THIS COULD HAPPEN TO YOU!
Please note that I have not exaggerated or embellished any aspect of the following horror story.
Before my account was totally destroyed by WebStreet, I was doing about 30-40 trades a month. I know the ropes. Now hear this:
On Friday morning I put in a buy limit order. It doesn't fill, and I cancel. I enter another buy order for another stock, and it fills immediately. I get my notification, and I hold it for the weekend.
You're not going to believe the next part. I am watching the screen on Monday afternoon when I receive a notification that my cancelled order from Friday morning had in fact been filled.
I immediately phoned to get the mistake corrected. Guess what? WebStreet Securities believes this to be a perfectly legitimate practice. Letting me know Monday afternoon about a fill on Friday morning was "no mistake". In fact, they were rude about it. One broker told me "look, you own the stock, too bad". I kept calling and emailing for a supervisor, and received no response whatsoever. And to add insult to injury, they overcharged me $30. for the trade, and wouldn't address that either! They did allow that notification might have been "a little slow", but "it wasn't their problem".
Now, it gets even worse...
That same Monday, I put in a buy limit order at the open. It doesn't fill, the stock ticks down, and I replace with a lower limit. Moments later, I have my fill confirmation for the replaced order, and I watch the screen. About four hours later, I am a little concerned because I bought on margin, and the stock has kept ticking down. Imagine my shock when, FOUR HOURS LATER, I receive a fill confirmation on my first order. I call and get a surly broker who tells me, "That's normal. There's nothing we can do about it". Since I didn't even know I owned stock for several hours while it was downticking, I had no idea thousands of my dollars were quickly disappearing.
Now I am incensed. I leave messages, I leave more messages, I email repeatedly trying to find anyone in charge...for nine days straight, I hear absolutely nothing except the form letters asking for thousands of dollars. Nobody will respond!
Finally, nine days later, I hear from a gruff WebSt. representative who informs me they are not going to cancel anything, and I have no recourse but to accept fills whenever they finally get around to notifying me. They told me - PAY ATTENTION TO THIS- that they can confirm a fill, and not acknowledge a cancellation, for UP TO 48 HOURS!!!!!! And I told them...well, never mind.
I am presently filing suit. This situation involves a very significant amount of money. My attorney, who is an old friend and also a securities trader, laughs at the situation (I personally don't find any humor). My attorney also used to be in the NASD legal department, and after contacting a former associate there, it is clear that I am not alone in my dilemma.
Before you find yourself involuntarily put in this position,
STAY FAR AWAY FROM WEB STREET SECURITIES !!
-CJvR
Martha's Vineyard, MA
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