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

To: rlp66 who wrote (267)	1/26/1999 10:52:00 AM
From: Jim S	Read Replies (1) \| Respond to of 323

Nope, sorry, Ray. I've never used any of those systems. I'm always on the lookout for a better broker, but it seems that when I think I've found one, and move my account, I find that I just trade one set of problems for a different set. I'm not ready yet to move in with the big boys and pay for all the associated data and tools to become a full time trader. I've got some interim goals to meet before I do that. Until I get there, I reckon I'm stuck with all the penny-ante brokers that are in existence to cheat us out of our money by nickles and dimes. jim

To: rlp66 who wrote (267)	2/3/1999 8:12:00 PM
From: Carl van Rooyen	Respond to of 323

THIS COULD HAPPEN TO YOU! Please note that I have not exaggerated or embellished any aspect of the following horror story. Before my account was totally destroyed by WebStreet, I was doing about 30-40 trades a month. I know the ropes. Now hear this: On Friday morning I put in a buy limit order. It doesn't fill, and I cancel. I enter another buy order for another stock, and it fills immediately. I get my notification, and I hold it for the weekend. You're not going to believe the next part. I am watching the screen on Monday afternoon when I receive a notification that my cancelled order from Friday morning had in fact been filled. I immediately phoned to get the mistake corrected. Guess what? WebStreet Securities believes this to be a perfectly legitimate practice. Letting me know Monday afternoon about a fill on Friday morning was "no mistake". In fact, they were rude about it. One broker told me "look, you own the stock, too bad". I kept calling and emailing for a supervisor, and received no response whatsoever. And to add insult to injury, they overcharged me $30. for the trade, and wouldn't address that either! They did allow that notification might have been "a little slow", but "it wasn't their problem". Now, it gets even worse... That same Monday, I put in a buy limit order at the open. It doesn't fill, the stock ticks down, and I replace with a lower limit. Moments later, I have my fill confirmation for the replaced order, and I watch the screen. About four hours later, I am a little concerned because I bought on margin, and the stock has kept ticking down. Imagine my shock when, FOUR HOURS LATER, I receive a fill confirmation on my first order. I call and get a surly broker who tells me, "That's normal. There's nothing we can do about it". Since I didn't even know I owned stock for several hours while it was downticking, I had no idea thousands of my dollars were quickly disappearing. Now I am incensed. I leave messages, I leave more messages, I email repeatedly trying to find anyone in charge...for nine days straight, I hear absolutely nothing except the form letters asking for thousands of dollars. Nobody will respond! Finally, nine days later, I hear from a gruff WebSt. representative who informs me they are not going to cancel anything, and I have no recourse but to accept fills whenever they finally get around to notifying me. They told me - PAY ATTENTION TO THIS- that they can confirm a fill, and not acknowledge a cancellation, for UP TO 48 HOURS!!!!!! And I told them...well, never mind. I am presently filing suit. This situation involves a very significant amount of money. My attorney, who is an old friend and also a securities trader, laughs at the situation (I personally don't find any humor). My attorney also used to be in the NASD legal department, and after contacting a former associate there, it is clear that I am not alone in my dilemma. Before you find yourself involuntarily put in this position, STAY FAR AWAY FROM WEB STREET SECURITIES !! -CJvR Martha's Vineyard, MA

To: rlp66 who wrote (267)	2/4/1999 8:32:00 AM
From: Dan Swartzendruber	Read Replies (2) \| Respond to of 323

This problem is endemic to online brokerages. Waterhouse, Webstreet, Datek, you name it. They all sell their order flow, and cancellation of open orders is just asking to get screwed. Some of the blame attaches to the market makers they send the orders to, not the broker themself. The MM will stall your order, and play other games until the price is right. As far as delayed execution of orders that were supposed to be cancelled, that is also usually the MM's fault (if they don't give the broker confirmation, now what?), although it would be nice if the broker didn't say CANCELLED when they don't know for sure...