November 30, 1998
On November 29, I acquired a position in GGNC 560 at $1.28, the stock had been on a run and doubling every day for a week plus. On November 30, at 6:15 AM PST while watching Level 2 the pre open run up to $5.75-6.25, so I placed a limit order to sell at 560 shares @ $5.75 which was the opening bid. I watched the for an execution for over 10 minutes while buying had gone on strong, and no conformation was coming up, so I went off line to call a broker to see if I had gotten my sell. When I dialed their 800-786-2575 it was busy, I redialed again it was still busy. I got back on line to see if I had my conformation and it was 6:40 AM PST and the price was still holding at $5.75- 6.25 but no conformation.
I got back on the phone again to call Etrade, it was still busy, so I kept hitting redial and finally got through. A recorded message stating their conformation message window was down, they were sorry for the delay and that there would be a 30 minute waiting time for a broker. So being that I was pretty sure I must have gotten an execution I sat on line waiting for a broker. Finally at 7:13 a broker answered. I gave her my info and asked her to check my order to sell GGNC to see if it was in fact sold at 5.75. She checked and said it had not been executed. I asked her to cancel my order to sell and what the price was. She told me it was $1.28, I told her it was just at 6.25 for at least 10 minutes, she went on to tell me the price never hit $6. I was so upset I hung up and got back on line, where the price had dropped to $3.87, where I placed a sell order. I waited for a conformation and still nothing.
I got back on line again the line was busy, finally after redialing over and over again a recorded message apologizing for the delay told me I would have to hold for more that 30 minutes. Well I felt angry, upset, frustrated, and annoyed at this fiasco and held on line for another 40 minutes plus. When a broker finally answered and took my info, I found out that I did have an execution at $3.87. For the next few days I tried to call them to find out what I could do, I was put on hold for hours and hung up on several time by their automated system. I don't have time to be on the phone waiting. When I spoke with Brain ext. 3957 or Mark Faucc ext. (I do not remember which one, cause I was handed around to different people in these few weeks). I told one of them my story about the wait and he told me it was not Etrade problem, it was the Market Maker who would not give conformations. He also said it was the busiest trading day on record. I asked him what does that got to do with my trading day and my executions and my time sitting on line waiting? I could have bitten nails into at this time.
When I was done explaining my gripe, he asked me if I sold. I said yes and he said since I sold nothing would probably come of my dispute and that I should never sell. I told him there was nothing else I could do, I could have lost all my profit and I also told him I couldn't get any info from Etrade on my conformation one way or the other. He told me I should have checked out the open orders window and the least I should have done was change order that way if my first order didn't go through the other would have. I had a problem before canceling or changing order already. After a week plus I heard nothing back from them, so I e-mailed them and left messages on his voice mail. When I finally got to speak with him again he told me that my trade went in at 9:31 at a limit order of 560 at $5.75 and the bid had dropped at the same time so I had no time to get a sell.
I explained to him that I had the numbers from Farsite on line time and sales that showed trading stayed at $5.75 till 9:43 PST and I told him I would send them to him. By the time I got back to Farsite they had only a 2-week time period they could keep time and sales. So I called some broker friends of mine who said he would check Bloomberg for me and I also contacted NASD who said they would send me some papers to fill out before they could do anything. Well between work and another screw up with Etrade I am finally getting this letter finished with no time and sell numbers. Regardless whether I got my sell price at $5.75 being that I could not get conformation on line or from a live broker for over 40 minutes is an unacceptable business practice for anyone in the trading market. I could have sold for something higher in plenty of time. I was given incorrect info and held on hold. I am just furious about this whole matter…
Another nightmare.
I have been with them almost a year and I have had problems logging on, and getting through busy signals and getting trade executions on time. The last problem was last Thursday January 21. 1999. I bought 51490 shares of MKII 2 days before it did a reverse split 1-50 which left me with 1030 shares and a name change MKIID. When I got on line at 6 AM, I put the new symbol in MKIID my pulse real time window, Etrade could not find it. So I got off line and called a broker friend of mine and asked him if he could find it he said it wasn't showing, so I called Etrade and their line was busy.
I tried their international number 1-650-842-8910 around 6:05 AM PST and some guy answered and took down all my info and said he cant find it and would have to go to Bloomberg and see what was happening. 10 minutes later waiting on line he finally got back to me and tells me they had a 1-50 reverse split and a name change to MKIID. I asked what is the bid and ask, he said hold and I will get a broker. I exploded at this point and asked him why he answered a broker line. He put me on hold and the line went dead. So I called their 1-800-786-2575 at about 6:15 AM and it was busy again, after multiple tries and waiting on hold for about 15 minutes some one answers and I asked him if he was a broker he said his name was Scott and he was a broker. Scott took all my info down took a look for the symbol MKIID and could not find it and said he would go to Bloomberge and see what he could find there.
Its 6:32 and I am getting frantic, 3k going down the drain will freak you if you cannot do anything about saving it. Scot gets back on the phone at 6:39 AM PST and I ask him what is the bid and ask of MKIID, he said the bid was 1/8 by .25 and he said the volume was 200k at which most of that was sold at an .25. I had dumped and I was too late. (This reverse split was to have opened at 3 to 5 bucks and being that it was almost 10 minutes after open I was sure I had missed the sell off that often occurs after a reverse split I was totally broke). He said what do you want to do, I told him to sell at .25. When I got back on line the symbol was up and the bids was .25 and ask $3 and the volume was 1000. I was the only person who sold. I got off line and called Etrade back again and the line was busy again, I kept trying and finally got on and ask the broker if I had an execution he checked and said no, I asked for a cancel order and he did. The next day I had a message from Etrade stating that I sold 1030 shares at .25. I called in a dispute the next day January 22. The next week no one got back with me and I called back Wednesday the 27 and the broker I spoke with said nothing was put in to dispute, so he said he would put it in and did. This is all so unbelievable to me that no one was doing any thing for me. After a week I got hold of Justin Miller and I'm not sure when but he told me he would listen to the recording and see if what I told him was so.
Still days later no one was calling me and I called once again I had to leave a message and e-mail. Finally Justin calls me and tells me that he listened to the recording and he did hear Scott say that the bid was 1/8 by .25 at 200k in volume, but being that I wanted to sell at a ¼ he was going to let it ride. I told Justin the only reason I sold was I was told the price was 1/8 and .25 and the volume was 100k at 6:39 in the morning. This stock does 100 k on a good day much less in 10 minutes. He said he would ask some one else's opinion. I was told by a fellow stock trader to ask for Jim Autry because he is a fair person to deal with.
So I sent an e-mail to Customer service requested his ext. Then I waited on line after another call for 45 minute. Finally got Jim on the phone, (this was Friday January 9) and I explained my story to him and he said he would look into it and get back to me on Monday after the bell he got on line. Ok, Monday came and went no call. So I called and waited on line again, a broker answered and I asked for Jim Autry. He said Jim was near by and he would see if he could get him. Finally the broker comes back and Jim told him he will call me after the bell today, which was Tuesday. He did call later that after noon telling me that he was sticking with Justin's judgement that I sold it at .24. I asked if he listened to the recording, he said he had and it was true that I was give the wrong information. He also said they were not liable for that info, that sometimes they get the quotes from Yahoo or where ever they can get it. But I said Scot got it from Bloomberg, he agreed and said he is standing with the sell. |
