E*Trade (EGRP) Suggestions (NOT FOR FLAMES!!) Message Board

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Non-Tech : E*Trade (EGRP) Suggestions (NOT FOR FLAMES!!)

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To: Gaurav Khanna who wrote ()	2/4/1999 12:37:00 PM
From: Bruce Cullen	of 118

Around 1996 I had an account with E-trade. E-trade placed over 250,000 in my account on error. E-trade also bought stocks in my account at prices higher than the stock had ever traded before. E-trade also would sell stocks when I placed buy orders and vice versa. When I attempted to contact E-trade via the telephone they would not answer for hours. If I placed an order they would double or triple it and not send me a confirmation for days, or at all. They never owned up to anything and even threatned me when I talked to the public about it. (I have the warning letter.) I am stating facts and this is not slander for sure. I sent faxes and letters to all E-trade officials via US mail and used certified letters to try to get my account fixed. My account was valued at (realistically) 30,000 yet I had at least 400,000 in my account due to E*Trade's errors. E-trade called me for at least a week and threatened to sell out my account, blaming me for my problems. I sent a letter to them PER-15USC-1692 telling them that selling my account was against fiduciary duties and was illegal. I recorded them on the phone legally while they threatened me saying they would sell out my account. They were quite shook up about this. I also spoke with the SEC and NASD and to my distraut they were UNABLE TO HELP. The SEC continued to tell me this and that but nothing was ever done. The SEC is supposed to help investors with these problems but they never offered me anything to fix the problem. They continually said "we are talking to E-trade and requesting answers". The SEC seemed stalled on the issue. Where is the [public concern] of the people of the USA's trade exchanges (having serious problems) going? I have been quoted in The Wall Street Journal and San Jose Mercury News on this story to mention a few. I have contacted lawyers and had a few work on the details of this yet many said "it was to complicated and detailed to grasp onto". I would be interested in someone who may be able to solve this problem for me. If you are an Attorney General, Lawyer or news reporter please get in touch with me when possible. I have all evidence on this story and have waited a long time till the truth surfaced about the underlying potential problems that E-Trade can possess and cause on individual investors. This situation I had was almost unbearable and handled unprofessionally by the SEC, the NASD and E-trade itself. I am still shocked that it is not resolved.... still. I lost all the money I had (30 K) and have suffered for years till today, being a college student in business and working then investing my hard earned money to then loose it ALL and have no support is unreal, you say impossible?.. it's all the truth! If you need to contact me please send an e-mail to sherwoodgroup@usa.net or bayfour@aol.com B. Cullen

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