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Non-Tech : Waterhouse Securities

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To: Rambi who wrote (179)	10/29/1997 7:10:00 PM
From: Julian Chen	Read Replies (2) of 2076

Waterhouse's Web broker that made an error that costs me $3300 yesterday. I just finished talking with Waterhouse's Chicago branch customer service and I was extremely upset about what Web Broker did to me yesterday : On 10/28/97 just around the market open time I entered a market sell order (300 shares of CSCO) through Web-broker. Immediately after I entered the order I decided to cancel this sell order. After checked there was no execution done through Web broker I canceled my sell order and received cancellation confirmation. At 8:56 AM (central time) Web broker order status report showed my OPEN order was CANCELED. (notice it is not saying cancel pending, it said OPEN ORDER CANCELED, I have a printout from Web-broker to prove this). During the day I have checked my account many times and as late as 4PM Chicago time every time the Web-broker confirmed the open order was canceled. Then, to my surprise I received a phone call around 5:10 PM from Waterhouse office reported (note that they just changed their policy not to report Web execution!) that the open order was executed! She claimed Waterhouse did not know the order was executed until 5:12PM (Eastern time). From the way she talked I can sense that she knew this is a fault of Waterhouse. She also offered to give me a some what better price for the execution. Since I insisted they to cancel my order she passed me to their customer manager - Mr. Klxxx, a rude and very unpleasant person. After I faxed my order cancelation printout to him, he admitted their system showed my open order was canceled. However, he insisted no matter what the system told me, the execution was valid and can't be canceled. My bottom line is we customers are based on what their system told me to do our trading. In this case, were Web broker not showing my open order was canceled, I would buy back my shares immediately. There is no excuse to pass error(s) like this to customers. I know brokerage business is a regulated industry. Can anyone tell me which insitute(s) I should contact to disbute this with Waterhouse? I am also considering to use a lawyer. Thanks! Julian Chen julian.chen@lucent.com

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