Hi, back in January my brokerage said they would rebate me all my commissions to make up for losing over $2000 on a Option Trade plus I was suppose to get 100 free trades to make up for being on the phone for over One Hour to get that order worked, they lied and said their system was working and i was my fault! Only until I called and they could not place and work the order for over a hour did they come clean and say "Yes, our system crashed, you were rigth!" They lied at first saying it was "on your side" until I showed them it was their fault! I got this all in email plus replies from the manager promising to "make me whole" or pay for subscriptions. Their not very good with their word, I am still waiting for the free 50 trades using Cody's website. Who would you contact, I think I am done with them after having them tell me "Oh, we can't rebate you all your commission this month, try next month!" I want my $2000 and my free 50 trades I was promised, still waiting. Last week after emailing them each month to get my credit, they said "Well, its been too late to pay you your commission! Why did you not get it earlier?" Nice lying trap, no subscriptions were paid, they are full of crap! If I have evidence trail where the manager promises to make me whole and five me my 50 trades ($500 bucks) plus $2000+ loss, who do I start contacting? FINRA, SEC or NASD? After losing $10,000 because they system crashed, lost orders only to have both management tell me "Our System was not built for you and that's why you have lost money!" They admitted their system did not work for active traders, they were blunt, now why would they advertise for active traders if their platform can't handle us?
I don't want anyone else to suffer like me, after having them lie to me on the phone, my email promising to make up the losses due to their system failure, I will file a grievance with all the appropriate agencies. If possible I would like to post the letter to show you how happy people can lie through their teeth. After Nine Months of trying to collect on my Apple Loss they admitted to and the promised 100 free trades on top of making me "whole" to ease my anger. I think you all need to beware of Brokerages that tell your "sorry, our System is working well" only to say "oh, your right, it's acting up!' and soon your on the phone with their manager as your stock option is heading to zero! To date they have never paid me back the money they promised on email, or given me the free trades. The new account was coded to get 50 free trades, they lied on that one too, soon I will reveal who this is once the legal machine gets going. I was asked if this was wide spread, two of my friends who joined have yet to get their Free Trades or promised gifts that lure us to them. They tell me "When am I going to get my free trades?" after five months my friends have not gotten anything! So it is a Class Action situation, just the four cases I know nobody has received the free trades, is that fraud or incompetence?
What broker is it? you can be vague... just say the initials only. -- or say it rhymes, for example, like...with....FDAmeritrade
It looks like there are two issues here. You had trouble trading one day with an electronic trading system. Every broker and trading system has you acknowledge that there can be system issues and the broker is not responsible for losses from technology issues. If you take them to arbitration for that, you will lose, although I don't know the specifics of what happened. I don't think it would matter if I did. The other issues is that they offered you some relief because of your troubles. If they made that offer in writing, and what they offered you does not break any regulation, you should be able to get value for that. The value of that relief will make it difficult to find an attorney to help you and this will be a time consuming process to take them to arbitration to get that. They normally don't get involved unless they can charge by the hour or get a percent of what they recover. I would say any potential award under $200K will not interest them. Sometimes it is best to just move on. Your anger is going to affect your trading and profitability. These issues can and do happen at any firm. You just want to be treated with respect when they do. Good luck...Bob
So you are saying brokers can release any sort of crappy APIs or run crappy execution and DMA technology and it is the customer's fault? Whatever a customer signs if a loss is incurred and the fault clearly lies with the broker (and I do not make any assumption about this specific case) then most every law court will place fault with the broker and not the customer. As fruit vendor you can't place ads everywhere that you sell apples and have customers sign an agreement that they won't ever complain or take legal action and then go ahead and paint lemons red and shape them like apples and sell them to customers. Any customer who buys an apple looking lemon will be able to take legal recourse. Same with brokers. It is just that most customers are not aware of that fact and because legal action can at the outset be potentially costly but most likely the legal fault will be placed on a broker if he promises and provides customers with electronic execution but fails to deliver on its part. If an attorney cannot be interested in the case then customers should still file legal complaints with the broker's regulators. After all electronic execution is today the de facto standard and brokers who cannot correctly execute and cause customers large losses due to erroneous execution where the fault lies with the broker then the broker of course is at fault and liable.
Hi Everyone, hope your having a wonderful morning and make lots of cash! Robert I am a lucky man, my Uncle George is a Securities Lawyer and works as a Judge in Los Angeles twice a month ruling on Brokerage disputes. He said they opened up a Pandora's box by promsing through email, its a easy win. I can't walk away because they lied. Uncle George sent one of his contacts a email who deals with Class Action Lawsuits detailing the names of ten people who were active traders and never received their free trades promised by Option Broker(Generic name), a few of us here have talked about them. On another forum I met more people who left because they lied about free trades, they would tell them "Sorry our system is working, its on your end, the problem is you!" Here's where this get's interesting, four of us decided to audio tape our Brokerage using a fractional T3 dedicated($399 per month) line, they had fiber. All of us called and asked "Are we having problems and they said "No, its working great!". We caught them in a lie, one guy is in Texas, another is in San Diego and my other buddy trades out of Orlando with high speed ISP. All of us discovered even with high speed internet all four of us could not place trades, their system was tweaking and they lied! On video, can you believe it? They emails say they will "Make me whole" and give me free trades, the account was suppose to be coded for 50 free trade, they never gave me them or on the other account, why? They did that to more people than you can believe, its a class action thing, don't you agree? Can I release the video and audios, plus emails blacking out their names if they refuse to be moral men and honor their word? Robert I am not afraid to spend money to make people honor their word, I spent $75,000 recently to force my sister to live up to her word, it worked and now the Judge is making her pay half the legal fees because she refused to. He will put a lien against one of our ranches near Portland, Oregon. I'am no stranger to paying lawyers or protecting myself from libel lawsuits some dishonest brokerages in the past tried to threaten me with. I have protection plus I tell the truth, if people won't honor their word why should we do business with them? Why should all our friends on Elite have to gamble if their platform is going to work? I use to pay Robert over $6000+ to do my taxes and only than do you realize the great value lawyers bring to the table. The $75k was worth every penny because I would have had to battle "squatter's rights" and other nasty stuff if I did not use that Portland Lawyer. Thank's for the ideas, if they don't live up to their word and refuse to honor and be good people, I will release it all blacking out names of people but not the Brokerage. I thought Brokerages were suppose to care, they spend $500-$1500 tracking down a guy who make's 10 trades a month. Here I trade 30-100+ trades in a day and they treat me like shit! Why would they gamble by not coding all my friends accounts for free-trades? Do they really want a Class Action Lawsuit?
Is this Options*casa*? Or whatever their new name is? A couple years ago I had a few issues with their platform, and every time they said it was completely on my end and their systems were working fine. It definitely cost me some money, but I figured there was no way I could really try and argue against them on it, so I just switched to a different broker. I had an option trade that made me a ton of money get busted and they didn't bother to alert me. I logged in and it showed my position had filled and j was flat. Then if showed I had double the position on instead, so I thought I made some mistake and immediately sold the whole position showing in my account. Problem solved I thought. Next thing I know it says I'm short a big option position. I called in when I saw my account was all jacked up and they said "oh we were getting ready to call you." They said they would do me a favor and remove that option position from my account (that was profitable) and then blamed it all on me basically and said if I would have just waited longer they would have given me a call. They were so friendly and helpful through the whole process..... My fault for not realizing an option trade would really be busted when the underlying didn't do anything crazy and also for placing the order instead of calling first when things got weird. But they restored my account to the exact initial position from the prior day, which by that time of course was at a nice loss.
Boy does that sound like them, weird to have two differnt Brokerages doing the same crap! This should warn people to watch out for cheap-brokerages because they will cost you if you need a speedy order! I wonder if we are speaking about the same firm. My Brokerage has serious issues updating positions and balances, every day is Day Trade Call or lost position or a commission of $1300 hiding two pages back until I call them and ask "What's that $1300 commission doing?" "Oh, its a honest mistake, we can fix it!" That's why I keep several different Brokerage Companies at access. What do you think about their little Scam of "Advertise $X00 in Free Trades or 50 Free Trades' only to never give them to you or your friends who joined their firm? Why are Brokers so dirty(Robert Excluded!) and lie to our faces, when your running a T3 or T1, Fiber for others that have no problems on any other Brokerage, their lying! So what would the members of Elite Trader's Forum do, tell the manager this your final request before taking them before arbitration or just fill out the paperwork so they get ding's on their reports? I have emails telling me "We will make up for your loss trade!" Email 2 "Remember I said we will make up and make you whole!" Email 3 We promise we are going to get this done(This after four emails asking "When are you going to make me whole?). Does this amount to Fraud? Last week I had their manager of operations tell me "Its too late to fix that situation or give you your free trades" that's when I wanted to ask you all what you would do? I have the conversation of me and their Brokerage Manager online as I am trying to unload over 200 apple contracts I bought for $.3-$.50 at $1.20+ only to have their system crash. I think their under the impression everyone will go away if they ignore their complaints long enough. All weak they have refused to send me some money, made me sell my option positions (They went up $6000+ after I sold them) just to get a few grand! Do you trust your Brokerage Firm? Etrade and Fidelity, Cyber Trader and Schwab and OptionsX fix this crap or make you whole if they promise, it's been nine months of screwing around. Should I file a complaint with FINRA or take them to California Small Claims Court since his offer was off the books of the Clearing House? I think by offering to fix this with the firm, he opened up a new avenue? The point, would you sue them and let Class Action Lawyers know about this like Uncle George emailed? Thank you!
What a jackass. Name your broker or stfu. There are so many black sheep in this industry because of people like you, people who get damaged and are too chicken to speak up and then others get hurt too (unless of course you are twisted and make all of this up). Reminds me how there are some extraordinary people living in the US but your average Joe is an overweight, deft speaking, football worshipping but else fearful little boy. You already come on a public forum and speak out and then you refuse to name your broker? Outright waste of our time but most above your time.