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To: CpsOmis who wrote (82539)12/23/2000 8:15:13 AM
From: Think4Yourself  Respond to of 95453
 
Q: How did you know you were cheated?

I saw them execute buys below the posted price (my bid) and sells above the posted price (my ask)

Q: How did you file a complaint?

I first filed a complaint with my broker, who said not illegal. I then (told them BS! and) filed a complaint with the NASDAQ, who went back to the broker and acted as a watchdog while the broker rechecked. This time the broker agreed with me.

Q: What was the nature of the settlement? Who paid it?

I received a credit on my account for twice the difference on the buy (not insignificant). On the sell, I cancelled the sell order in disgust after seeing the fraud. They offered me the highest price on the day they agreed it was a problem, which was much higher than where I had been trying to sell it. I could not have sold all my shares at that price because, due to the high illiquidity, I would have driven it down a point.

The NASDAQ investigator followed up with me in both cases. On the sell he followed up in writing, asking me if I felt the settlement offer was reasonable.

All in all I was pleased that the system worked, but upset that I had to catch the fraud.

Your broker was right on the BB stocks - virtually NO REGULATION. You can really get reamed there. That's one reason I don't normally buy them. I tried complaining on SMOP as well.