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Technology Stocks : E*TRADE IPO Alert - Y2K and Beyond (EGRP) -- Ignore unavailable to you. Want to Upgrade?

To: 4 - Bob who wrote (4645)	4/12/2000 4:52:00 PM
From: Patricia Meaney	Respond to of 10270

No I did not have the restriction removed. This broker claimed that I shouldn't be concerned because they really don't come down on you unless you are a repeat offender and they see that this "free riding" keeps happening. I really don't understand their "free riding" policy. I know with Wit, if you don't have the funds to cover an IPO you have within the settlement date to get the money to them. If you sell the stock for a profit without sending them the funds then that is considered "free riding". Etrade claims that even if I sold something to cover the shortage that day, I still am considered "free riding" whether I sell the security or not. He told me that when a cash account goes negative it is "free riding". I've been using Etrade for four years and have never had this situation occur because they would never allow me to purchase shares unless my account covered it! I'm sure if I called right now to ask again I would get a completely different story!