To: Gregg Sterner who wrote (27125 ) 12/12/1998 8:41:00 PM From: Big Blue Read Replies (1) | Respond to of 119973
Legal Options-Does anyone have any suggestions? Here is my situation, I have recently started more of a day trading and short-term position trading. I figured since Citibank, My banked offered online services I may as well use them. That was my first mistake! I traded fine until Mid to late November, when their system, placed several sells against the same stock, resulting in about an extra 90K being added to my account, they corrected this the same day however the damage was done they over corrected and gave me an extra 500 shares of the stock, which they told me I didn't have the day it was $16 per share but did have the next day and the following weeks when it was at $13. About that same time frame, I suspect this is very likely connected, they withheld $28,000 for taxes, I had only gained about 15K at that point. This overdrew my account and caused the account to become restricted, they refered to it as free riding, I spent hours with the spreadsheets trying to figure it out, they still haven't, of course I just received my first statement, which explained about the taxes! So they didn't even catch that! Here are my big issues: 1. I could not trade and I was actively in and out of a Stock ONSL, at aroung the $18-22 range having some strong feeling that the stock would run. It ran without me because I could not trade because of this error. I realize that it would be speculation to say that I would have bought it at the right point, though I would have, and sold it around $90/share. Are there any legal precedence for this position providing I can prove an error on the part of Citicorp/Citibank? 2. I imagine they will correct all of the errors and charges and inflated commissions when this is resolved. 3. Who should I file complaints with? The SEC comes to mind! Anyone else? I've tried to resolve this with my "Investment Consultant", Unfortunately I rarely receive a return call, or he resonds that I need to call the 800 number to figure it out he doesn't have any info, they point me back to him. 4. I am located in the San Francisco Bay Area, If I should have to seek legal council does anyone have recommendations? Thanks for reading this post its's Saturday, I just received this statement in the mail which makes sense of what happened something no one at Citicorp/Bank could do. I have been popping a lot of Pepcid for the last Month, and thought I was loosing my mind, my spreadsheets didn't match their's. If anyone else has experience this type of problem with Citicorp/Citibank let me know. Maybe I could be part of a "Class". p.s. I've paid this so called "Investment consutant over $4,000 in commission on about 200 trades! $6,000 wiith the errors that really pisses me off!