Fight The Power! -Your Broker Just Screwed U - Now What? Message Board

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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What?

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To: TFF who wrote (277)	2/8/1999 9:18:00 PM
From: molemania	Read Replies (1) of 323

Maybe someone can direct me to the correct place or organization to address this situation. This is a long one and doesn't involve a lot of money and I apologize. I placed an online pre market (1:00 AM actually) market sell order for 700 EASTW on Friday with Datek. I was up bright and early watching the screen because I had reason to believe the stock might tank. I was relieved to see that the bid/ask stayed about the same as the close, right up to the open. The stock opened at 2 7/16 and when I went to see what my proceeds were from the sale, I had none. The order still showed in "open orders". I waited a couple of minutes and checked again and still no execution. When I was finally able to get through to Datek on the phone, I was told that the order was a "bad order" or defective and that I would have to cancel and re-enter, which I did and sold the stock at 1. The broker wrote up a report and submitted it to "trading inquiries" and I talked to the man from that department today. He said that he had never seen a "bad order" until these EASTW warrants, in which they had a few pre market ones like mine not execute. He said he could give me "free trades" in compensation for the difference between 1 7/8 and 1 ($600 or 60 free trades). I asked him why I couldn't have the difference between 2 1/4 and 1 IN CASH as this error was no fault of my own (I lose enough money doing stupid things and sure don't ask Datek to pay for them). He explained to me in market maker jargon (which I don't understand) that you don't always get the bid in a pre market "market sell order". He said even in a pre market order, you may not get filled until ten or fifteen minutes into trading. This is why he said he was giving me 1 7/8, because the stock had deteriorated to this level roughly ten minutes into trading. But he did decide to let me have the $600 added to my account (in a couple of days). Then I said that I thought I should be compensated for the loss of use of the $600 and he said that once the money was posted in my account to give him a call and he would set me up with "a couple of free trades". Can someone give me some input here? Seems to me that I am getting the short end of the stick. Why would Datek fight me for 3/8 of a point ($262.50) if this is the only time he has seen this happen. I could see Datek being tight if they had an ongoing problem that was costing them $$ and setting a precedent. And I am out the money for a week with no compensation. Sorry for the length of this thing. Thanks Dave

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