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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What? -- Ignore unavailable to you. Want to Upgrade?

To: ajunkh who wrote (120)	12/10/1998 12:15:00 AM
From: Scooter	Read Replies (3) \| Respond to of 323

I need help!!!!!! I just found this thread... I trade with National Discount Brokers and have received pretty good service except on Nov. 30 I got screwed.... On Nov. 30 it was a wild day for the markets.... The internet stocks were going crazy.... I had some BAMM(books a million) 130 shares and I saw they were dropping fast so i sold 130 shares at 40..... The only problem is NDB internet site sad the order didn't go through so i put in another order.... Come to find out both orders executed.... So it said on the sight in my portfolio that i had -130 shares and short.... so i bought to cover them.... The order would not go through.... I put in 3 orders to cover..... But the site wouldn't say the orders went through...... I said the heck with it I'm going to call them and find out what is wrong and exactly how many shares I have.... The broker said that i had 260 shares long on BAMM.... I asked him twice on this and he confidentaly said 260 shares of BAMM..... This process byt he way took over an hour.... After all this time they finally have the NDB site in order and it says i have 260 shares of BAMM..... So I say to myself I'am getting the heck out and sell the 260 shares of BAMM thinking i got rid of all of them..... Two days later or Dec. 2 I find in my portfolio 130 shares of BAMM in my account and they took out almost $4,000 out of my account for the BAMM shares...... The day before(Dec.1) I made several trades on other stocks in my portfolio with no BAMM in my account.... I was very upset, so I called National Discount Brokers and asked them what was going on.... I talked to a lady and a man who each said that in my account was a note saying they had messed up in my account and each assurred me not to worry my account would be fixed the next day or Dec. 3 On Dec. 3 I looked at my account and the BAMM shares still remain....... I am so upset..... I call them up and they keep telling me they are doing research..... The second guy I talked to said I could put a trade inquiry on it so I did and that they would get ahold of me in the next 24 to 48 hours..... Finally I get ahold of them..... And they say that a Trading supervisor is doing research on it and that they had several problems on Nov 30 so it was going to take longer..... Finally on Mon Dec 7 I get to talk to the trading supervisor and he tries to talk me into agreeing that it is my fault and that I own the 130 shares of BAMM...... I told him it wasn't my fault their computers messed up.... He said I should have called when I saw that they were messing up... So I said I did call and the broker said I had 260 shares of BAMM after I talked to the broker i sold all of my shares...... Shouldn't these guys know for sure the correct amount of shares in my account I was thinking to myself.... I told him what was he going to do for me since they screwed up.... He said the only thing I can do is do more research(this is what all of them kept saying to me) and get ahold of you tomorrow or Tues dec 8..... On dec 8 I didn't recieve a call, so I tried calling him after the markets had closed.... They said he was gone.... On Dec 8 still no call, so I decided to call him and they said he was busy and that he would get ahold of me today.... I never got a call from him today..... What should I do????? I'm know down over $2500 after all this..... The day I discover the BAMM shares I was already down almost $1000.... It was their fault as I see it.... Does anyone knows what I should do???? I also contacted the sec today... I have to mail them a letter and a copy of my confirmations..... Please Help

To: ajunkh who wrote (120)	12/10/1998 12:52:00 PM
From: Charger	Read Replies (2) \| Respond to of 323

I will be interested to see if Ameritrade is able to change anything with the market maker. I have read posts where the market maker(s) manipulated (refused to be contacted knowing they were going to tank ONSL) on purpose. I have no idea how they work so wouldnt know about the truth of this. Certainly a vast number of people were in the same boat. You are in a position of having made a profit, as opposed to people who bot in in the 70's instead of the 20's as you did, so you may have less of a case. Also, I think it depends if you ever had a stop loss order placed, "proving" that you had intended to protect yourself, and what was the range of the limit spread on the stop loss. To place a market sell when a stock is already in a downfall is asking for punishment, imho. On volume such as that stock experienced on that day....I dunno. Personally I never would have placed a market sell, you are at the mercy of the market, just like people placing market buys at the open. They will get executed at the top and then the sellers appear. Normally they are required to fill within a min or two, but in normal volume. Good luck and let me know what happens.