Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Jon Tara who wrote (6186)	12/5/1997 5:05:00 PM
From: Jack Zahran	Read Replies (1) of 16892

Jon, I did ask for this information to be provided to me regarding a particular transaction and I still have not received any reply from them although they confirmed receiving the original request by fax. I understand that they are reqiured by law to disclose this. However, Mr. Normile (I recall) stated that this practice of trading ahead of the client is illegal. If we were speaking in the same context, I believe he was wrong, it is legal to purchase a security and resell it to your client. By law I believe they are limited to a 5% markup, but I am not sure. Whatever is stated on this thread by Datek is one thing. We need them to make these statements on our confirmation letters as well. Right now they are covered by telling us one thing on this thread and yet in their official corresspondence making allowance for mark-ups. Read your confimation notice and see for yourself. Jon, personally, I really don't care if they do markup the price. That's how they make their living. My only concern is the pattern of mis-leading that I have noticed. I believe they just keep trying to confuse the issue. Everytime I do a little research to verify a claim of theirs, it turns out that there is more to it. JZ

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