genesis securities is a rubbish company, leave as soon as possible!!

Discussion in 'Stocks' started by largezhu, Oct 27, 2007.

  1. largezhu


    I have bought 300 share of one stock and leave it overnight on Friday. when I open the account on Monday, I discover that there is ony 200 share. What has happened? I request the filled report from the rubbish company, they told me that one share is automaticlly sold by the system. The filled price is far away from the market price. The market price is about 20, it is filled at 10. I ask the rubbish company to compensate, they told me that according to the agreement they has no responsiblity.

    Suppose that you have bought 1000 share of goole at 600 on friday and close the account, then the people sold them all at 300, what will you think!

    Leave as soon as possible.
  2. your story makes no sense at all.

    unless you can explain your problem clearly, cohesively and with good grammar, no one's gonna listen to your rant.

    in the meantime i'll just assume you got a margin call and you didn't like the fill price. too bad.
  3. largezhu


    I bought 300 share of one stock on last friday and closed the account. When I open the acocunt on Monday, I fould there is only 200 share. The company sold my stock and filled them at only $10(the market price is about $20).

    They acknowledged that it was a system bug and said sorry to me. Firstly, they shouldn't have sold my stock without my consent. Secondly, they shouldn't have sold the stock at the price far away from the market price.

    But They refused to compensate. They told me they have no responsiblity to compensate according to the agreement signed before.

    So my suggestion is to leave the company. Of course, It is no problem if one can check his account status every minute.
  4. All firms have their issues from time to time regarding trading electronically. If one trades enough, one will find fault with everyone of them at some time or another.

    Genesis has the best overall business model bar none, and the leverage that is available in the LLC groups has a good purpose.

    The likes of Schwab, Ameritrade, Etrade and firms like them are not for professional traders in that they are advertising models which have to get their advertising dollars mostly from the 100 to 400 share orders. They are in a homogenous consolidating trend.

    The innovators which give efficiency in trading are the likes of Genesis which provides clearing, software, and fast connections to NYSE and Nasdaq for professional trading.

    As no firms are perfect, they are the best solution to a serious trader who needs efficient cost effective transactions.

    Genesis is the best option for trading NYSE and Nasdaq stocks in the United States, although there will be electronic order issues from time to all firms have....
  5. You should probably move this to the Retail Firms forum.

    Can you post exactly what happened and when? Which stock? What price was it sold for? Hpw many shares were sold? You say you bought 300 but that they sold 1 share - do you mean 100 shares? When you closed your account, did you ask that the shares be transferred to some other broker, or that the certificates be sent to you, or something else? Did they sell 100 shares to cover a margn loan?

    If they really sold the shares in error, you can get them to undo the trade. When you signed the agreement that would hold them blameless for automation errors, that covers orders not being transmitted, or getting stuck, or becoming uncancellable; it doesn't cover them mistakenly placing orders that you never asked to be placed, unless they need to do so to cover a margin or other liquidation situation.

    You may have to take it to arbitration.
  6. Casey30


    Very good post, I agree. It seems as the other two responses are purely marketing Genesis and their services and dismissing the issue altogether.

  7. GTC


    Ask for a Trade Bust as soon as possible since the execution seems to be very far out of the market. A good broker would try it at the first you reported the issue.