Ahh, Linda. You saved me from touching this "tar baby" of a broker; now, how can I help to get you extracted? The chauvinist in me screams, "help this fair maid!" But, alas, I am out of reach.
Your post begs a question: Is it cheaper to let them get away with their cheating ways without complaint, or to suffer their "research fees" (which are obviously punitive, not reimbursement)? The problem with situations like this is that they TAKE the money, with or without your consent. Then it requires a positive act from them to get it reimbursed. Since you are in a dispute, it is no longer a business transaction, it involves personalities and egos, so there is a "win/ lose" aspect to it. The Web-ers have proven they are not honest, and are willing to lie to you, and now, to steal.
I've been in similarly frustrating situations, and wanted to talk to somebody's boss, but the frustrating party WAS the boss. My luck with the SEC, NASD, and NYSE complaint sections has not been positive. They tend to believe anything said by the broker and require the investor to provide irrefutable documentation. Worse, the best they will do is to pass on complaints and answers, so even if you "win" you don't actually get satisfaction. At least, that's been my experience. The next step, legal action, isn't much better. I'm almost certain that your account agreement includes a clause for mandatory arbitration. Unless the amount in dispute exceeds some amount (probably 1000+), you can't even get an arbitration hearing, and the costs are considerable.
Actually, I think that what you are doing right now is about as effective as anything. Bug the hell out of them, and spread as much negative publicity as possible (being careful, of course, to avoid libel and slander by liberal use of "in my opinion"). You might also try some of the other broker threads, like Datek, to make sure these Web-er jerks become known for what they are.
All I can say, Linda, is thanks a million for your posts -- they sure saved me from jumping into the Web St. quagmire.
Hang tough, and good luck,
jim |
