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Non-Tech : Online Broker Down - Sue 'em - EGRP, JBOH, AMTD, SCH, NDB
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To: Scrumpy who wrote (154)2/11/1999 10:38:00 PM
From: VLAD  Read Replies (1) of 253
 
Scrumpy,

I don't wish to do a point by point analysis of your last post to me but the bottom line is that 1)The E-trade representative told me that the stock I wanted to buy was marginable. This was information I based opening my account and this is why I opened it with them. This information was wrong as E-trade has a written policy of not margining sub $3.00 stocks. I do know brokers who will carry stocks on margin as low as $2.00 which I researched after my E-trade fiasco.
2)The double wiring was E-trades error and not my banks 3)I was told by the E-trade supervisor that I should request the phone tapes in writing and that they would be sent to me. This was their idea not mine. I feel that the phone tapes are incriminating to them not me since they gave me a bunch of false information over the telephone. The phone conversations are my only solid evidence of some of my allegations although things like the double credit and liquidatinf stock on me within 24 hours of their mistake is a matter of plain transaction fact! 4)When I made the point about the supervisor never being available I wasn't talking about one trading day. I was talking about calling day after day after day and being given the run around. I know the reason for this was simple. They screwed up and the original supervisor and his chhort didn't want to take responsibility so they blew me off and turfed me to another supervisor who basically was the bad cop. This is what I find so frustrating ie I was never treated like a human being. They didn't give a shit about skrewing me over and liquidating my position and losing my money based on THEIR mistakes but no individual person at E-trade wanted to accept responsibility for misinforming me after their mistakes were already made.

VLAD

PS My post can't be used AGAINST me in arbitration. It is a brief version of the letter that I sent to E-trade and that is being sent to the NASD. My letter is an explaination of my side of the story. I do not feel it should be used against me unless the assumption is made that nothing I was told on the phone has any validity and that E-trades little rules and regualtion book is the only guidance we have as to how they run their business. They made a mistake, they admitted to error and claimed they would work WITH me to resolve the problem. The next day they did EXACTLY the opposite and liquidated stock that was margined based on their error. I believe it is a fairly cut and dry situation.
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