E.Schwab problems Message Board

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Non-Tech : E.Schwab problems

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To: Randall Thomas who wrote (127)	4/21/1998 4:52:00 PM
From: Joe Master	Read Replies (1) of 1401

Further information. I have filed a complaint with Schwab and got a really nasty response. First off let me say I called the local office before the market opened to see if Meyer made a market in this stock(warrant). I was told yes.(I was not smart enough to get a name however). Thus I deceided to put in a market order because I thought the market would take off imediately after the open. I put it in at 9:40 and the price was 11/16. It filled at 10:00 at 15/16 with numerous trades going through in the meantime (about 20K shares). The price did rise to 15/16 until 9:54:40. In any event as I saw the price increasing I tried to cancel the order via the web and was not allowed then I tried to call and was told it wasn't possible. Then eventually about 15 minutes later it filled at the high price. In my response from Schwab I was told "As for your allegation, I have found no support that Schwab gave you misinformation on whether Schwab was a market maker in this stock. However, even if we did, it would not change the fact that you placed a market order. We regret that you had this experience but the trade was executed as you instructed." Is that a bunch of crap or what.

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