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Non-Tech : Etrade Securities Lawsuit
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To: kblaine flaherty who wrote ()10/21/1997 3:36:00 AM
From: pcyhuang  Read Replies (1) of 58
 
NASD is coming

Hi,

I think one of the best ways to put a stop to the complacency of
Etrade's management would be to file a formal complaint with the
NASD. Etrade's latest latest inaccuracy in its accounting of my
option positions, I filed the following formal complaint with the
NASD today.

---

I think you should send someone to the firm and audit its operating
procedures. Many customers have complained of abusive and unreasoable
treatments. It has failed to fill my order with the stock traded
through my limit. The specific example I would like to cite now
involves the firm's accounting on option trades. Last Friday, Oct. 17,
24 Apple Computer's Oct. 20 call options were assigned to my account,
which had the short option position covered with 2400 hundred shares
long in the account. As a copy of the firm's official accounting
statment shows that as of Tuesday, Oct.21, the account still carries
the long stock and short option positions in Apple Computer. The firm
has denied me the use of my excess margin. I believe that this is an
unfair practice and clear violation of U.S. securities laws. I have
attached herewith an exact copy of the firm's official account record
for the account as of market close on Oct.21.

Account:

As of 02:07 AM EDT 10/21/97 Closing Prices

SYMBOL DESCRIPTION QTY ACCT PRICE MARKET VAL

*AAPL APPLE COMPUTER INC 2500 M 18 11/16 46,719
*AAQAH AAQ JAN 40 Call 10 M 1/8 125
AAQJD AAQ OCT 20 Call -25 S 1/8 -313

* News story released today.
# No price available.

I am not the only customer who would like to file a complaint. Please
go to web site techstocks.com and search for Etrade, and
you will see many, many complaints. It is time to check Etrade's
management's complacency and its abusive treatment to clients.

pcyh
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