that $3/option-share is what I will get. I have not been happy at all with etrade services. They think they are very efficient and any problem that the customer may face has already been covered in the customer agreement etrade has with the customer. They like to say that we are helping yo make trade and my point is that they are not "HELPING" us but are selling a commodity and making profit and they should be held to same standard as any commodity manufacturer/seller is held. It is a long story of how they kept me waiting endlessly so many times for so many complaints I have had with them and they have troubled me a lot in resolving my complaints. --------------------------------------- CAN SOME ONE HELP PLEASE. Thanks! Best regards, -Jawahar

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