Profile For jck_2378 Date Registered: 05-24-06 Status: Total Posts: 7 (1.83 posts per day) Last Post: 05-28-06 12:49 PM I'm a victim of serious online fraud at brokerage Sought out the ET site, waited 4 days to post a cry for help on an alleged $150,000 CAD account mishap, supposedly dated back to mid April. What the hell has the OP been doing in the meantime to resolve this issue, legally or not? Is the case for real, or is OP a dolt? hmmm...
with the mentality in this thread...you sir will be held for slander...malice.....or whatever these armchair advocates can come up with...
I can't see how selling stock that you didn't buy could do anything but complicate matters. One of my brokers (the same one I mentioned in a previous post) once accidentally placed a $40K buy order and fill into my account. The transactions appeared in my execution log as I watched, and I called them within minutes, but this was already after hours and nobody looked at it so I had to badger them again the next morning. I was pretty sure it was a mistake and not fraud because the timestamps were several hours old, so it seemed that someone doing end-of-day cleanup, maybe moving something from a margin account to a cash account, mistyped an account number. And that is indeed what happened. Still, it blew out my margin and I decided to sell one of my holdings - but not the stock that had landed in my account - at a loss, because being unable to daytrade the following day would be worse than that loss. (As compensation, they offered to refund the commission on that trade.) Just like you don't withdraw money that erroneously appears in your bank account (something that happened to me when I was a kid, and no, I didn't withdraw the money), it seems unwise to sell stock if you know you didn't buy it, because at some point presumably the opening trade will be unwound and you will wind up being very short.
If the order didn't come from your computer, the Brokerage Firm should have the IP address recorded. But then, they could argue that it was you who used a PC at a cybercafe to make the transactions.
lou--yours is a completely diff case...quite a few posters came here and complained 'bout some1 hackin' on their etrade acct and they lost most if not all da money deposited...none of 'em ever have seen a dime even tho da matter was investigated. u just dont know if they hacked trough your pc or trough da broker sec system...if it is not the latter it's your fault and u pay for it. am not qualify to give out advice on this stuff but logic and common sense tell me it is better to liquidate to avoid further, possibly massive losses...how does keepin' u pos open affect positively your case[?] by sayin' u shud not liquidate the trade u assume the autcome of an eventual investigation will be sure in your favor.