Well, lets start this way and distinguish between what was the right thing to do and what they are legally entitled to do.
Legally, well, I dont think you win there as they are probably permitted to sell you out anytime, no matter what for any reason..check your margin agreement and new account forms..knowing clearing firms, i would bet they protected themselves...
Legally, if you had to, yet you'd have to be in an ugly position to do so, you could argue that you spoke to your broker, he's the firms' agent and the agent gaveyou until Friday.
What the firm did in terms of customer service....well, you know the answer. If I were the broker, I would have asserted myself,let my supervisors know that I told you till Friday and if they were still getting aggressive, atleast could have done the 'check in the mail', and get a fax copy of a check from you, perhaps do all that I could to get you to wire the cash. Nonetheless, I would never say "wait till Friday' unless I was given approval by the firm for the exclusion.
No matter how you slice it, they are probably within thebounds of the margin agreement, but i think we could all agree it wasnt handled "professionally" with your best intersts in mind.
Regards,
Steve@yamner.com |
