Broker Lied To Me To Force Me To a Margin Call.

Discussion in 'Order Execution' started by qll, Jul 5, 2006.

  1. qll


    I could not believe this kind of lie still happen now.
    At 9:30am today, my order got partially filled at open and I used the money to buy another stock, after 4pm, my trade book showed that partial fill is reversed, and now I am on a Margin Call.

    Wall street is full of lies. That is why I need to make more money out of liars.
  2. qll


    here is the reply from broker:

    Thank you for your email. We are showing that the order was filled in
    error by the market maker and later reversed. The bid on INFO did not
    reach .66 yesterday.

  3. You deal with your broker by email? Sorry, You need to go elsewhere.
  4. diputs


    I deal with my broker via e-mail all the time. Are you saying this is a bad thing? Why?

    I use e-mail, phone and online chat, depending on the situation. Should I only be using the phone?
  5. qll


    an update on the theft.

    my broker apparently finally partially filled my order. i am not sure if the broker took the loss or the market maker did. whatever they did is 100% illegal. they should never reverse a 9:30am trade after 4pm.
  6. Dude, seriously...this is NOT the broker but the exchange. The broker WANTS to fill your orders because that's how they make money. The problem is that if the exchange BREAKS the fill, the broker HAS to go along with it. Period. Not only that, but if it's the exchanges' fault, the broker isn't liable.

    Welcome to the stock your customer agreement that you flipped through and approved without reading when you opened your account.
  7. kbeck


    isn't this a nasdaq stock? no exchange to deal with just the broker and market maker.

  8. Doesn't matter...the point is it wasn't the BROKER who busted the trade.
  9. zdreg


    absolutely not. the phone is the biggest waster of time and should be used as a last resort. chat is just fine if the person at the other end can take action. e-mail is fine if not particularly tiime sensitive or u know the person receiving the e-mail.
  10. Adobian


    Which broker is this ?
    #10     Jul 7, 2006